2. misc-audio
  3. 195472-184484

Has anyone sold over $35k worth of equipment over the net? How do you protect yourself?

I currently own a Moon 861 amp. I am considering buying a Moon 891 preamp/streamer. Sometimes, I get a bit nervous owning this much in gear. If I ever wanted to sell it, we are talking about $35k payment through paypal or a like service. I read where a buyer could dispute the transaction with their bank even if they bought it through paypal (or zelle) and the seller would lose the money. 

Has anyone else sold this much in gear before over the net? How do you handle this kind of risk? 

dman777

Showing 1 response by jmnextime1

jmnextime1
13 posts
 

I don't have many posts but have followed this forum for years. I think a buyer is taking a huge risk sending funds through PayPal F&F or wire transfer. There is zero recourse if the seller is fraudulent. Wire transfer fraud is rampant. IMHO it's better to pay the additional 3% PayPal fee and have peace of mind. I believe that IRS reporting may be a contributing factor in moving sellers away from PayPal to wire transfer transactions. (also the 3% fee). As the saying goes, "Buyer beware".

 

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