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mr gill
Monza


Joined: 21 Feb 2011
Posts: 210
Location: The Black Country


PostPosted: Wed Oct 04, 2017 8:06 pm    Post subject: How to accept payment.. Reply with quote

So the time is approaching to put my beloved c4s up for sale.... I don't think I will be part ex'ing it due to the trade price dealers will offer. My question is what is the best and safest way to accept payment? Should I insist cash and pay it I to my bank there and then? Will that be full proof?
Any advice welcome!
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2004 996 C4S X73 and Aerokitted
2007 Alfa 159 sportwagon 1.9jtdm decat, dpf/egr delete
Gone but not forgotten 2002 E46 M3
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Phil 997
Fuji


Joined: 05 Dec 2015
Posts: 9446
Location: Bournemouth,Dorset

2009 Porsche 997 Carrera 4S

PostPosted: Wed Oct 04, 2017 8:10 pm    Post subject: Reply with quote

cash, bank transfer prior to purchase allow time for it to fully clear before releasing the car. or bankers draft are the only 100% way
note you will get asked by the bank where it came from when you try and pay a lump of cash into them . its their money laundering regs. Thumb

paypal wont allow large sums to be paid so thats out.
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mr gill
Monza


Joined: 21 Feb 2011
Posts: 210
Location: The Black Country


PostPosted: Wed Oct 04, 2017 8:12 pm    Post subject: Reply with quote

I though bank transfers and bankers draft can be reversed?
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2004 996 C4S X73 and Aerokitted
2007 Alfa 159 sportwagon 1.9jtdm decat, dpf/egr delete
Gone but not forgotten 2002 E46 M3
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alex yates
Shanghai
Shanghai


Joined: 06 Mar 2014
Posts: 10994
Location: Lancashire

2000 Porsche 996 Carrera 4

PostPosted: Wed Oct 04, 2017 8:15 pm    Post subject: Reply with quote

Personally I'd be happy with either a direct bank transfer on the day (you would have their bank details if something went wrong) or a big sack of cash. Preference would be bank transfer of course.
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Phil 997
Fuji


Joined: 05 Dec 2015
Posts: 9446
Location: Bournemouth,Dorset

2009 Porsche 997 Carrera 4S

PostPosted: Wed Oct 04, 2017 8:20 pm    Post subject: Reply with quote

bankers draft is as good as cash but most banks charge £25 for one so some are reluctant to pay that way. , bank transfer potentially can be reversed which is why I said prior to pick up to ensure its cleared. Thumb
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imac
Newbie


Joined: 04 Dec 2013
Posts: 37
Location: Durham


PostPosted: Wed Oct 04, 2017 9:22 pm    Post subject: Reply with quote

Direct BACS transfer is as good as cash. Once in your account it cannot be reclaimed. If purchaser pre-credits your account with a nominal fee the full payment transfer will be instantaneous, even outside banking hours. Checked and did this with a recent sale. I then moved the deposit on to another account immediately just to be sure it could be recovered.

Check with your own bank that this applies. May not with non-clearing banks. Confirm the deposit on the phone and move it on before parting with the car.

It's easy and stress free. GLWTS
 
  
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infrasilver
Fast & Furious
Fast & Furious


Joined: 04 Oct 2010
Posts: 7074
Location: East Midlands

2001 Porsche 996 Targa

PostPosted: Wed Oct 04, 2017 9:33 pm    Post subject: Reply with quote

imac wrote:
Direct BACS transfer is as good as cash. Once in your account it cannot be reclaimed. If purchaser pre-credits your account with a nominal fee the full payment transfer will be instantaneous, even outside banking hours. Checked and did this with a recent sale. I then moved the deposit on to another account immediately just to be sure it could be recovered.


Exactly what I did when I sold my S4, moved the money to another account online once the money dropped into my main account then handed the keys over, took 10 minute.
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Y2K
Monza


Joined: 08 Mar 2016
Posts: 214
Location: Hampshire


PostPosted: Wed Oct 04, 2017 9:48 pm    Post subject: Re: How to accept payment.. Reply with quote

mr gill wrote:
So the time is approaching to put my beloved c4s up for sale.... I don't think I will be part ex'ing it due to the trade price dealers will offer. My question is what is the best and safest way to accept payment? Should I insist cash and pay it I to my bank there and then? Will that be full proof?
Any advice welcome!


Sir,

I’d be delighted to be at your service and offer you a 100% satisfactory solution. I will provide you an intermediary account which is 100% secure. Once your buyer has transferred the fund to the intermediary account, I will send you the confirmation. I will also deliver the car to your buyer free of charge. You will be receiving a pm shortly with instructions.

Best,
Prince Yahya Kadar
 
  
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isysman
Zolder


Joined: 22 Apr 2011
Posts: 5469
Location: Cheshire


PostPosted: Wed Oct 04, 2017 10:10 pm    Post subject: Re: How to accept payment.. Reply with quote

Y2K wrote:
mr gill wrote:
So the time is approaching to put my beloved c4s up for sale.... I don't think I will be part ex'ing it due to the trade price dealers will offer. My question is what is the best and safest way to accept payment? Should I insist cash and pay it I to my bank there and then? Will that be full proof?
Any advice welcome!


Sir,

I’d be delighted to be at your service and offer you a 100% satisfactory solution. I will provide you an intermediary account which is 100% secure. Once your buyer has transferred the fund to the intermediary account, I will send you the confirmation. I will also deliver the car to your buyer free of charge. You will be receiving a pm shortly with instructions.

Best,
Prince Yahya Kadar


Sounds legit!
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Sarfend
Suzuka


Joined: 16 Aug 2009
Posts: 1098
Location: Leigh on Sea


PostPosted: Wed Oct 04, 2017 10:26 pm    Post subject: Reply with quote

Avoid bankers draft at all costs. Too many stolen and forged ones out there. Bandit
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Phil 997
Fuji


Joined: 05 Dec 2015
Posts: 9446
Location: Bournemouth,Dorset

2009 Porsche 997 Carrera 4S

PostPosted: Wed Oct 04, 2017 11:58 pm    Post subject: Re: How to accept payment.. Reply with quote

Y2K wrote:
mr gill wrote:
So the time is approaching to put my beloved c4s up for sale.... I don't think I will be part ex'ing it due to the trade price dealers will offer. My question is what is the best and safest way to accept payment? Should I insist cash and pay it I to my bank there and then? Will that be full proof?
Any advice welcome!


Sir,

I’d be delighted to be at your service and offer you a 100% satisfactory solution. I will provide you an intermediary account which is 100% secure. Once your buyer has transferred the fund to the intermediary account, I will send you the confirmation. I will also deliver the car to your buyer free of charge. You will be receiving a pm shortly with instructions.

Best,
Prince Yahya Kadar



Floor Floor love it. Thumb
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Others Enjoy The Moment Today.
 
  
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chriscoates81
Österreich


Joined: 17 May 2013
Posts: 980



PostPosted: Thu Oct 05, 2017 6:35 am    Post subject: Re: How to accept payment.. Reply with quote

Phil 997 wrote:
Y2K wrote:
mr gill wrote:
So the time is approaching to put my beloved c4s up for sale.... I don't think I will be part ex'ing it due to the trade price dealers will offer. My question is what is the best and safest way to accept payment? Should I insist cash and pay it I to my bank there and then? Will that be full proof?
Any advice welcome!


Sir,

I’d be delighted to be at your service and offer you a 100% satisfactory solution. I will provide you an intermediary account which is 100% secure. Once your buyer has transferred the fund to the intermediary account, I will send you the confirmation. I will also deliver the car to your buyer free of charge. You will be receiving a pm shortly with instructions.

Best,
Prince Yahya Kadar



Floor Floor love it. Thumb


Missed off the country, has to Nigeria lol.
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segart
Monza


Joined: 28 Jan 2015
Posts: 221
Location: Jersey - Britains South Sea Isle


PostPosted: Thu Oct 05, 2017 7:37 am    Post subject: Reply with quote

Op note that the clearing process for Bacs and cheques is 5 working days. If there is any irregularity in that time, the funds can be sucked back out if your account. Irrespective whether you have moved the funds on. A legit buyer will not mind waiting 5 days for their car.
Rick
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maldren
Nürburgring


Joined: 07 Oct 2016
Posts: 430



PostPosted: Thu Oct 05, 2017 8:21 am    Post subject: Reply with quote

More than £20k is not easy, most bank's faster transfer systems are capped at 20k per day so you may need payments over 2 days.

The bank can use CHAPS for you but they will charge....
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Mike
2003 996.2 C2 Coupe Arctic Silver
 
  
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jimmy p
Nürburgring


Joined: 01 Jan 2011
Posts: 401
Location: Notts / Derbys


PostPosted: Thu Oct 05, 2017 8:52 am    Post subject: Reply with quote

I used multiple faster payments, my bank limits them at 10k but will allow multiple transfers below that amount!! So able to pay just inder 30k in less than 5 mins into sellers account
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g911omr
Silverstone


Joined: 29 Sep 2009
Posts: 108



PostPosted: Thu Oct 05, 2017 9:02 am    Post subject: Reply with quote

Sold my previous car and the buyer paid by BACS with 5 payments.
Bought my 996 the same way.
 
  
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HSC911
Sepang


Joined: 23 Jul 2014
Posts: 2991
Location: Bedford


PostPosted: Thu Oct 05, 2017 9:28 am    Post subject: Reply with quote

A BACS can't be reversed. Where are you guys getting this info from? I used to work at LloydsTSB, HSBc and Natwest. Question

As said, over £20k and it will take a day or two.

Best thing to do is get the person to pay you £1 today, for example, then when he comes on Saturday, you will already be set up as a recipient on his account, so it won't look dodgy/irregular. Then transfer over the other £10/20/30k and it will literally be in there before you have even finished your cuppa thumbsup

If you take a Bankers Draft then take it to the bank with the buyer and pay it in, until it's paid in then don't release anything, not even a Jaffa cake! Very Happy

Good luck Thumb
 
  
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Bluebird911
Spa-Francorchamps


Joined: 29 May 2010
Posts: 347



PostPosted: Thu Oct 05, 2017 9:31 am    Post subject: Reply with quote

CHAPS payment is the fastest method and secure, particularly if the values are more than the £20k, which is the per day limit imposed by most banks for money transfers.

£25 is a small price to pay for this service and as both parties benefit from it, you could suggest splitting it. However, if the value of the car is say £30k?? it feels like penny pinching!!

Good luck with your sale!
 
  
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segart
Monza


Joined: 28 Jan 2015
Posts: 221
Location: Jersey - Britains South Sea Isle


PostPosted: Thu Oct 05, 2017 10:43 am    Post subject: Reply with quote

HSC911 wrote:
A BACS can't be reversed. Where are you guys getting this info from? I used to work at LloydsTSB, HSBc and Natwest. Question

As said, over £20k and it will take a day or two.

Best thing to do is get the person to pay you £1 today, for example, then when he comes on Saturday, you will already be set up as a recipient on his account, so it won't look dodgy/irregular. Then transfer over the other £10/20/30k and it will literally be in there before you have even finished your cuppa thumbsup

If you take a Bankers Draft then take it to the bank with the buyer and pay it in, until it's paid in then don't release anything, not even a Jaffa cake! Very Happy

Good luck Thumb


As advised by NatWest as i often receive 6 figure payments!
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imac
Newbie


Joined: 04 Dec 2013
Posts: 37
Location: Durham


PostPosted: Thu Oct 05, 2017 10:56 am    Post subject: Reply with quote

Smoke, mirrors and a good dose of folklore.

UK clearing bank to UK clearing bank no problem, and after an initial payment to facilitate fast payment it's instantaneous.

Anyone ever heard of someone done over on a BACS payment??

Ever tried to get back a payment you made to an incorrect account number inadvertently? That's at the discretion of the recipient of the funds. There is no legal way to immediately snatch back funds. Otherwise we'd all be doing it.

I'm sure there are some bankers/corporate lawyers on here to advise. The rest of us believe what our bank tells us. Otherwise I wouldn't leave anything on deposit. It's not the Wild West out there.

Now, leaving your car with someone else to sell on you're behalf because they have the facilities to manage money safely..........."Billy the Kid Cars"
 
  
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