Thread: Seeking Advice on Payment Options

I'll provide the same service for only $90.

Direct Deposits are not 100% secure

i know computer wholesalers that have been stung by accepting DD's and having them be reversed very shortly afterwards...

how they do it i don't know..

Ring the bank and say the payment was a mistake and should be cancelled?

Hi

There are escrow services for car sales e.g. Securely Buy & Sell Vehicles Online - Escrow.com
carsales.com.au has PayProtect which seems to be an escrow service.
Safety tips for sellers – carsales.com.au

Transferring $ or something of value between parties when neither can fully trust the other has been a problem for the last few thousand years.

Mike

Originally Posted by DiscoMick

Ring the bank and say the payment was a mistake and should be cancelled?

i dont think banks allow that?

Hi All

Thanks for the feedback. Looks like direct deposit to bank account will be the way to go.

As to the time it takes the banks have recently updated to a new transfer system so most payments will go through very quickly and unless its weekend its overnight at worst.

Cheers

Steve

When I sold my D2, the young fella paid for it in front of me and I got a digital invoice/receipt straight to my computer.

we just bought another house at auction last saturday and sent the deposit immediately via phone/internet banking to the real estate agent's phone while we stood there talking and got digital receipt within seconds. All very fast , all very secure.

you can actually watch the funds move....very satisfying.

Originally Posted by Eevo

i dont think banks allow that?

That is correct - the banks cannot (legally) reverse an EFT transaction. If a mistake has been made then the bank can contact the receiver and advise them a mistake has been made and ask them to transfer the money back. If the receiver does not then the bank cannot do anything then it is up to the person who transferred the money to take legal action to recover the money. The sting in the tail for the receiver is that if they keep the money knowing it is not theirs they can be charged with fraud.

Garry