Payment Methods on eBay
Gone are the days when only cash (or cattle in some cases) was
the only accepted mode of payment for trades. As the concept of
trading evolved, so did the means of paying for items.
Today’s electronic world pushes the envelop further. With the
advent of online trading systems such as eBay, many new forms of
payment have flourished.
First of all, on eBay, the mode of payment depends on the
agreement between the buyer and the seller. Most often, the
seller will specify his or her desired payment method. In these
cases, the seller often has primacy in the decisions regarding
payment modes. However, the buyer may still communicate with the
seller regarding a viable alternative if it suits both parties.
The following is a list of common eBay payment modes.
Cash On Delivery
Cash is, after all, still cash. This payment method can be done
through a third party courier system or by the buyer and seller
meeting each other at an agreed place. The advantage of a cash
transaction is that the exchange of the item for payment is done
in the presence of the buyer and the seller (or the seller’s
representative). However, some people will not accept the risk
present when two strangers meet.
Personal Check
One popular method of payment is personal check. Writing checks
is easy and safe. However, many sellers do not like accepting
check because they are easy to cancel.
PayPal
PayPal is the payment of choice on eBay. In fact, eBay owns
PayPal.
Using PayPal is easy, convenient, and relatively safe. PayPal
acts as like an internet ‘wire transfer.’
After signing-up for PayPal, one may send cash to anyone with an
email address using the PayPal system. 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 the payment of choice for purchases over $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
This is the payment of choice for countries that do not carry the
PayPal service. Wire transfers are risky because the buyer
usually has to wire over the funds before the seller sends the
items. The chance for non-delivery of items is high.
Other Payment Systems
The number of third party payment services is steadily on the
rise. Their systems for payment vary. However, to be successful
they must be convenient to use and safe as well.
Author
George Whitecraft
http://whitecraftshoppingmarketing.biz/info/l/tbp
http://whitecraftshoppingmarketing.biz/info/l/pba
posted by George @ 10:11 AM
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