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  • Hey all, just changed over the backend after 15 years I figured time to give it a bit of an update, its probably gonna be a bit weird for most of you and i am sure there is a few bugs to work out but it should kinda work the same as before... hopefully :)

How can buyers trust sellers?

Omar N

Omar N

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Hello everyone,

I apologize if this is off topic, but it seems like the most appropriate place for this post. My question is regarding the selling procedure on this website. Can anyone explain to me what sort of method everyone is using for ensuring that money is not stolen? This may seem like a silly question to some of you who have been on here for a while, but as a new comer who may soon have a few thousand dollars worth of items to sell, I am wondering how I am supposed to assure my buyers that I am not a crook. Obviously I know that I am not going to steal anyones money, but I do not necessarily expect by buyers to just take my word for it, especially when dealing with 10,20, or 30 thousand dollars. Are we all just going on the honor system here or is there a more secure way for completing these transactions?

Thank you in advance,
~Omar
 
I initially bought... for a "Poor Guy"... a lot. A couple of thousand over a few weeks/months. I also made 1 or 2 trades that were equitable to both parties. So I built a reputation. And I bought from those that already had a reputation on RU.

When I sell, I try to make sure it is someone who has a reputation or background as well.

RU, and some other forums almost harken back 200 years when ones reputation or handshake had more value than a contract. Most seem to value their reputation very highly and would.

As for large sum deals.... Check clears in your account or some other truly verified method brokering would be wise. Things could honestly get lost in shipping. neither party is dishonest, but one of you is stuck yelling at the post or Fedex or whomever. Both could feel a bit of distress.

So in short.... In person always works :-) i am selling my car collection, and before I trailer one of them across California i will require at least 20% or more non-refundable deposit just to protect my fuel bill. I send COPIOUS photos and video of the vehicle and if they can not inspect in person, then I need to cover my costs if they changed their mind when the vehicle rolls upto their doorstep and they have cold feet.

YMMV
 
Positive recommendations are always great. In this case, I have bought from Scott Miller in the past and am happy to recommend his. While the items purchased were not of great value, the experience was satisfactory. On the other hand, I recently bought some expensive items ($10k worth) from a reputable member here, but one of the items is damaged. I have not heard from the seller yet, but I could understand he may be busy. However, I'll be sure to make a post if I he decides to sell something without resolving the issue with the stuff he sold me.

If you're not willing to use a broker, its better to do your research on a seller, ask other members who may have bought from him in the past. Their experience will help you decide on how you want to purchase.
 
There is a mechanism whereby seller and buyer use their respective banks as brokers for the deal. I have not used this so I can't speak from experience. It works something like this. The buyer sets it up with his bank. The buyer's banks then issues the Letter of Credit to the seller's bank subject some action taking place. That action might be as simple as the buy presenting a FedEx Airwaybill to his bank to receive immediate payment - but in fact, it can be anything that is agreeable to both parties. This is very commonly used in international import/export deals and is reputed to be very robust, quite simple, even inexpensive to use.

There is one catch - you have to trust the bank with your money.


Investopedia explains Letter Of Credit
Letters of credit are often used in international transactions to ensure that payment will be received. Due to the nature of international dealings including factors such as distance, differing laws in each country and difficulty in knowing each party personally, the use of letters of credit has become a very important aspect of international trade. The bank also acts on behalf of the buyer (holder of letter of credit) by ensuring that the supplier will not be paid until the bank receives a confirmation that the goods have been shipped.

Read more: http://www.investopedia.com/terms/l/letterofcredit.asp#ixzz1daAO0J9D

http://www.fedex.com/sg/services/tools/intlairwaybill.html
 
The one time I did deal with someone who had a relationship with users on this sight so I thought would be a genuinely good idea to purchase from and was respected by many of the highly regarded members,

I was met with multiple delays and then ended up never receiving any products, upon asking for refunds, more delays and still nothing. Its a gamble in some cases, wish I used PayPal since thats never let me down when it comes to recovering money but naturally not everyone wants to go through that process...real shame,

some have good some have bad, like i said a gamble and the majority is that everyone has good experiences, I'm assuming im one of the few who have bad, like in the 1%...but who knows,

Start small with a buyer then go bigger, build up the trust or pay through a system which like PayPal you could get your money back, so like a string attached to the cash...
 
I just stay away from the "new guy" with 3 posts. I find it hard to believe a "forum regular" would be dishonest here. Spend some time on the boards and get to know everyone a little. You'll get an idea who you can trust. Post counts and join dates are good thing to look at in a situation like this.
 
If buyers and sellers have an Ebay account with history - ask them for their ID and look up their feedback there. Not foolproof as Ebay accounts do get hacked, but better than nothing.
 
Omar, when I've sold things, I've made sure to post lots of pictures and very complete descriptions of the items, including any minor blemishes. I also usually mention the reason I'm selling the item, simply because it creates more of an impression that I know what it is and what it's used for. As a buyer, I check the seller's website, or look him up on Google. I have a lot more confidence in a seller if that person seems to be in the production business, has samples of work, etc.. It's not foolproof, but it adds a bit of confidence.
 
I check the post count and how long they've been on here. Also i like to get an official email address and telephone number. In my case I do transactions under our company email and phone #. It helps to have an active company website.

The good thing is that most people are honest and care about their reputations. I've only had one bad transaction on here... I did receive the product but it was not in a condition to my liking. Other people have bought from me and if they weren't trustful they asked me a few questions via email. Being an active part of any community online helps to build reputation. Thankfully I'm generally active online and have sold many video related items on dvxuser.com also.
 
People seem to put a lot of trust in reputation, but then you hear stories of people having bad experiences with long time Redusers. Isn't the safest way of dealing putting it on Ebay with payment via Paypal only, and put a link here on Reduser? Or do people have bad experiences with Ebay and Paypal?
 
I will say it depends on what I'm buying.

If is something cheap... as in less than a thousand dollars, Ebay and other online resources could work fine, but will check on the reputation of the seller.

If is more than that I will only buy local... or will fly to you. If I cannot meet you and see you are legit, you can forget about getting say 10 grand from me.

Heck, with 400 dollar plane tickets it is almost stupid not to go and meet the people you deal with, specially if there is a lot of money involved.... and yes, whatever you want to buy, you can probably find in relative proximity to you.

If I'm selling, same rules... most of the time I sell stuff on Ebay, yet if its something expensive... I only sell local.
 
So many good ideas for how to overcome the issue of buyer/seller trust. I've tried them all and I will say that *some protection* is 1000 times better than nothing at all. Unfortunately, so many buyers get sucked into deals where they had no protection at all.

My favorite is talking to people on the phone. You can tell alot about someone by how they treat you, if they answer their phone, if they make time to speak with you, and if their phone number is even published at all. It costs nothing, both parties can do it during their downtime (I do it while I'm stuck in traffic), and ultimately I learn sooo much about the other person. Its been a pleasure speaking with some of the members on this forum over the phone. Furthermore, if you're in a jam in the future, you literally have *the fastest* way to reach someone conveniently. The phone is still king in terms of efficient long distance communication.
 
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