Bonanzle Layaway

oggers86

oggers86

Member
Dec 7, 2008
3,571
12
#1
I had an offer for an item I have on bonanzle and they have asked if I would accept multiple payments. I know on ebay this means as a buyer they wouldnt be protected for the full amount but im not sure how it works on bonanzle. How would this work out for the both of us?

Thanks
 
#2
PP would be the concerned party if using PP.

https://cms.paypal.com/ca/cgi-bin/?...full&locale.x=en_US#13. Protection for Buyers

13.3 PayPal Buyer Protection

1.

What are the eligibility requirements for PayPal Buyer Protection?

You must meet all of these requirements:
*

Use PayPal to purchase an eligible item on eBay.
*

Pay for the full amount of the item with one payment. Items purchased with multiple payments – like a deposit followed by a final payment – are not eligible.
 
#3
AS A SELLER, YOU still have to meet all of PP's seller requirements... like shipping w/ in 7 days...? SO... if the buyer made a partial payment, and then filed an INR complaint in 7 days that you did not ship... even tho item was not fully paid for?
As a seller, I think that you need to have a CONVO w/ PP about how to properly handle a lay-a-way plan for a NON-EBAY transaction and find out what your risks are.

Since this is a NON-EBAY trans, you need to find out specifics from PP, IMO.
 
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#5
She definately wants to pay by paypal so I emailed her saying id give paypal a ring to find out exactly what the risks were and how to go about it. I have proposed a 4 month payment plan with the first installment being paid as soon as she buys the bag. But thats only if we are both fully covered etc. Il give you all an update when iv spoken to paypal, will be interesting to hear what they say and we could use some information about this kinda thing!

Obviously the things that concern me are:
1. Getting my payment every month, how can i guarantee she will pay
2. Can she do a chargeback for multiple payments a few months down the line
3. Will possible said chargeback affect me, if yes, will i get my bag back

Overall if we were both fully protected id be happy to do a layaway as it is tough finding a lump sum up front (this is why interest free credit cards are a god send :biggrin:)
 
#6
oggers86 said:
She definately wants to pay by paypal so I emailed her saying id give paypal a ring to find out exactly what the risks were and how to go about it. I have proposed a 4 month payment plan with the first installment being paid as soon as she buys the bag. But thats only if we are both fully covered etc. Il give you all an update when iv spoken to paypal, will be interesting to hear what they say and we could use some information about this kinda thing!

Obviously the things that concern me are:
1. Getting my payment every month, how can i guarantee she will pay
2. Can she do a chargeback for multiple payments a few months down the line
3. Will possible said chargeback affect me, if yes, will i get my bag back

Overall if we were both fully protected id be happy to do a layaway as it is tough finding a lump sum up front (this is why interest free credit cards are a god send :biggrin:)
Click to expand...

Thank you! We DO need to know about layaway type situations, as it is beginning to come up more frequently, so anything you can share as you go will be greatly appreciated.

I don't think that there is any way that you can be guaranteed of payments. For 1, she does not get the bag until paid in full. And 2, there needs to be some type agreement that if she cannot fulfill her agreement, then no prior payment would be refunded, or only XX % would be refundable.. or something...?? I don't know how much this bag is, but as a seller, I would not want to find myself 3 months/payments into this and then have my buyer decide not to make her final payment and want all of her money back...?? Four months is a long time to hold a bag for someone. Food for thought.
 
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#7
I do layaway on Bonz and keep it simple- 2 payments, one month to pay in full. If it gets drawn out, then it gets complicated. Some stores require a % kept if the buyer defaults on the layaway. I haven't done that yet since everyone has kept their word so far.

As for PP I don't know what their policy is on split payments, so someone will have to enlighten us!
 
#8
Yes actually you are probably right about it being long and drawn out, 2 months sounds fair enough to me, basically shes paying $855 dollars so we could do a total of $455 and then $400 the next month. I agree about holding a set amount if she doesnt keep her word, this type of thing happens a lot in such situations when its done by companies and only seems fair really. Maybe 20% or something which I think sounds ok.
 
#9
^^ yeah it would have to be high enough to get them to actually follow thru and not cancel. I know Ann's Fab Finds does that, not sure on the percentage. I will have to look.
 
#10
I think the 2 month timeframe is resonable! I have yet to offer layaway but I would if it would help out a buyer! I have had a few nice sellers allow me to purchase layaway! :biggrin:
 
#11
i got a similar request for a bonanzle listing too.

i asked the buyer for a deposit in the amount of what it will cost for shipping, which i invoiced her separately for (directly through paypal). In the notes of the invoice I specified the purpose of the invoice (i.e. deposit for item and not refundable should buyer chooses not to proceed with transaction within 30 days) that way it acts as her 'receipt' for the payment.

I marked the listed as on hold, so when she has the funds in a month, she can just proceed with check out on the item with zero shipping. I figured this would be easier than asking her to send me 2-3 payments during the layaway period. And in the end I am not charging her anything extra but at least would be protected if she ever chooses to just walk away from the transaction after I'd put something on hold for a month.

Does this approach make sense or have I put myself in a vulnerable position?

Edit...Just thought I'd mention that the shipping cost (i.e. deposit) works out to be 7% of the purchase price - though most likely I'll be using a faster service by matching the same amount myself. I think it'd be worth it for that extra peace of mind.
 
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#12
oggers86 said:
Yes actually you are probably right about it being long and drawn out, 2 months sounds fair enough to me, basically shes paying $855 dollars so we could do a total of $455 and then $400 the next month. I agree about holding a set amount if she doesnt keep her word, this type of thing happens a lot in such situations when its done by companies and only seems fair really. Maybe 20% or something which I think sounds ok.
Click to expand...

I am thinking you might could set up a BONZ auction specifically for this buyer, titles for this buyer, that specifies these terms...?? I do see type listings on ebay that state "Private Auction for (Buyer ID)".
 
#13
missucc said:
i got a similar request for a bonanzle listing too.

i asked the buyer for a deposit in the amount of what it will cost for shipping, which i invoiced her separately for (directly through paypal). In the notes of the invoice I specified the purpose of the invoice (i.e. deposit for item and not refundable should buyer chooses not to proceed with transaction within 30 days) that way it acts as her 'receipt' for the payment.

I marked the listed as on hold, so when she has the funds in a month, she can just proceed with check out on the item with zero shipping. I figured this would be easier than asking her to send me 2-3 payments during the layaway period. And in the end I am not charging her anything extra but at least would be protected if she ever chooses to just walk away from the transaction after I'd put something on hold for a month.

Does this approach make sense or have I put myself in a vulnerable position?

Edit...Just thought I'd mention that the shipping cost (i.e. deposit) works out to be 7% of the purchase price - though most likely I'll be using a faster service by matching the same amount myself. I think it'd be worth it for that extra peace of mind.
Click to expand...

Personally, I'd probably request more than 7% in way of a deposit. Oogers can update us as to what PP has to advise as to these type transactions....
 
#14
Ok I emailed paypal and said that a buyer wants to send me split payments, however they said that if they did this that both of us would not be covered under the protection and advised me to ask the seller for just one payment. Anybody have any advise on how I should proceed? Should I forget the layaway and ask the seller for one payment or is there another way around this?

Thanks
 
#15
It sounds like PP is taking a black-and-white stance on this, so I wouldn't go through with the layaway plan. :nogood: It just seems too risky, and it would be an expensive lesson to learn if anything goes awry. I would ask the buyer to pay in one payment or re-list for another prospective buyer.
 
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