Payment Arrangements On Ebay
Gone are the days when only cash (or cattle in some cases) was the only accepted mode of payment for trades. New methods of delivering payments have to be devised to keep up with modern demands.
:Today’s electronic world pushes the envelope further. With the advent of online trading systems such as eBay, many new forms of payment have flourished.
The manner of payments of eBay transactions are agreed upon mutual consent of the buyer and seller. The payment arrangement is mostly included in the conditions of sale. As is the custom of the trade, the conditions of sale are the prerogative of the seller. However, the buyer may still communicate with the seller regarding a viable alternative if it suits both parties.
Listed below are some of the possible payment schemes for eBay transactions.
COD (Cash on delivery)
This is the simplest and preferred by most. COD payments are done through intermediaries or by a previously arranged meeting between the parties at an agreed place. Both seller and buyer normally favor a face to face exchange of goods and payments if and whenever possible. Many people though find this too inconvenient or a little bit risky.
Personal Check
Payment by personal check is quite routine in business dealings. Issuing and accepting checks are very convenient for everybody. However, many sellers do not like accepting check because they are easy to cancel.
PayPal
PayPal is the payment of choice on eBay. By the way, PayPal is established by eBay.
It is an easy and expedient way of transferring money. It works by transferring money by wire transfer through the internet.
After registering, all it would take is an email address to send or receive money via PayPal. PayPal also has security features that safeguard against fraud in case there is a dispute between the seller and the buyer. This system is best for transactions up to $1000.
Escrow.com
Escrow.com is recommended for transactions of more than $500. Escrow.com holds the buyer’s money from the seller until the seller delivers the item. Only then will the funds be released to the seller. This system makes for a very safe, although highly procedural transaction.
Wire Transfer
Fund transfer by wire is the alternative if there is no PayPal facility in the area. Wire transfers are risky because the buyer usually has to wire over the funds before the seller sends the items. In this scenario, there is always the possibility that the seller will not deliver.
Alternative Payment Schemes
The number of third party payment services is steadily on the rise. These payment options work differently. The matter that counts above all else is the protection afforded to the seller and buyer, as well as the ease of using the facility.
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