what form of payment to accept

Stinkbomb

Stinkbomb

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Im selling my horsebox and was wondering what are the safe forms of payment i should accept.

I am aware people travel a fair distance to view such things and most do not want to carry such large amount of cash. Are bankers drafts safe to accept and then let them take the box??
 
Had exactly the same conversation today as Ive just advertised mine and my friend is going to soon. Apparantly bankers drafts are no longer guaranteed so the only safe option is cash to take it away there and then. Otherwise its Bankers draft, bank transfer or cheque and wait for it to clear before they take the wagon..
 
They would have to have sufficient funds in their account to do a Chaps transfer, it's not exactly immediate, but very quick:) and once done it's done. I think they cost about £20?
Depending on sum of money involved they possibly do a FAst PAyment transfer for free, it works the same day.
 
I have paid in the past by Building Society cheque. You must have the funds available to draw the cheque and it cannot be cancelled, so the seller is guaranteed to get their money. The cheque is not actually signed by the account holder but by the Building society as the account holder pays the BS when the cheque is drawn (if that makes sense?).
 
I'm slightly grumpy today as I'll not be getting my hands on the wads of cash that makes selling a horse so much more bearable as the buyer is stuck abroad. Instead she has transferred the cash straight into my account, one of the payments has made it, I'm still waiting for the other and the horse is going nowhere until it arrives.

Building society cheques are good but there has been some fraud on them so probably best to check with the issuer when you know what BS it will be drawn on.
 
Bankers Draft not Building society ones as there have been cases of forgery in the past. The buyer pays to get a bankers draft but it cannot be cancelled so the money is safe.
 
We paid for our lorry by banker's draft. It cost about £15 and the seller was happy to accept it and we drove the lorry away having handed it over.
 
i only want cash really.

anything else would have to have cleared and be safely in my bank before the horsebox/horse leaves my possession- not sure they can do that quick enough if they want to view and take away in the same visit.
 
We took a bankers draft for a horse we were selling when we didnt know the buyer - but phoned the bank to confirm it was genuine.
 
if i am selling a car or anything big and ppl say want to pay bankers draft i drive them to my bank pay the bankers draft in - once i have been told by bank its ok and clear in my account they get the keys.
 
Absolutely agree with post about physically accompanying the purchaser to bank the draft. Cash is not particularly safe unless you get given it whilst you are physically in your own bank and they check with the ultra violet light thing that it is not forged notes (happens a lot, sadly). Bankers draft ok, cheap, and for safety you can watch it being paid in. I would only accept a building society cheque if I was in the purchasers bank and watched them draw it then march them and it off to your own bank to pay in. Electronic transfer is ok but you do not always want to give our your bank details quite honestly. CHAPS instructions can only be sent whilst you are physically in a bank too, they don't normally do it over the phone unless you are a premium customer, possibly.

Accepting big payments from strangers is always a lot of hassle and why selling through professionals is so much easier. It is also one of the key reasons in the second hand car market why people sell their higher value cars to dealers and not privately as it cuts down the fraud, although you get less money.
 
And to add to it, friends dad who is hot on this sort of stuff said, no bankers draft, they can be cancelled??? and to make sure if they pay by cash to check each note is real. OMG can you imagine, urmmm just wait a minute or 20 lol, I have to check all the notes arent fakes. What a nightmare. Good luck in selling your wagon. Have you had any interest yet and if so, which sites given you the best responce as I cant make up my mind where to advertise mine.
 
The only 'safe' way is bank transfer straight into your bank account.
A Bankers Draft can be forged or stolen. Cash can be counterfeit.
A bank transfer can take between 1 day (overnight faster payment) or 3 days (normal bank transfer times). CHAPS will take a few hours, depending on what time it is sent. If it is sent before 1pm, it will reach the account that day, if it is sent after 1pm, there is no guarantee it will arrive before 5pm.
I am Bank Manager, I would not accept anything except for bank transfer which is overnight.
 
and just to add that a cheque can be cleared - but if later found out to be forged/stolen, the bank will then take that money out of your account. I checked this with Lloyds when i had someone trying to take me for the old "I will pay more, you reimburse me lark". I double checked with Lloyds just to make sure I wasn't being overly cynical. I could have paid £20 for the bank to check with the other bank that the cheque was drawn on, or banked it and hoped for the best!. However on finding out that the money could be taken back out of my account weeks after clearing, I decided the joke had gone far enough!
 
Bank drafts are not guaranteed payment as they can be stolen. Safest way is cash provided none of the notes are forgeries, or CHAPS or the Fast Payment service.
 
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