How safe is Paypal?

Looking at selling a motorcycle and they are asking about Paypal. I never thought about the option but would think it would be safer than cash. As I understand it, if they do friends and family there is not much recourse on their end, but if they do goods and services they could come back on us if they feel cheated, but we are charged 3%. What do others say? I am liking the idea that no cash would change hands and no chance of counterfeit money. What would be the better option and I do not believe bank lobbies are open.

Thanks in advance.

 

Call me old fashioned, but I'd prefer a check or cash.

You could barter for toilet paper, eh?

 

I have used Paypal to purchase but not to sell. I am looking to set up an online store when I retire (if I ever retire) Let us know how it works if you use it. Have you thought about e-transfer through your bank? That is used a lot up here. We accept e-transfers through the school as we don't have credit or debit card capabilities.

 

Have the buyer hand over a bank/cashier's check. No risk with that.

 

I think you would be fine with the friends and family. No fees taken from you and I believe they can’t file a claim against you for a refund/dispute. I’d look into how long it takes for a transaction to be complete and all said and done before letting the bike leave (just in case they can cancel it somehow).

Should be able to still get cash or bank check from a bank teller window though. So not really an excuse if that’s what they are claiming.

 

He was thinking of coming by tomorrow to look at it, but said Tuesday would be the first chance to hit the bank. Of course, I work Tuesday so would have to work that out. I've always sold items with cash and never had a problem, and I guess, am more contourable doing it that way. Looks like Paypal can hold the money for 21 days, but not sure if that is F or F or goods and services. Most likely will just do cash, but like the idea of worrying about counterfeit bills. I will keep everyone updated.
Thanks all.

 

I sold a motorcycle several years back. The guy who bought it said he could get it in a week (he was from Ohio). I asked him for a deposit so I knew he was serious, he sent me $500 through PayPal then gave me the balance in a cashiers check when he picked up the bike. Our agreement was that if the bike didn’t match the description then I’d just send his deposit back through PayPal, but he was on his own for the trip expenses.

I figured anyone wanting to drive 8 hours round trip must be serious, but I had enough interest in the bike that I wasn’t going to pull the listing based on someone’s word.

Seemed to work out good. Never heard from the guy again.

 

I’ve used PayPal for a long time now. If you are selling, ask them for the extra 3%. If they do that(goods and services), like you or someone mentioned, they could later file a claim saying it wasn’t in working order so video documentation is key. PayPal imo is very safe to use. Friends and Family is a done deal sale. When the transaction is finished, neither party can do anything.

 

Scammers are great at printing fake bank checks

 

My sister used to work for the local bank...she said cashiers checks are easier to counterfeit now than cash is...me personally I am fine with cash, but I also like to look up what the bills are supposed to look like and the anticounterfeit measures that are built in before they get there.
I like to chat people up before they come over...get a feel for them...especially on big ticket items...I haven't had a problem yet.
People want to communicate by text/email/FB MP, whatever, I prefer a phone call, my "spidey senses" don't work as well with electronic communication...get people talking, they will volunteer a lot of info...or not sometimes, that can be a clue too.

 

I would feel comfortable using paypal...just make sure the money is transferred into your account before you sign over the title

 

Great advice, I’ve had that experience on CL. A few emails back and forth and you know who you’re dealing with.

 

I would think PayPal would be the safest way to go.

 

Have someone else is interested but waiting to see what happens tomorrow. Another question with PP, they send the money via your email address. How long do you wait to know the money is in your account and does PP put a hold on the funds? He started out on my bad side by making an lowball offer. He may still try to do that, but I told him I have another interested party. We will see.
Get this one sold I will need to get my rear in gear on my Goldwing getting it running so I can sell it as well. Not sure if it will happen this year, but will see.
Thanks again all and hoard on.

 

Good luck!

 

Usually the money transfers instantly...most I have ever paid is 1200.00, not sure on larger amounts though

 

Transfer happens very quickly, within minutes every time I've used it. I design and sell T-Shirts for another forum and many many guys pay me through PayPal, even over seas. It's almost instantaneous.