Buying and Selling- when do you think money should transfer

[stratjacket]

Quick poll. When using a marketplace to buy and sell gear, when do you think money should transfer from the buyer to the seller?
Here is the path:
Buyer pays through Stripe -> money is held by Stripe -> money is released to the seller at what point?

Stripe is a service kind of like PayPal that integrates with sites (Amazon, Instacart, etc...) to allow users to use credit cards/bank account without the site seeing the payment information.
https://stripe.com/

 

[SpiderWars]

When it ships at the latest. The buyer has paid and the money is 'gone' so to speak. Meanwhile the seller is waiting.

Also consider that right now shipping to certain destinations takes forever and a day.

 

[stratjacket]

When it ships at the latest. The buyer has paid and the money is 'gone' so to speak. Meanwhile the seller is waiting.

Also consider that right now shipping to certain destinations takes forever and a day.

Makes sense. Seems like once the item is out of the sellers hands and tracking info is updated, that is a good time to get the money. There’s incentive to ship quickly knowing you get paid once you hand the item off to the carrier and update the buyer with tracking info.

 

[RedB4Black]

Someone can easily ship a box of garbage and get a tracking number.

Personally, if I sell something, I'm not shipping until the transfer to my bank is in process. As a buyer, unless you have prior experience with the seller and/or truly trust them, don't pay with anything other than your credit card.

 

[Wizard of Ozz]

Someone can easily ship a box of garbage and get a tracking number.

Personally, if I sell something, I'm not shipping until the transfer to my bank is in process. As a buyer, unless you have prior experience with the seller and/or truly trust them, don't pay with anything other than your credit card.

Bingo. I agree. And I sell a lot of gear.

The "wait for tracking to release funds" is a placebo at best... utter bullish!t at worst. If I go in to a store to buy something, I don't wait until: I get to the car... I get to my house... I've tried it for a month and decide that I don't like it... before paying.

Payment due upon reaching a deal.

 

[stratjacket]

Someone can easily ship a box of garbage and get a tracking number.

Personally, if I sell something, I'm not shipping until the transfer to my bank is in process. As a buyer, unless you have prior experience with the seller and/or truly trust them, don't pay with anything other than your credit card.

True on the box of trash, not sure how to prevent that.

For the transfer of money, the middleman company (Stripe) would collect payment immediately, so unless you cancel the sale, the money is yours as the seller. The question is when?
Note: this hypothetical is through a marketplace like Reverb or eBay type place, not here.

 

[SpiderWars]

You can't prevent the box of trash. The buyer should be able to get a refund in that case.

But that leads to:
"What if the buyer says he got a box of rocks when he really got product?" . .and for that I don't know how you prevent it. Have the carrier package it? Meh...good luck getting a carrier to go to bat for you after they've been paid.

 

[Fordman65]

Someone can easily ship a box of garbage and get a tracking number.

Personally, if I sell something, I'm not shipping until the transfer to my bank is in process. As a buyer, unless you have prior experience with the seller and/or truly trust them, don't pay with anything other than your credit card.

Bingo. I agree. And I sell a lot of gear.

The "wait for tracking to release funds" is a placebo at best... utter bullish!t at worst. If I go in to a store to buy something, I don't wait until: I get to the car... I get to my house... I've tried it for a month and decide that I don't like it... before paying.

Payment due upon reaching a deal.

Just playing devil's advocate. While Mhensons point about garbage is somewhat valid, scammers are going to scam, regardless of when the "seller" gets the money. Making a legit seller wait to receive the funds until tracking has been provided should incentivize them to ship quickly. Your example about the store is flawed because the buyer immediately takes ownership of the product. Obviously that doesn't happen when shipping. I think waiting until tracking has been added is a good middle ground versus immediate transfer of money to the seller or waiting until the buyer takes delivery.

 

[stratjacket]

Bingo. I agree. And I sell a lot of gear.

The "wait for tracking to release funds" is a placebo at best... utter bullish!t at worst. If I go in to a store to buy something, I don't wait until: I get to the car... I get to my house... I've tried it for a month and decide that I don't like it... before paying.

Payment due upon reaching a deal.

Even if a third party is holding the money until the seller ships?
So the buyer actually pays immediately and cannot take it back, it’s just held by Stripe until the seller adds tracking info

No wrong answers here obviously, and not referring to a store, but a deal in an online marketplace.

 

[Scumback Speakers]

I'm not even going to pack what I'm selling until I have the cash in hand. Trusted buyers before with this, then..."Oh, gee...you know what happened?"

"Yeah, I know what happened...you're canceling before you pay me, you changed your mind...Mommy said no...Daddy said no...your wife found out...yeah, I know what happened. You were a wimp and wasted my time, that's what happened."

 

[stratjacket]

I'm not even going to pack what I'm selling until I have the cash in hand. Trusted buyers before with this, then..."Oh, gee...you know what happened?"

"Yeah, I know what happened...you're canceling before you pay me, you changed your mind...Mommy said no...Daddy said no...your wife found out...yeah, I know what happened. You were a wimp and wasted my time, that's what happened."

Yeah I could definitely see that in a deal on here or something like that. But what if it’s a marketplace where the buyer has paid and cannot cancel, the money is just held by a 3rd party until something triggers (Tracking # or something else?) the release of funds to the seller?
Or I guess the trigger could be the buyer paid...

 

[Wizard of Ozz]

Bingo. I agree. And I sell a lot of gear.

The "wait for tracking to release funds" is a placebo at best... utter bullish!t at worst. If I go in to a store to buy something, I don't wait until: I get to the car... I get to my house... I've tried it for a month and decide that I don't like it... before paying.

Payment due upon reaching a deal.

Even if a third party is holding the money until the seller ships?
So the buyer actually pays immediately and cannot take it back, it’s just held by Stripe until the seller adds tracking info

No wrong answers here obviously, and not referring to a store, but a deal in an online marketplace.

Going by the ebay model... which is pretty much the "standard" in these areas... I am not shipping nothing until money is in my account.



If I had a nickel for every flake, tire kicker, or time waster... I'd have bought my private island by now. Just went thru this recently with a bunch of "I'll take it" bums then nothing. Actual currently active lowlife members on this very forum, with stuff for sale in the Classifieds right now. Yeah... I'll take it, when can you ship... then nothing. Until cash has crossed my hands/account, I'm not even packing like Jim mentions above. No dice.

 

[Wizard of Ozz]

Someone can easily ship a box of garbage and get a tracking number.

Personally, if I sell something, I'm not shipping until the transfer to my bank is in process. As a buyer, unless you have prior experience with the seller and/or truly trust them, don't pay with anything other than your credit card.

Bingo. I agree. And I sell a lot of gear.

The "wait for tracking to release funds" is a placebo at best... utter bullish!t at worst. If I go in to a store to buy something, I don't wait until: I get to the car... I get to my house... I've tried it for a month and decide that I don't like it... before paying.

Payment due upon reaching a deal.

Just playing devil's advocate. While Mhensons point about garbage is somewhat valid, scammers are going to scam, regardless of when the "seller" gets the money. Making a legit seller wait to receive the funds until tracking has been provided should incentivize them to ship quickly. Your example about the store is flawed because the buyer immediately takes ownership of the product. Obviously that doesn't happen when shipping. I think waiting until tracking has been added is a good middle ground versus immediate transfer of money to the seller or waiting until the buyer takes delivery.

I'll stick with the way eBay has been doing it for years. If you want to ship a piece of gear on a promise or hope of payment... you do you.



By your same logic... many would say I need to wait until I've tested the piece of gear... or wait until "X" numbers of days elapse to be sure I like the gear... before releasing payment. Maybe it's not the sound I had in my head???

 

[Wizard of Ozz]

I'm not even going to pack what I'm selling until I have the cash in hand. Trusted buyers before with this, then..."Oh, gee...you know what happened?"

"Yeah, I know what happened...you're canceling before you pay me, you changed your mind...Mommy said no...Daddy said no...your wife found out...yeah, I know what happened. You were a wimp and wasted my time, that's what happened."

I found sand in my @$$ that has caused chaffing and need the money for industrial strength butt-hurt cream.

 

[SpiderWars]

If I had a nickel for every flake, tire kicker, or time waster... I'd have bought my private island by now. Just went thru this recently with a bunch of "I'll take it" bums then nothing. Actual currently active lowlife members on this very forum, with stuff for sale in the Classifieds right now. Yeah... I'll take it, when can you ship... then nothing. Until cash has crossed my hands/account, I'm not even packing like Jim mentions above. No dice.

I feel ya on this but this is a different issue. There are tire kickers and "way-more-than-3-questions" people on ebay and reverb and everywhere else too. This is about when the buyer has already sent cash.

And the analogy of going into a store doesn't work for obvious reasons.

 

[Wizard of Ozz]

And the analogy of going into a store doesn't work for obvious reasons.

Same as if I buy something online from Walmart, any retailer, eBay, or anywhere online... they are not shipping jack squittle until payment has been made. Go ahead and try to buy something online, and tell the store you'll pay when it ships. Let me see how it works out. This whole holding money thing until it ships, or after "X amount of time... is just to make more money from interest.

 

[Fordman65]

Someone can easily ship a box of garbage and get a tracking number.

Personally, if I sell something, I'm not shipping until the transfer to my bank is in process. As a buyer, unless you have prior experience with the seller and/or truly trust them, don't pay with anything other than your credit card.

Bingo. I agree. And I sell a lot of gear.

The "wait for tracking to release funds" is a placebo at best... utter bullish!t at worst. If I go in to a store to buy something, I don't wait until: I get to the car... I get to my house... I've tried it for a month and decide that I don't like it... before paying.

Payment due upon reaching a deal.

Just playing devil's advocate. While Mhensons point about garbage is somewhat valid, scammers are going to scam, regardless of when the "seller" gets the money. Making a legit seller wait to receive the funds until tracking has been provided should incentivize them to ship quickly. Your example about the store is flawed because the buyer immediately takes ownership of the product. Obviously that doesn't happen when shipping. I think waiting until tracking has been added is a good middle ground versus immediate transfer of money to the seller or waiting until the buyer takes delivery.

I'll stick with the way eBay has been doing it for years. If you want to ship a piece of gear on a promise or hope of payment... you do you.



By your same logic... many would say I need to wait until I've tested the piece of gear... or wait until "X" numbers of days elapse to be sure I like the gear... before releasing payment. Maybe it's not the sound I had in my head???

My point is, the buyer makes payment via a 3rd party such as Reverb payment or PayPal. Once the buyer provides payment to 3rd party, funds are not released to the seller until tracking has been provided. Having a 3rd party manage the payment is key.

Again the store argument is not applicable. Brick and mortar does not equal random ebay donkey crack head.

 

[Wizard of Ozz]

Someone can easily ship a box of garbage and get a tracking number.

Personally, if I sell something, I'm not shipping until the transfer to my bank is in process. As a buyer, unless you have prior experience with the seller and/or truly trust them, don't pay with anything other than your credit card.

Bingo. I agree. And I sell a lot of gear.

The "wait for tracking to release funds" is a placebo at best... utter bullish!t at worst. If I go in to a store to buy something, I don't wait until: I get to the car... I get to my house... I've tried it for a month and decide that I don't like it... before paying.

Payment due upon reaching a deal.

Just playing devil's advocate. While Mhensons point about garbage is somewhat valid, scammers are going to scam, regardless of when the "seller" gets the money. Making a legit seller wait to receive the funds until tracking has been provided should incentivize them to ship quickly. Your example about the store is flawed because the buyer immediately takes ownership of the product. Obviously that doesn't happen when shipping. I think waiting until tracking has been added is a good middle ground versus immediate transfer of money to the seller or waiting until the buyer takes delivery.

I'll stick with the way eBay has been doing it for years. If you want to ship a piece of gear on a promise or hope of payment... you do you.



By your same logic... many would say I need to wait until I've tested the piece of gear... or wait until "X" numbers of days elapse to be sure I like the gear... before releasing payment. Maybe it's not the sound I had in my head???

My point is, the buyer makes payment via a 3rd party such as Reverb payment or PayPal. Once the buyer provides payment to 3rd party, funds are not released to the seller until tracking has been provided. Having a 3rd party manage the payment is key.

Again the store argument is not applicable. Brick and mortar does not equal random ebay donkey crack head.

But it doesn't work that way... does it? If I buy something on eBay or even here on this or any other gear classifieds forum... no one is shipping jack, until payment is made and in my account. Period. If you think differently fine... but that's not how business is done.

 

[stratjacket]

But it can work that way. Let me try to detail this way:
1- buyer sees the listing and buys a piece of gear (on a gear marketplace, not a store)
2- buyer pays (buyer can NOT cancel one payment is made unless he contacts seller and both agree)
3- money goes to Stripe. The money is held by Stripe
4- seller gets notice of the sale
5- seller ships gear and gets a tracking number
6- seller updates marketplace (and buyer gets notice) with tracking number
7- Stripe releases payment to seller

As a side note, I’m developing this, so that is why I’m asking for help in how we would like to see it work. I’m not advocating for any certain way.

 

[Fordman65]

Someone can easily ship a box of garbage and get a tracking number.

Personally, if I sell something, I'm not shipping until the transfer to my bank is in process. As a buyer, unless you have prior experience with the seller and/or truly trust them, don't pay with anything other than your credit card.

Bingo. I agree. And I sell a lot of gear.

The "wait for tracking to release funds" is a placebo at best... utter bullish!t at worst. If I go in to a store to buy something, I don't wait until: I get to the car... I get to my house... I've tried it for a month and decide that I don't like it... before paying.

Payment due upon reaching a deal.

Just playing devil's advocate. While Mhensons point about garbage is somewhat valid, scammers are going to scam, regardless of when the "seller" gets the money. Making a legit seller wait to receive the funds until tracking has been provided should incentivize them to ship quickly. Your example about the store is flawed because the buyer immediately takes ownership of the product. Obviously that doesn't happen when shipping. I think waiting until tracking has been added is a good middle ground versus immediate transfer of money to the seller or waiting until the buyer takes delivery.

I'll stick with the way eBay has been doing it for years. If you want to ship a piece of gear on a promise or hope of payment... you do you.



By your same logic... many would say I need to wait until I've tested the piece of gear... or wait until "X" numbers of days elapse to be sure I like the gear... before releasing payment. Maybe it's not the sound I had in my head???

My point is, the buyer makes payment via a 3rd party such as Reverb payment or PayPal. Once the buyer provides payment to 3rd party, funds are not released to the seller until tracking has been provided. Having a 3rd party manage the payment is key.

Again the store argument is not applicable. Brick and mortar does not equal random ebay donkey crack head.

But it doesn't work that way... does it? If I buy something on eBay or even here on this or any other gear classifieds forum... no one is shipping jack, until payment is made and in my account. Period. If you think differently fine... but that's not how business is done.

The question wasn't "how is business currently done". The question was when do you think money should transfer? Unless buying from an online/brick and mortar, retail establishment, I stand by my opinion. Money should transfer when tracking has been provided. Reverb Joe asswipe doesn't have the name, reputation or otherwise credibility of a legit business.

I mean, I'll certainly take your money though and maybe ship your item 2 weeks later.

While I haven't paid attention as of late, the below quote from Reverb implies tracking is necessary

"Welcome to the Reverb Community! Below are the steps to help you get paid out via Reverb Payments. Once you complete the initial setup, you simply need to enter tracking information on your orders, and Reverb will take care of the rest"