You may have heard of PayPal before, but in case you haven’t, it’s the largest non bank lender and one of the largest payment processors in the world. You can transfer money instantly between yourself and another party. In our case we use this as a watch buyer or seller. PayPal is a very powerful payment method that is easy to use and we will discuss a couple ways to safely use it whether you are buying or selling.
Getting Started With PayPal
Setting up PayPal takes just minutes and is a one time setup. I am going to go over the steps required to get started.
- Select account type, whether you’re a business or individual
- Create your login details
- Supply your address and date of birth information
- Link your credit or debit card
- Verify your email address
- Verify your mobile phone number
The whole process takes less than 15 minutes, and once done, you have a powerful financial tool in the palm of your hand. Once you’re all set up, it would be a good idea to get verified. This adds a small amount of trust to your personal transactions. Think of it like this, if you sell to someone you do not know, wouldn’t you feel more comfortable knowing there was an extra layer of identification performed by PayPal to confirm the person’s identity?
Using PayPal as a Watch Buyer
There are a number of things PayPal does to protect you if you purchase a watch from someone using PayPal. Did you know PayPal offers purchase protection? This is one of the biggest benefits of PayPal to watch buyers. When you send money to someone to purchase a watch, you are given two choices. Make sure you select “Goods and Services”. This will ensure that when you make a purchase, and it turns out fraudulent, you will be able to file a claim and recoup your money.
What does purchase protection cover? Well first off, you are covered if someone uses your account without your knowledge or approval. If this ever happens, you contact Paypal within 60 days and they will investigate. PayPal has a $0 liability for unauthorized transactions. The second form of protection comes when you purchase a watch and it’s either counterfeit, damaged, never arrives, or not as described. There are steps you must take in order to have this protection though and I will go over them here.
- Use PayPal Goods and Services
- Contact the watch seller within six months(yes it’s ridiculous, 180 days!). If the Seller doesn’t cooperate you can escalate the dispute to a claim within 20 days of opening
- Have your PayPal account in good standing. No negative balance and keep payment methods up to date.
- If the transaction qualifies for purchase protection, you will be able to recover the full price and shipping, however you may need to pay return shipping.
When purchasing on Paypal, there are no fees. PayPal charges sellers a small fee to process the payment. Combined with purchase protection, and PayPal is an excellent way to buy a watch.
Last but not least, you have purchased a replica watch or counterfeit watch.
Using PayPal as a Watch Seller
All the reasons that make PayPal awesome when buying can be a negative when selling. You can see, a buyer has 180 days to request a return, so you may wonder how you can protect yourself. There are some steps you should take before shipping your watch to someone you don’t know. PayPal is overly buyer friendly, so fraud is a possibility.
As a seller, you have to be careful and make sure you are dealing with the right kind of buyer. With proper communication, you can help minimize the chance of anything negative happening. This includes the aftercare of your customer. Some returns can be avoided by simply talking to the person on the other end of the transaction. This can be avoided if you talk the selling into sending you money using the Friends and Family option, however they will lose the purchase protection.
The seller is the one that pays the fees for PayPal transactions. Right now Paypal charges 3.49% plus a fixed fee of $0.49. It may be worth it, since PayPal is used by millions and allows you to transfer money instantly between parties.
Here is a list of selling fees.
How Do I Protect Myself Selling With PayPal
Even if it sounds scary, PayPal also offers protections for sellers. This will protect you against fraudulent chargebacks, reversals and associated fees. There are some steps you must take in order to qualify for these protections.
- Your primary address must be verified on PayPal and in the USA
- You must be selling a physical, tangible good that can be shipped
- You must ship it to the shipping address from the transaction details page in PayPal
- If PayPal asks you for documentation or other information, you must respond in a timely manner
PayPal will only do so much so you must take extra steps to protect yourself. I have a checklist to go over when I accept a payment through PayPal. I always follow this strictly and it has helped avoid any major issues.
- Get in touch with the watch buyer through multiple avenues(phone calls, social media, etc.) I will even get a copy of a driver’s license and matching utility bill, Legitimate buyers will understand and if they don’t provide the information, move on.
- Take pictures of everything you are sending. Check the watch to make sure it works, video is great for this.
- Make sure the shipping address is confirmed and makes sense when you contacted the buyer.
- Before you ship, make sure PayPal tells you it’s ready. Don’t go by email, login to your PayPal for direct confirmation
- Ship with UPS or FedEx fully insured with signature required (do not risk USPS losing your package, especially since it can’t be insured)
Keep in mind, if the watch buyer does not provide the information to make the transaction more transparent, you can always refund them.
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