Advice on Sale of item

[26er]

Hi Everyone

I am in the process of selling a bike to someone (Not a hub member)

And to be honest I am a little unsure about the Sale all together..

Long story short,What is the safest way of payment?(Value R100k)

Cash?Cash deposit in bank?EFT?

Thanks in advance

[porqui]

Deposit in bank or EFT which you wait for to show up in your balance.

[Veebee]

Deposit in bank or EFT which you wait for to show up in your balance.

 

This.

Another option, open up a simple savings account and have the money go in there, then transfer into your main account once cleared.

[Pulse]

This.

Another option, open up a simple savings account and have the money go in there, then transfer into your main account once cleared.

If you feal unsafe about the whole thing, I would go with this...

 

Edit: only saw the price now... I would definately go through the hassle, and do this

[Veebee]

If you feal unsafe about the whole thing, I would go with this...

 

Edit: only saw the price now... I would definately go through the hassle, and do this

 

It takes a few minutes to do it online. Well that's with standard bank. I am sure the others have a simple process also.

 

its R100k, don't take ANY chances.

[26er]

Also considering of perhaps going into the bank with the buyer

Let him then pay the cash into my account

Going to cost a bit though..worth it?

[BaGearA]

Also considering of perhaps going into the bank with the buyer

Let him then pay the cash into my account

Going to cost a bit though..worth it?

any effort is worth it when dealing with lots of money

 

 

got fuc*ed out of 14K a few years back and from there always make triple sure

 

100K is a lot meet the guy and make dead sure the money clears before you release anything

[Edge_Design]

Just get an EFT and tell him you need to wait for the money to clear - don't think there is really any risk to you. Until you are sure you have the money, you definitely don't give up the bike! Call the bank and confirm the payment has cleared and can't be reversed if really necessary (I've never gone that far).

[lerouc]

Thehub did an article a while ago re a vault or some payment system which is exactly what you need. Guy pays money into an account as soon as amount is there seller gets notified and then can release the goods. or something like that.

[lerouc]

Thehub did an article a while ago re a vault or some payment system which is exactly what you need. Guy pays money into an account as soon as amount is there seller gets notified and then can release the goods. or something like that.

 

Found them:

https://www.tradersvault.co.za/partners/bikehub/

[DIPSLICK]

Find a neutral LBS you both trust ask the lbs to go over it (pay him) R100k worth the peace of mind, once he is happy do the EFT until both parties are happy the lbs holds onto the bike

[Matt]

Found them:

https://www.tradersvault.co.za/partners/bikehub/

I would second this option - it will give both you and the buyer peace of mind. 

 

Here is the article we published a while back about the service: https://www.bikehub.co.za/features/_/news/industry-news/safer-trading-on-bike-hub-classifieds-with-tradersvault-r4437

 

While we encourage it for Bike Hub based sales specifically you could use it for any similar transaction on any platform.

[Berg Man]

That TradersVault works really well. I have just concluded a deal using that (I was buying). The fee is reasonable and eliminates risk of non-payment

[Wolf Lyle]

Hi Everyone

I am in the process of selling a bike to someone (Not a hub member)

And to be honest I am a little unsure about the Sale all together..

Long story short,What is the safest way of payment?(Value R100k)

Cash?Cash deposit in bank?EFT?

Thanks in advance

Have you met the buyer ?

Has the buyer seen the bike in real life?

some one dropping 100k on a bike would have to be at least a semi decent educated bloke to afford it.

 

I don't know many who would do that transaction remotely. if somethings making you feel uneasy , there's probably a reason. Go with EFT, unless you wanna have that kinda cash on you

 

I recently sold my motorbike for 50k cash, got nailed in banking charges trying to deposit that

[Rocket-Boy]

Have you met the buyer ?

Has the buyer seen the bike in real life?

some one dropping 100k on a bike would have to be at least a semi decent educated bloke to afford it.

 

I don't know many who would do that transaction remotely. if somethings making you feel uneasy , there's probably a reason. Go with EFT, unless you wanna have that kinda cash on you

 

I recently sold my motorbike for 50k cash, got nailed in banking charges trying to deposit that

Hefty bank charges for depositing cash and also I wouldnt want to have that amount of it on me.

EFT or something like tradersvault the only way to go.

[Thermophage]

Thehub did an article a while ago re a vault or some payment system which is exactly what you need. Guy pays money into an account as soon as amount is there seller gets notified and then can release the goods. or something like that.

Yes I used it recently and it was flawless and simple to use. The transaction cost is R30 + 0.05% of the transaction cost if I am not mistaken.