Quick help with Venmo please....

[Joe Nerve]

Since losing money on a sale a few years back I've been reluctant to deal with anything other than cash. I have a bass for sale on FB and the buyer wants to do Venmo. My wife has it, I don't.

What are the risks in using my wife's Venmo account? I know nothing about it. Can he have buyer's remorse, or any other kind of issue? I plan to let him check the bass out thoroughly and make this a final sale.

Thanks in advance.

 

[MJ5150]

The name of the website/app/company handling the transaction is different, the risks are the same. I'm not aware of any online payment processing service that provides the seller no risk.
For me, I wouldn't drag my wife's account into a deal I was making. If the deal goes sideways, there's another person I'll need to reconcile with.
If you're meeting in person and the buyer still wants to use an electronic payment service, that for me is a red flag. I get it not wanting to pack around a big wad of cash in my pocket, but there's ways to mitigate that risk by meeting in public places. For instance, I make all of my craigslist deals in the parking lot of our local police station during business hours. Any buyer or seller who won't agree to meet me there, I pass on dealing with them.

-Mike

 

[DWBass]

Venmo is owned by PayPal. Not sure if it has the same protections though. Have him pay you immediately. None of that 'let him check it out' mess. If he doesn't dig it, let him return it, then send his money back.

 

[LBS-bass]

Most people nowadays do not want to carry cash. I would be the opposite of Mike - someone insisting I bring cash is a red flag to me. No transaction is without risk. It's not a very helpful comment but I think in a case such as this I would have to rely on my gut instincts using other factors.

 

[friskinator]

Most people nowadays do not want to carry cash. I would be the opposite of Mike - someone insisting I bring cash is a red flag to me. No transaction is without risk. It's not a very helpful comment but I think in a case such as this I would have to rely on my gut instincts using other factors.

Same here. I won't deal with cash with any in-person transaction anymore. It's actually more risky than electronic payment. And aside from the personal risk, cash can be counterfeited. Are you going to bring a pen to test each bill?

Setting up a Venmo account is incredibly easy. No reason to not just go ahead and do it.

 

[Joeywhat]

I can't think of any way for them to get their money back once sent. Venmo isn't in the business of returning charges, and there's no real way for the buyer to dispute anything. Most of the risk is on them.

 

[MJ5150]

Same here. I won't deal with cash with any in-person transaction anymore. It's actually more risky than electronic payment. And aside from the personal risk, cash can be counterfeited. Are you going to bring a pen to test each bill?

Setting up a Venmo account is incredibly easy. No reason to not just go ahead and do it.

Yep. I picked up one of those counterfeit tester pens at Office Depot.
It should also be noted that I don't regularly conduct high dollar transactions in the first place. I'm talking about selling odds and ends here and there. It only takes a couple emails and a phone conversation or two for me to pick up if the buyer is shady or not. If I get that vibe and they have no way to verify who they are, I pass on the deal. If everything in my gut checks out, I head to the police station and make the deal the way deals should be made, I hand you the item and you hand me cash. It's not complicated if you do your research.
For a high dollar item, I'd do it the same way though just spending a little more time verifying the buyer and helping them verify me do they're comfortable too.
Yes, I understand the world is a different place than how it used to be, but as long as we use common sense, we can still make deals with each other the way they should be done.

-Mike