- Posts
- 694
- Likes
- 837
bananapeanut
·I realize that wire transfers can make buyers uncomfortable and so I am wondering, as a seller, what's the downside of using Escrow ?
Escrow
- Posts
- 13,811
- Likes
- 53,828
Larry S
··Color Commentator for the Hyperbole.When I sell a watch, to which I have a considerable sum committed, and go to the trouble of packing it carefully and shipping insured. I want to be sure I have the cash in hand before the watch leaves my hand.
- Posts
- 702
- Likes
- 2,455
vintage hab
·I realize that wire transfers can make buyers uncomfortable and so I am wondering, as a seller, what's the downside of using Escrow ?
- Posts
- 24,735
- Likes
- 54,948
Dan S
·Early on, before you develop a strong reputation as a seller, it may be helpful to accept payment by escrow. Obviously it involves cost, delay, and the inconvenience of dealing with a third party. So the best scenario is the one where the buyer trusts you.
- Posts
- 18,268
- Likes
- 27,636
Foo2rama
··Nowhere near as grumpy as he used to be...Cost, and you can verify funds ahead of time.. but the buyer can still claim it was not delivered or as described.
If you are doing wire transfer for the costs, not much need for escrow.com
If you are doing wire transfer for the costs, not much need for escrow.com
- Posts
- 694
- Likes
- 837
bananapeanut
·In terms of cost, it looks like Escrow charges you $180 for a $12k transaction. It seems reasonable compared to the 4% PayPal fees.
- Posts
- 694
- Likes
- 837
bananapeanut
·Cost, and you can verify funds ahead of time.. but the buyer can still claim it was not delivered or as described.
If you provide a tracking number, how can the buyer claim it was not delivered?
- Posts
- 18,268
- Likes
- 27,636
Foo2rama
··Nowhere near as grumpy as he used to be...If you provide a tracking number, how can the buyer claim it was not delivered?
- Posts
- 24,735
- Likes
- 54,948
Dan S
·I suspect that escrow is vulnerable to many of the same chargeback scams as PP. Take your time, build your reputation as a seller with lower value watches, and eventually you will be trusted.
- Posts
- 694
- Likes
- 837
bananapeanut
·The box is empty...
Got it
- Posts
- 1,957
- Likes
- 5,922
SC1
·Cost is the only factor.
I insist on it when a purchase crests 8k* and up.
*...why that number, I haven't a clue but it makes me comfortable.
I insist on it when a purchase crests 8k* and up.
*...why that number, I haven't a clue but it makes me comfortable.
- Posts
- 694
- Likes
- 837
bananapeanut
·Take your time, build your reputation as a seller with lower value watches, and eventually you will be trusted.
That's good advice and also why I decided to withdraw the watch in question and keep it. That's before an OF member told me he was interested and so I was looking at a secure option for both parties to make the deal possible.
- Posts
- 1,699
- Likes
- 1,654
kkt
·If you provide a tracking number, how can the buyer claim it was not delivered?
Reports of delivery are not invariable truthful. Wrong address, tossed in the general direction of the right house but landed on the front lawn where someone else picked it up, driver marks every package as delivered whether it was or not...
- Posts
- 18,268
- Likes
- 27,636
Foo2rama
··Nowhere near as grumpy as he used to be...That's good advice and also why I decided to withdraw the watch in question and keep it. That's before an OF member told me he was interested and so I was looking at a secure option for both parties to make the deal possible.
my concern is the buyer claiming they did not receive or it was not as advertised.
wire transfer is secure and 1 way. The risk is on the buyer, seller is pretty well protected
I just sold a piece for over 13,000 and felt comfortable with wire transfer.
luckily I have a reputation to protect and was considered a trusted seller even if I had not sold before. Purchased more then a few though lol.
- Posts
- 694
- Likes
- 837
bananapeanut
·my concern is the buyer claiming they did not receive or it was not as advertised.
wire transfer is secure and 1 way. The risk is on the buyer, seller is pretty well protected
I just sold a piece for over 13,000 and felt comfortable with wire transfer.
luckily I have a reputation to protect and was considered a trusted seller even if I had not sold before. Purchased more then a few though lol.
Wire transfer is ideal for the seller. No doubt.
Congratulations on selling the Ultraman by the way!
- Posts
- 12
- Likes
- 80
ChetanP
·my concern is the buyer claiming they did not receive or it was not as advertised.
wire transfer is secure and 1 way. The risk is on the buyer, seller is pretty well protected
I just sold a piece for over 13,000 and felt comfortable with wire transfer.
luckily I have a reputation to protect and was considered a trusted seller even if I had not sold before. Purchased more then a few though lol.
Foo2rama also connected with me from outside the forum (on linkedin). It definitely helped me in building trust, beyond his reputation on the forum.
Edited:
- Posts
- 581
- Likes
- 742
watch_my_six
·If the seller is OK with escrow, is there a specific escrow service anyone can recommend? Has anyone actually used an independent escrow service (not through Chrono24 or eBay)?
- Posts
- 581
- Likes
- 742
watch_my_six
·Or alternatively, does PayPal Buyer Protection (if the seller is ok with a Goods & Services transaction) effectively provide just as much assurance for the buyer as escrow would?
- Posts
- 532
- Likes
- 3,228
Joe_A
·I've purchased with and without using Escrow.com.
In one case, a fellow collector from an EU country and I exchanged passport data and verified one another's employment. He and I were also previously active in another forum. I felt comfortable wiring the money and waiting for the watch to arrive.
If I wanted to buy a watch that Larry S had on offer and he insisted on "I want my money bro; no escrow for you!" 😉 I'd go along with it because he is so active here and seems like a reasonable fellow and so I'd be willing to assume the risk.
On the other hand, I've used escrow.com when purchasing from a total stranger who is not active in any forums of which I am aware. We chatted back and forth and grew somewhat comfortable with one another. In the end, I agreed to his asking price and we split the cost of the escrow charges as I remember it. It all worked out. I may have passed on the watch otherwise in the case where we did not know one another "from Adam."
It helps t be very patient and to try and woo the other party into agreeing to a method of payment with which you are comfortable.
One should be willing to walk away when one remains uncomfortable either as a seller or a buyer.
In one case, a fellow collector from an EU country and I exchanged passport data and verified one another's employment. He and I were also previously active in another forum. I felt comfortable wiring the money and waiting for the watch to arrive.
If I wanted to buy a watch that Larry S had on offer and he insisted on "I want my money bro; no escrow for you!" 😉 I'd go along with it because he is so active here and seems like a reasonable fellow and so I'd be willing to assume the risk.
On the other hand, I've used escrow.com when purchasing from a total stranger who is not active in any forums of which I am aware. We chatted back and forth and grew somewhat comfortable with one another. In the end, I agreed to his asking price and we split the cost of the escrow charges as I remember it. It all worked out. I may have passed on the watch otherwise in the case where we did not know one another "from Adam."
It helps t be very patient and to try and woo the other party into agreeing to a method of payment with which you are comfortable.
One should be willing to walk away when one remains uncomfortable either as a seller or a buyer.
- Posts
- 581
- Likes
- 742
watch_my_six
·I've purchased with and without using Escrow.com.
In one case, a fellow collector from an EU country and I exchanged passport data and verified one another's employment. He and I were also previously active in another forum. I felt comfortable wiring the money and waiting for the watch to arrive.
If I wanted to buy a watch that Larry S had on offer and he insisted on "I want my money bro; no escrow for you!" 😉 I'd go along with it because he is so active here and seems like a reasonable fellow and so I'd be willing to assume the risk.
On the other hand, I've used escrow.com when purchasing from a total stranger who is not active in any forums of which I am aware. We chatted back and forth and grew somewhat comfortable with one another. In the end, I agreed to his asking price and we split the cost of the escrow charges as I remember it. It all worked out. I may have passed on the watch otherwise in the case where we did not know one another "from Adam."
It helps t be very patient and to try and woo the other party into agreeing to a method of payment with which you are comfortable.
One should be willing to walk away when one remains uncomfortable either as a seller or a buyer.
Similar threads
- Posts
- 40
- Views
- 886
- Posts
- 4
- Views
- 159
- Posts
- 5
- Views
- 179
- Posts
- 30
- Views
- 2K
- Posts
- 11
- Views
- 544
