How do you handle payment for purchasing a bike from a new forum member?
- Thread starter Staran
- Start date
ederdn
New Member
Be careful! I just had a guy try to sell me an S40 from my listing via PM. Would only take PayPal "friends and family" option (no buyer recourse). When I started suggesting other options (getting a LBS to broker a transaction and ship, with me paying fees), it started getting squirrelly. Make certain you have some recourse if the deal goes south.
Mathew Fy
GRU
Ditto with PayPal. I purchased and sold a V20 frame on this forum. Friends & family transactions avoid a fee, but you accept the risk. Also, I use a credit card for PayPal payment, so there's another layer of protection.
mint.intuit.com
Is PayPal Safe? [11 Tips to Buy and Sell Safely on PayPal]
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mint.intuit.com
I think there is a certain level of nuances for people in this forum. I purchased a V20 with PayPal friends and family option only because the seller was a frequent member posting. Otherwise I would probably do the vendor option, but you should expect to pay several % more to account for seller fee.
Also I have heard that PayPal is going to report vendor transactions to IRS above a very low amount, maybe $1000. That needs fact checking though. However, that means seller may have to pay income tax on that transaction, which may mean you need to pay even more to account for that.
Also I have heard that PayPal is going to report vendor transactions to IRS above a very low amount, maybe $1000. That needs fact checking though. However, that means seller may have to pay income tax on that transaction, which may mean you need to pay even more to account for that.
The seller won't accept any secure payment method I can think of -- credit card , PayPal, or having a local bike shop handle the transaction. He wants half in advance via Venmo, Zelle, CashApp, or a money order, none of which give me and my money protection. I'm wary of the purchase due to this.
Is the seller a frequent post member in the forum? Not that it guarantees anything, but it kind of acts as a background check because it's likely others would know the member.
JerseyJim
Well-Known Member
Red Flag. I'd walk away.
If anyone is wary about long distance buying, one way to mitigate risk is to have the seller list on eBay and the buyer complete the transaction there. eBay has buyer protection features and refund guarantees. You can negotiate compensation to the seller for the cut eBay takes.
There are also online escrow companies that facilitate transactions. Money is held in escrow until both parties are satisfied the transaction is complete. Then the money is released.
New members should be cause for concern in any forum classifieds. The possible exceptions would be known individuals in the community who have a presence on other forums that members here can vouch for, or those who've been in this forum before but needed to either re-register or change account name for good reasons. I'm aware that upright cycling forums have a big problem with their classifieds because of scammers, so the problem is pervasive.
bhave
Member
escrow.com. I used this in the past when selling my T-50 to a buyer here. The transaction was very straightforward. The buyer setup the transaction. We were able to select who was responsible for which fees. Then, once I shipped the bike, I uploaded the tracking information to escrow.com. Once he received the bike, according to the delivery confirmation, he had 3 days to examine it, accept it, and then I got my money.
