Today's electronic world pushes the envelop further. With the
advent of online trading systems such as eBay, many new forms of
payment have flourished.
First of all, on eBay, the mode of payment depends on the
agreement between the buyer and the seller. Most often, the
seller will specify his or her desired payment method. In these
cases, the seller often has primacy in the decisions regarding
payment modes. However, the buyer may still communicate with the
seller regarding a viable alternative if it suits both parties.
The following is a list of common eBay payment modes: 1. Cash On
Delivery Cash is, after all, still cash. This payment method can
be done through a third party courier system or by the buyer and
seller meeting each other at an agreed place. The advantage of a
cash transaction is that the exchange of the item for payment is
done in the presence of the buyer and the seller (or the
seller's representative). However, some people will not accept
the risk present when two strangers meet.
2. Personal Check One popular method of payment is personal
check. Writing checks is easy and safe. However, many sellers do
not like accepting check because they are easy to cancel.
3. PayPal PayPal is the payment of choice on eBay. In fact, eBay
owns PayPal. Using PayPal is easy, convenient, and relatively
safe. PayPal acts as like an Internet 'wire transfer.' After
signing-up for PayPal, one may send cash to anyone with an email
address using the PayPal system. PayPal also has security
features that safeguard against fraud in case there is a dispute
between the seller and the buyer. This system is best for
transactions up to $1000.
4.
http://Escrow.com Escrow.com is
the payment of choice for purchases over $500.
http://Escrow.com holds the buyer's
money from the seller until the seller delivers the item. Only
then will the funds be released to the seller. This system makes
for a very safe, although highly procedural transaction.
5. Wire Transfer This is the payment of choice for countries
that do not carry the PayPal service. Wire transfers are risky
because the buyer usually has to wire over the funds before the
seller sends the items. The chance for non-delivery of items is
high.
6. Other Payment Systems The number of third party payment
services is steadily on the rise. Their systems for payment
vary. However, to be successful they must be convenient to use
and safe as well.
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