Paying for selling items privately

[Chae1]

When buying or selling things privately what's the best method of payment for both parties?

A bank transfer as I'm aware isn't instant. I want to transfer the money to other party when I view/pick item up. Them to be 100% sure its paid.

Same with selling I want money to be in my account before it leaves farm. Be best for lorry driver to phone buyer when its being loaded and see money in my account before it leaves.

 

[mf7480]

Load all the payment details onto your banking before hand then just do a FASTER payment when you’re there, I’ve never known it not to go across immediately.

 

[JD6920s]

Load all the payment details onto your banking before hand then just do a FASTER payment when you’re there, I’ve never known it not to go across immediately.

I’ve heard of it being instant 99 times out of 100, and then when you really need it to it doesn’t!
We made a purchase recently and wanted to pay on collection so wanted to be sure it would work, a friend told me to transfer £1 to the seller a day or two before going, so they were set up in my banking app, that went through fine and so did payment on the day

 

[Lincs Lass]

Some banking apps have limits of how much can be transferred ,one my elderly customers can only pay £1000 per day in one transfer ,,I'm with barclays and they allow £2000 per day.
Theres probably a way to get the limits lifted ,not found out how yet

 

[Midnight plough boy]

Cash

 

[Dave W]

I have plenty of buyers come and pay bacs off there phone while they're in yard. Never known it not go through instantly

 

[Farmer_Joe]

I have plenty of buyers come and pay bacs off there phone while they're in yard. Never known it not go through instantly

Done this a fair bit both ways (taken and made payments) always been instant, if it’s really dear ring your bank first to inform them like above 5k as they might hold it.

 

[Highland Mule]

RBS is up to £1k from app for a new person, so would have to take laptop and card reader etc. for over that, or better still set up a new contact on the laptop the night before. No biggie, but something to be aware of.

 

[milkloss]

Half cash, half bankers draft

 

[Dave W]

Half cash, half bankers draft

I wouldn't take a bakers draft. I've no idea what one even looks like so how do I know it's not forged

 

[Clive]

Load all the payment details onto your banking before hand then just do a FASTER payment when you’re there, I’ve never known it not to go across immediately.

Faster payment can be called back - I would not let goods go to unknowns if paid for like that

 

[Kidds]

What happens if I have sent a payment to the wrong place ...
https://www.fasterpayments.org.uk › consumers › what-...

Faster Payments, once sent, cannot be cancelled.

 

[Clive]

What happens if I have sent a payment to the wrong place ...
https://www.fasterpayments.org.uk › consumers › what-...

Faster Payments, once sent, cannot be cancelled.

I‘ve been advised by the bank to not take payment via transfer for a car so that conflicts with advice in the past

 

[mf7480]

Faster payment can be called back - I would not let goods go to unknowns if paid for like that

Really? I’ve never heard that

 

[Will 1594]

I wouldn't take a bakers draft. I've no idea what one even looks like so how do I know it's not forged

Dave put 1000 in account go get bankers draft . For999. Go into bank next day draw out 999 , you then have a draft what is worthless. Local caravan man got scammed like that , when he paid it in came back , no funds in account. So lost his caravan with genuine bank draft

 

[Dave W]

Dave put 1000 in account go get bankers draft . For999. Go into bank next day draw out 999 , you then have a draft what is worthless. Local caravan man got scammed like that , when he paid it in came back , no funds in account. So lost his caravan with genuine bank draft

Not sure that's true. The whole point is that the bank guarantees the funds.
Besides. The point is that few people have even seen a physical bankers draft. So on that basis can be easily forged

 

[Chae1]

Not sure that's true. The whole point is that the bank guarantees the funds.
Besides. The point is that few people have even seen a physical bankers draft. So on that basis can be easily forged

I bought cars with bankers drafts many years ago as a spotty yoof.

 

[Dave W]

I bought cars with bankers drafts many years ago as a spotty yoof.

I used one 20 years ago. But could you look at one now and know if it was real or forged?

 

[TechWise]

Faster payment can be called back - I would not let goods go to unknowns if paid for like that

Interesting. I seem to recall when drawing a large number of pound notes one day for a private purchase, the bank told me to consider a bank transfer because it's safer than carrying all that cash and once you see it on your statement it can't be called back. I've insisted people pay be bank transfer for a number of things now and always assumed it couldn't be reversed.

 

[Johnnyboxer]

Pay by cheque, at viewing
When cheque goes through collect goods

Failing that....
Buyer brings cash, inspects goods and likes them
Both of you, take a trip into town (masked up of course) to your bank
He pays his cash into your account at your bank and both of you get a receipt
You go home and he takes the goods, you issue him with a receipt to go with the bank deposit receipt