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wbond · 4 October 2019, 03:26 AM

Hello,
I'm new to the forum and unfortunately just had to return a watch to a vendor on chrono24 due to a verification I went through with a local dealer and feedback from members here. Anyway, i'm now on the lookout for a watch but i have a question regarding the method of payment. I tried searching as well as reading the sticky on the classified section, but I don't see anywhere that states what the preferred method of payment should be. I have read many posts about avoiding wire transfers and the horrors that go along with it when a deal goes bad. However, so many of the ads I read in the classifieds state they want a wire transfer. I've always used paypal when making transactions, is there a reason why this shouldn't be used? As I understand it, wire transfers offer zero protection for a buyer.

Noonan · 4 October 2019, 03:28 AM

It basically boils down to PP is better for the buyer, Wire is better for the seller. End of the day, only pay via a method you're comfortable with to a buyer you trust. Both methods can be used for fraud.

beshannon · 4 October 2019, 03:51 AM

There is no preferred method of payment.

It is whatever a seller specifies. If you are not comfortable then find another seller with another watch.

Humble michael · 4 October 2019, 01:33 PM

Really ?? Sure if you feel good about the seller you have never met send him 5 grand or a lot more on faith. Sorry not me.Always protect yourself.At the very least use AMX. NO wire transfers. I bought a timepiece for $54,000 from a reputable seller and he made an honest mistake and didn’t send the solid back and first told me it would be several weeks before he could get it to me. I told him I felt obligated to see about holding out $5,000 til I received the back or I could dispute the charge with AmX and return the piece for a refund -what a surprise! He found the missing component w/i 2 days! I don’t care if the seller is the pope, I will ALWAYS protect myself. I hope you will too. Virtually every on of the scams you read about on this forum could have be easily resolved if only the buyer had used PayPal or AMX ( or both!) for payment.

freefly · 5 October 2019, 05:41 AM

As above, it's always a good idea to CYA as a buyer. That means using a CC and/or PayPal "goods and services" whenever possible.

However, it is also a good idea to CYA as a seller, so you will find many that do not accept CC and/or PayPal as payment methods.

There are risks on both sides of any transaction.

Also just an FYI about using PayPal for purchases:

They will NOT cover purchases made using the "friends and family" option.
They will NOT cover purchases for an item picked up/delivered in person.
They will NOT cover purchases for an item that is shipped without any sort of tracking number.

othertbone · 15 October 2019, 08:21 AM

I would NEVER send a wire for a watch, even to the most popular seller on TRF (no offense to anyone lol). That is just silliness. The buyer needs some protection.

pdavila21 · 15 October 2019, 12:37 PM

What is AMX?

Sorry New here.

Humble michael · 15 October 2019, 12:44 PM

Quote:

Originally Posted by pdavila21

What is AMX?

Sorry New here.

Welcome to TRF! It’s American Express credit card:-)

Laszlo · 15 October 2019, 01:05 PM

Wiring money is just shady. Who cares about saving a few dollars. I’d never do it. No point. Commerce works just fine with credit cards and consumer protection.

4 October 2019, 03:26 AM	#1
wbond "TRF" Member Join Date: Aug 2018 Location: Michigan Posts: 8	Method of Payment Hello, I'm new to the forum and unfortunately just had to return a watch to a vendor on chrono24 due to a verification I went through with a local dealer and feedback from members here. Anyway, i'm now on the lookout for a watch but i have a question regarding the method of payment. I tried searching as well as reading the sticky on the classified section, but I don't see anywhere that states what the preferred method of payment should be. I have read many posts about avoiding wire transfers and the horrors that go along with it when a deal goes bad. However, so many of the ads I read in the classifieds state they want a wire transfer. I've always used paypal when making transactions, is there a reason why this shouldn't be used? As I understand it, wire transfers offer zero protection for a buyer.

4 October 2019, 03:51 AM	#3
beshannon "TRF" Member Join Date: Jun 2009 Real Name: Brian Location: Northern Virginia Watch: One of Not Many Posts: 17,892	There is no preferred method of payment. It is whatever a seller specifies. If you are not comfortable then find another seller with another watch. __________________ IWC Portugieser 7 Day, Omega Seamaster SMP300m, Vacheron Constantin Traditionnelle Complete Calendar, Glashutte PanoInverse, Glashutte SeaQ Panorama Date, Omega Aqua Terra 150, Omega CK 859, Omega Speedmaster 3861 Moonwatch, Breitling Superocean Steelfish, JLC Atmos Transparent Clock

15 October 2019, 01:05 PM	#9
Laszlo 2024 SubLV41 Pledge Member Join Date: Nov 2007 Location: San Francisco, CA Watch: Date & No Date Posts: 10,868	Wiring money is just shady. Who cares about saving a few dollars. I’d never do it. No point. Commerce works just fine with credit cards and consumer protection. __________________ "You might as well question why we breathe. If we stop breathing, we'll die. If we stop fighting our enemies, the world will die." Paul Henreid as Victor Laszlo in Casablanca

4 October 2019, 03:28 AM	#2
Noonan Banned Join Date: Jul 2008 Location: US Watch: 3570.50 Posts: 2,156	It basically boils down to PP is better for the buyer, Wire is better for the seller. End of the day, only pay via a method you're comfortable with to a buyer you trust. Both methods can be used for fraud.

4 October 2019, 01:33 PM	#4
Humble michael "TRF" Member Join Date: Oct 2014 Real Name: James Cline Location: san antonio Watch: 5711 white , 5990, Posts: 1,218	Really ?? Sure if you feel good about the seller you have never met send him 5 grand or a lot more on faith. Sorry not me.Always protect yourself.At the very least use AMX. NO wire transfers. I bought a timepiece for $54,000 from a reputable seller and he made an honest mistake and didn’t send the solid back and first told me it would be several weeks before he could get it to me. I told him I felt obligated to see about holding out $5,000 til I received the back or I could dispute the charge with AmX and return the piece for a refund -what a surprise! He found the missing component w/i 2 days! I don’t care if the seller is the pope, I will ALWAYS protect myself. I hope you will too. Virtually every on of the scams you read about on this forum could have be easily resolved if only the buyer had used PayPal or AMX ( or both!) for payment.

5 October 2019, 05:41 AM	#5
freefly "TRF" Member Join Date: Jul 2010 Real Name: Eric Location: AZ Watch: 4&5-digit Sub/GMTs Posts: 1,974	As above, it's always a good idea to CYA as a buyer. That means using a CC and/or PayPal "goods and services" whenever possible. However, it is also a good idea to CYA as a seller, so you will find many that do not accept CC and/or PayPal as payment methods. There are risks on both sides of any transaction. Also just an FYI about using PayPal for purchases: They will NOT cover purchases made using the "friends and family" option. They will NOT cover purchases for an item picked up/delivered in person. They will NOT cover purchases for an item that is shipped without any sort of tracking number.

15 October 2019, 08:21 AM	#6
othertbone Banned Join Date: Nov 2018 Location: Florida, USA Watch: Rolex/AP/Vin Omega Posts: 1,972	I would NEVER send a wire for a watch, even to the most popular seller on TRF (no offense to anyone lol). That is just silliness. The buyer needs some protection.

15 October 2019, 12:37 PM	#7
pdavila21 "TRF" Member Join Date: Oct 2019 Real Name: Pedro Davila Location: Orlando FL Watch: Batman GMT Posts: 8	What is AMX? Sorry New here.

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