Payment Suggestion for Firearm Sale


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Nashoba
February 8, 2013, 02:17 AM
Hey guys.
I am selling one of my firearms to a gentleman a couple of states away from me. I have never gone through this process before so it is a nice little learning experience. I am having the firearm shipped from my FFL to his, and as of right now the agreed method of payment is him sending a personal check whenever the order is confirmed.
Is there anything that I need to worry about or take into consideration with this? Advice and personal opinions/experience is welcome. Thanks!

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Twiki357
February 8, 2013, 02:43 AM
If your going to take a personal check, you don't ship until it has cleared his bank/account. That could be as long as 10 days depending on your and his bank. If you want to deal with it, you can call his back to verify sufficient funds, but that only stands for the time of the call or you can call to verify that his check has posted to his account.

A lot safer payment is a US postal money order or a bank money order or cashiers check.

dogtown tom
February 8, 2013, 10:04 AM
Twiki357 ....A lot safer payment is a US postal money order or a bank money order or cashiers check.

I disagree.

ANY type of payment that you DEPOSIT has the risk of "bouncing" as a fake or counterfeit. While you bank may credit you within a day or two......it doesn't really "clear" until that check, money order or cashiers check reaches the issuing bank. (and that may be weeks later)

"Safest" is a money order you can cash immediately. If a USPS money order you will know at the post office if it is valid or not......but depending on the amount they may not be able to cash it due to limits on how much $$$$ the clerk will have in their drawer.

Be aware that USPS money orders, cashiers checks and any other supposed "safe" payment are easily and commonly faked. All you need is a $5 USPS money order and the ability to wash the amount and change it to $5000......which is not uncommon.

Certified checks can often be verified by calling the issuing bank to check on the amount. Some banks will not do this.


Bottom line.......ask your bank what the timeline is for the deposit to completely clear and be guaranteed against a chargeback.

ssyoumans
February 8, 2013, 10:10 AM
USPS money orders can be verified through an automated call process. I've used it before accepting them.

Cash is king, but when dealing with nonFTF transactions, it isn't going to happen.

ColtPythonElite
February 8, 2013, 10:13 AM
If buyer has a branch of your bank in his town, have him make a cash counter deposit in your account.

rgwalt
February 8, 2013, 10:29 AM
USPS money orders are great as they can be verified by the post office. I have used Paypal to send money, but never receive

jp
February 8, 2013, 10:39 AM
nothing is for certain... but i try to always use USPS money orders because it can be prosecuted as Mail Fraud should a bogus transaction occur. i think it is the safest.

Nashoba
February 8, 2013, 12:07 PM
What action should I take if something goes wrong with the check?

MedWheeler
February 8, 2013, 12:11 PM
What action should I take if something goes wrong with the check?

Don't ship the firearm until he makes it right. And don't re-deposit the check; request a different method of payment instead, such as those suggested above, or through a payment service such as PayPal.

medalguy
February 8, 2013, 11:39 PM
DO NOT use Paypal. Their rules very clearly state that if their system is used to pay for firearms, they can and likely will lock your account and freeze the funds. This can be guaranteed if the transaction has any problem and you have to file a dispute.

Postal money orders, as stated, can be immediately verified at a PO or by phone. Call the money order verification system at 866-459-7822.

Most any cashier's check or money order can be forged, and all commonly are. Personal checks are only as good as the issuer-- I would only accept a personal check drawn on a bank with a branch in my city so I could immediately cash it, NOT deposit it. A deposit into my account by the buyer would also be acceptable.

leadchucker
February 9, 2013, 12:27 PM
Has nobody considered using Bitcoin?

OilyPablo
February 9, 2013, 12:46 PM
If the buyer pays the fee (~$12) have him wire the money to your bank.

dogtown tom
February 9, 2013, 05:07 PM
leadchucker Has nobody considered using Bitcoin?
After reading this at the top of their own page there ain't a chance in hell that I would use an "experimental" anything in a financial transaction.:uhoh:



Bitcoin P2P Digital Currency
Bitcoin is an experimental new digital currency that enables instant payments to anyone, anywhere in the world. Bitcoin uses peer-to-peer technology to operate with no central authority: managing transactions and issuing money are carried out collectively by the network. Bitcoin is also the name of the open source software which enables the use of this currency.

The software is a community-driven open source project, released under the MIT license.

Liberty1776
February 9, 2013, 06:27 PM
I can only speak from personal experience. I have sold dozens of guns online over the last 5 years (change in direction in my collection interest). I have accepted a variety of MO, bank counter checks, cashier's checks and personal checks. I have an unwavering requirement that I wait 14 business days before shipping. I have never - never - had a problem with payment. YMMV...

AABEN
February 9, 2013, 06:45 PM
What action should I take if something goes wrong with the check?
DO NOT TAKE A check!!!!!!
There is very little you can do with out spending money for a lawyer which will cost a lot of money!!!!

medalguy
February 9, 2013, 10:23 PM
As Liberty1776 says, take a check but let the buyer know it's a 14 day wait before you ship. Plenty of time for the check to clear.

Another suggestion is to take a check, endorse it and add a number to the reverse, then ask the buyer to send you that number after the check clears his bank. He can get the image online as soon as the check clears. No question about the check clearing that way.

thump_rrr
February 10, 2013, 02:03 AM
In Canada we have been using what is known as Electronic Money Transfer or e-transfer for the last 5 years now.
You provide the email address linked to your online banking to the seller.
He sends you the amount from his bank account along with a secret question.
You answer the secret question and the money is automatically deposited in your account. No giving anyone your private banking info or anything.
Is such a system available in the USA?

Edit: it appears that Bank Of America and Wells Fargo both have e-transfer.

bluetopper
February 10, 2013, 06:52 AM
As Reagan said......."Trust, but verify".

Just tell him you taking a check will take a few more days. Personally, I have no problems taking checks.
.

Milkbus
February 10, 2013, 09:54 AM
Bank wire transfer is the only way to guarantee no issues according to a Credit Union CEO that I asked about this about a month ago.

x_wrench
February 10, 2013, 10:22 AM
yes, you can pay for a firearm thru paypal, it just can not be listed as a firearm. if it is sent using misc. goods, it will go thru just fine. they will not cover it if something happens in shipping, but you will get your money just fine.

OilyPablo
February 10, 2013, 10:28 AM
yes, you can pay for a firearm thru paypal, it just can not be listed as a firearm. if it is sent using misc. goods, it will go thru just fine. they will not cover it if something happens in shipping, but you will get your money just fine.

Isn't that lying? I thought firearms are against their policies.

I wouldn't lie to use a service that is a necessary evil only (for some businesses.)

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