Methods of Payment for Weapon Sales

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oworthsr

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I'm considering "thinning my heard" of revolvers, and may try to sell them on the S&W Forum (a better chance that they'll go to a good home).

I'm curious: how do weapon-selling Forum members receive payment from buyers? I ask because I abandoned my PayPal membership (for political reasons) a couple of years ago, and will never agree to a Venmo payment - don't like others to know my banking information.

So I'd be stuck with a personal check or cashier's check. I'm Ok with personal checks for trustworthy buyers. And I appreciate that buyers are reluctant to issue a cashier's check.

So I'm asking - what are your thoughts on this?
 
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Appreciate ya bringing up the topic. Will be in similar situation sooner or later, and really not up to date. Have had people decline cashier's check in other situations, do to fraud concerns.
 
There are several different payment methods that are offered:

1. USPS Postal Money Order

2. Cashier's Check

3. Personal Check (usually if you know the member, have done business with him/her before, or if the prospective Buyer is a S&WCA or Historical Foundation member, etc.). The usual stipulation is that the Seller will wait fourteen days for the check to clear before shipment. This method has always worked for me.

4. EFT (Venmo, Zelle, etc.)

I always go to the "Feedback" section before I contact a Seller to check for the past history. You can Search using the member's name. The Moderators do a fantastic job weeding out the Scammers. Nothing gets past any of the Mods!

Cheers!

Bill
 
Will start by saying I've never had a problem dealing here on the forum

The only caveat I would recommend is to wait until the checks (both kinds) are cleared/verified before shipping the guns. Banks now are shy about cashier's checks and even USPS money orders since there are apparently a lot of scammers out there counterfeiting such. My bank will only allow you to deposit a money order into an existing account allowing you to then withdraw the amount. That way you're on the hook should there be a problem and the bank is protected. Most of the time if it's anything over a few bucks the post office's policies and practices preclude them from keeping much cash available for cashing large money orders.

I'm especially wary of obscure money order issuers and will only take USPS MO's. If it does turn out to be counterfeit the postal inspectors can run it down. They take it more seriously than the local cops.

I try to establish personal communication, often by phone and at least by email. Folks with less than a number of posts indicating they are actual forum participants bear caution. A lot more scammers out there now due to internet anonymity. That's why they love Zelle, Venmo and such. Depending on how it's set up, once you send your payment - that money is gone - whether or not you ever get your merchandise if you're buying.
Sad, but that's the world we now live in.
 
NFrameFred nailed it!

In today's world I don't mind waiting three weeks for the check to clear for a Seller, and for the Seller to know that his/her bank will not reject the deposit.

A few weeks ago one of my tax clients was "hit" with a "check washing" scheme. The client entered my name in the "Pay To The Order Of" line, the check was intercepted in the U S Mail system, the scammer "washed" the check and entered his name on the pay to line. Fortunately, he did not raise (increase) the amount. He deposited the check in his special account, just as been stated by NFrameFred. The amount was just under $2,000.00. The bank declined to reimburse my tax client. "Check Washing" 6 Steps You Should Take to Stop Check Washing

My bank advised me that you should review your on line and account banking agreement with your bank.

While I make almost all of my payments electronically (BillPay, ACH, Wire Transfers, etc) I do still send a few checks, i.e property taxes. I am following the six recommendations at the bottom of the article hyperlink.

Cheers!

Bill
 
I don't know why a buyer would feel reluctant to get a cashier's check, other than it necessitates a trip to the bank.

In addition to cashier's checks, there are also certified checks. If memory serves, the distinction is that a cashier's check is a check drawn on the bank's funds. (The buyer pays the bank for the amount of the check.) With a certified check, the bank guarantees that the buyer has sufficient finds in his account to cover the amount.

With the exception of forgery, which I have never experienced, both are very safe. And when you take the check to the bank to cash it, if it's a forgery they well tell you, so no need to send the gun.

I take personal checks. Nowadays banks have apps, and with their apps you can take a photo of the check, front and rear, and deposit it electronically, instantly. It shows up as a pending deposit in your account, which you can see with the same app. In a day or two, the pending goes away and you know the money is there. Once it clears, send the gun.

I like Zelle, Venmo and PayPal. (I don't generally consider politics for most services I use.) Especially as a seller when dealing with someone I don't know much about. Either you receive the money or you do not. Nothing in between. I sold a $700 Randall via PayPal to a guy who joined the forum just to buy it.

I think the electronic funds transfer services are pretty safe, especially for sellers. If you don't want to give them your bank info, give them your credit card info. Then you will have all the safeguards built into credit cards available to you.

As a seller, of course, you can require any means of payment you want. But the more ways you accept, the more the potential buying pool will expand.

(Looking forward to seeing the guns!)
 
I have done a few firearms transactions between members here on forum. So far all have been great. Each one I have sent a cashiers check. I always suggest to the seller to deposit it and allow a "comfort" period to pass. Usually a few days or up to a week before they ship. I think each bank has their own policies to how fast they credit funds. BUT if "Said" check were to be reported as lost by a fraudster....I am not sure of the final consequences of such a claim. It is just best to deal with established members here on the forum. I think that is the best protection. Recently I thought a cashiers check may have been lost in mail (Sent regular mail out of convenience) so I did send a replacement. It all worked out fine mainly due to the seller here on the forum being very understanding. Point is the US mail is not 100% reliable either. In the future Ill send payment either by fedex or priority mail or express
 
NFrameFred said:
Will start by saying I've never had a problem dealing here on the forum

The only caveat I would recommend is to wait until the checks (both kinds) are cleared/verified before shipping the guns. Banks now are shy about cashier's checks and even USPS money orders since there are apparently a lot of scammers out there counterfeiting such. My bank will only allow you to deposit a money order into an existing account allowing you to then withdraw the amount. That way you're on the hook should there be a problem and the bank is protected. Most of the time if it's anything over a few bucks the post office's policies and practices preclude them from keeping much cash available for cashing large money orders.

I'm especially wary of obscure money order issuers and will only take USPS MO's. If it does turn out to be counterfeit the postal inspectors can run it down. They take it more seriously than the local cops.

I try to establish personal communication, often by phone and at least by email. Folks with less than a number of posts indicating they are actual forum participants bear caution. A lot more scammers out there now due to internet anonymity. That's why they love Zelle, Venmo and such. Depending on how it's set up, once you send your payment - that money is gone - whether or not you ever get your merchandise if you're buying.
Sad, but that's the world we now live in.
Click to expand...

Except the same reasons that make Zelle problematic for buyers make it a secure option for sellers. You get a verified, irrevocable payment in minutes. It's not a third party. It's owned by the banks that offer it. It's no different than online bill pay.
 
Be careful with Zelle, Venmo and PayPal. Check their terms of service. I have read (take that with a grain of salt) that they prohibit firearms transactions and "can" confiscate funds. Don't just take my word for it, do your own research.

Also, USPS money orders are limited to $1000. They'll happily take your money to issue a money order, but good luck cashing it at the post office. You generally have to deposit them at your bank. While the post office can determine if they're forged, the banks can't. They just process them like a check. So you'd be wise to let them clear just like a check.
 
I’ve only sold a few guns here, but all have gone well.

I accept personal checks from folks that have been participating on the forums for a while. I can accept credit cards but don’t advertise it. Of course, I take money orders and certified checks as well as cashiers checks.

Thus far, I’ve taken personal checks only here on the forum. I threaten to hold the gun until the check clears, but I usually send the gun out pretty quickly after I get the check.
 
Krogen said:
Be careful with Zelle, Venmo and PayPal. Check their terms of service. I have read (take that with a grain of salt) that they prohibit firearms transactions and "can" confiscate funds. Don't just take my word for it, do your own research....
Click to expand...

Not sure why anyone would want to tell those services they were buying a firearm. It's not a requirement to state what you are purchasing/sending funds for. None o' their beeswax, in my opinion.
 
Venmo is the most convenient for buyers and you, if you don't think they already know your "money situation," you're mistaken.
 
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I have had a few issues with USPS money orders.

First my banks will not accept them.

Second my PO on most occasions cannot cash anything over $200.00 . Even going at the end of the day when some cash is coming in.

Third if by chance it gets lost or stolen the process of getting your money back can be months, after going through the claims process.

Certified or personal checks seem to work much smoother for me. This forum is great to buy and sell on if they have been a member in good standing.
 
If your bank has it, I recommend Zelle. It is an electronic transfer system directly from your bank account to theirs. As a benefit, your bank doesn't need to use it in order for you to receive funds (only to send them); you simply have to have either an email address or cell phone number and the first time you receive funds it will prompt you to enter your account info where you want the money deposited.

From a seller's perspective it is quite safe, as it won't transfer any money if the sender doesn't have it in his/her account, and once the money is sent it cannot be clawed back or the charge disputed (because it's a transfer, not a charge on a credit card).

From a buyer's perspective it is very quick, without any delay in getting a bank check or money order, waiting for the mail to get to the seller, or waiting for a personal check to clear. That means the seller can ship the goods just as soon as he confirms the money is in his account.

As a side note, I have used Zelle many times for many things and they don't ask what the money is used for. There's not even a place anywhere to list it, even though I understand purchasing a firearm may be against their terms of service.

Hope this helps!
 
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