3 percent charge

[GONZO2LR]

What's with this 3 o/o charge when using a CC or PayPal charge? they say its for my protection, but I see it they what you to pay the processing fee!
so, is this kind of online places using so they make more of a profit?

I am just asking...before I spend 8k for a Rolex!

a bank transition is the same..

im suppose to trust them with my money but they don't trust me.

what am I missing here?

again....im just asking...

L

[rod727]

Vendors pay a processing fee ranging from 3% to 5% depending on card (Amex is typically higher) regardless if online or in person. I’m not sure I understand your question?

[SG56]

Originally Posted by rod727

Vendors pay a processing fee ranging from 3% to 5% depending on card (Amex is typically higher) regardless if online or in person. I’m not sure I understand your question?

Yep, what he said.

So if the watch is $8k, the seller wants. $8k, not $8k-3% that the credit card/paypal will charge.

There is no charge for bankwire to the recipient, same as cash, thus no extra charge.

[mjclark32]

Originally Posted by GONZO2LR

What's with this 3 o/o charge when using a CC or PayPal charge? they say its for my protection, but I see it they what you to pay the processing fee!so, is this kind of online places using so they make more of a profit?
I am just asking...before I spend 8k for a Rolex!

a bank transition is the same..

im suppose to trust them with my money but they don't trust me.

what am I missing here?

again....im just asking...

L

Yes, they want you to pay the processing fee.
You have a choice, send a wire, probably a $10-$25 bank charge or pay with a credit card and pay the 3%.
The seller nets the same.
If you did your homework on the seller the wire shouldn't be an issue.
Assuming you're buying from a known seller who has completed many many deals and, again assuming, you've only had one or a few; than yes. Money goes first, then the watch. I've bought 10 or more watches through DavidSW and others and that's the way it goes. No problem from me.

[City74]

I’d never send a bank wire to anyone. There is almost no recourse. The 3% fee is tacky to me and I wouldn’t pay it. If the seller can’t do the same price cash/credit then they wont get my business


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[chc4au]

Originally Posted by City74

I’d never send a bank wire to anyone. There is almost no recourse. The 3% fee is tacky to me and I wouldn’t pay it. If the seller can’t do the same price cash/credit then they wont get my business


Sent from my iPhone using Tapatalk

Over the years I have bought probably 12 watches from trusted sellers on here and sold a few myself and always use wire transfer.
You “buy the seller”

[City74]

Originally Posted by chc4au

Over the years I have bought probably 12 watches from trusted sellers on here and sold a few myself and always use wire transfer.
You “buy the seller”

As the saying goes “it only takes 1 bad apple to spoil the bunch”

[Rolex85]

If you’re buying from Davidsw or Takuya then go ahead and do the wire and save yourself 3%

[Tonyfsu21]

Originally Posted by Rolex85

If you’re buying from Davidsw or Takuya then go ahead and do the wire and save yourself 3%

Yep. 100% solid.

[GONZO2LR]

maybe I am just venting...that 3 o/o can be anywhere form $300-$400.
and City74, I agree with you!

I have been doing my homework for some time and Rolex85 and Tonyfsu21 you are right those 2 are solid...

I will rethink everything and thank you for the help!

L

[Pentameter]

Originally Posted by City74

I’d never send a bank wire to anyone. There is almost no recourse. The 3% fee is tacky to me and I wouldn’t pay it. If the seller can’t do the same price cash/credit then they wont get my business

So if they just raised their asking price by 3%, you wouldn't have any problems? That's really all it takes to accomplish what you're saying, for sellers to avoid being "tacky"

Look - this is like airlines dropping prices and then making everything above the seat a la carte. This allows you to pay the cheapest possible ticket price, which is great if you don't need any of the extra stuff. They could simply charge you more for the ticket and include all that extra stuff, but a lot of people don't need the extra's and would rather get the cheapest possible price. Another parallel is cable bundles, vs. the direct 'over the top' model where you just pay for HBO directly. That is what you have happening here.

When they say the price is 8K NET, they're saying "I need to net 8K" - thus, any additional transaction charges whatever they are, fall to YOU. That's what the NET means. Depending on what forms of payment they accept and where the people are buying from, it can be hard to anticipate all potential transaction costs - that's why they structure it like this. They're trying to show you the cheapest possible price that it COULD be, because that is all that some people care about, but with that cheapest possible price comes some risks or lack of protections on the buyers part.

Then again, the trusted sellers do TONS of business and live & die by their reputations, and many, many people long before you came along have sent bank wires (in amounts way more than 8K) with no issues. If you think for some reason that they would screw you and risk their entire business reputation, when the reality is they do transactions for watches that are way, way more valuable than that, I'd have to question your logic.

If you want more protection, then you are going to pay more than their "net" price - It's not tacky, it's just business. You're just looking at the quoted cost wrong.

Not everyone does this - some people build in the surcharges and shipping costs into their price, but I find it's more common for sellers to quote a 'net' price, which offers buyers the absolute baseline lowest cost figure. You're just looking at it weird. Whenever you see a price quoted as X net, just train yourself to see that price as X + 3%.

[City74]

Originally Posted by Pentameter

So if they just raised their asking price by 3%, you wouldn't have any problems? That's really all it takes to accomplish what you're saying, for sellers to avoid being "tacky"



Look - this is like airlines dropping prices and then making everything above the seat a la carte. This allows you to pay the cheapest possible ticket price, which is great if you don't need any of the extra stuff. They could simply charge you more for the ticket and include all that extra stuff, but a lot of people don't need the extra's and would rather get the cheapest possible price. Another parallel is cable bundles, vs. the direct 'over the top' model where you just pay for HBO directly. That is what you have happening here.



When they say the price is 8K NET, they're saying "I need to net 8K" - thus, any additional transaction charges whatever they are, fall to YOU. That's what the NET means. Depending on what forms of payment they accept and where the people are buying from, it can be hard to anticipate all potential transaction costs - that's why they structure it like this. They're trying to show you the cheapest possible price that it COULD be, because that is all that some people care about, but with that cheapest possible price comes some risks or lack of protections on the buyers part.



Then again, the trusted sellers do TONS of business and live & die by their reputations, and many, many people long before you came along have sent bank wires (in amounts way more than 8K) with no issues. If you think for some reason that they would screw you and risk their entire business reputation, when the reality is they do transactions for watches that are way, way more valuable than that, I'd have to question your logic.



If you want more protection, then you are going to pay more than their "net" price - It's not tacky, it's just business. You're just looking at the quoted cost wrong.



Not everyone does this - some people build in the surcharges and shipping costs into their price, but I find it's more common for sellers to quote a 'net' price, which offers buyers the absolute baseline lowest cost figure. You're just looking at it weird. Whenever you see a price quoted as X net, just train yourself to see that price as X + 3%.

Idk of any other business that asks for more when using a credit card. It’s the cost of doing business. No they shouldn’t raise their prices. They can do what they want it’s their business. I’m simply saying I won’t pay it. If they can’t give me the same price paying by CC as I would get paying by wire then they won’t get my business


Sent from my iPhone using Tapatalk

[dmash]

Originally Posted by Pentameter

So if they just raised their asking price by 3%, you wouldn't have any problems? That's really all it takes to accomplish what you're saying, for sellers to avoid being "tacky"

Look - this is like airlines dropping prices and then making everything above the seat a la carte. This allows you to pay the cheapest possible ticket price, which is great if you don't need any of the extra stuff. They could simply charge you more for the ticket and include all that extra stuff, but a lot of people don't need the extra's and would rather get the cheapest possible price. Another parallel is cable bundles, vs. the direct 'over the top' model where you just pay for HBO directly. That is what you have happening here.

When they say the price is 8K NET, they're saying "I need to net 8K" - thus, any additional transaction charges whatever they are, fall to YOU. That's what the NET means. Depending on what forms of payment they accept and where the people are buying from, it can be hard to anticipate all potential transaction costs - that's why they structure it like this. They're trying to show you the cheapest possible price that it COULD be, because that is all that some people care about, but with that cheapest possible price comes some risks or lack of protections on the buyers part.

Then again, the trusted sellers do TONS of business and live & die by their reputations, and many, many people long before you came along have sent bank wires (in amounts way more than 8K) with no issues. If you think for some reason that they would screw you and risk their entire business reputation, when the reality is they do transactions for watches that are way, way more valuable than that, I'd have to question your logic.

If you want more protection, then you are going to pay more than their "net" price - It's not tacky, it's just business. You're just looking at the quoted cost wrong.

Not everyone does this - some people build in the surcharges and shipping costs into their price, but I find it's more common for sellers to quote a 'net' price, which offers buyers the absolute baseline lowest cost figure. You're just looking at it weird. Whenever you see a price quoted as X net, just train yourself to see that price as X + 3%.

Save your breath dude, I said this EXACT same thing last time this subject was brought up and some people wanted to continuously whine and complain about how it's not fair. They still couldn't explain how they would have zero issue paying the price if the seller just increase prices 3% and said '3% discount for wire payment'. Makes ZERO sense.

Lol some people are finicky about things with no real logic as to why.


EDIT: Haha here: https://www.rolexforums.com/showthread.php?t=609941

[Pentameter]

Originally Posted by City74

Idk of any other business that asks for more when using a credit card. It’s the cost of doing business. No they shouldn’t raise their prices. They can do what they want it’s their business. I’m simply saying I won’t pay it. If they can’t give me the same price paying by CC as I would get paying by wire then they won’t get my business

These are personal or independent sellers on the secondary or used market… they're not B&M stores with storefronts and merchant accounts. THEY'RE not charging you 3% to use a credit card, PAYPAL is. I'm sorry but you are looking at this all wrong. You're holding independent sellers to the same standards as a proper business that has a storefront and all that overhead. You can absolutely shop at those places if you chose - but guess what? Their items are priced higher than these independent sellers. See my previous response - they're building all their overhead and all their risk as a seller into their prices beforehand. That's the trade-off. You pay less on the secondary market, and there are SOME risks involved, although if you do your research most of those risks can be completely mitigated IMO. You seem to want your cake and to eat it too. I guess the secondary market just isn't for you, but respectfully as I said before, I think you're looking at it all wrong.

Actually - I just thought of another real-world example of this, although I'm not sure why (probably has to do with timing in getting their funds from the processor) - gas stations sometimes offer a "cash" price, which is slightly discounted compared to if you use a credit card. Again I'm not exactly sure why they do this, but it is a real-world example of it.