Suggested Payment Methods when selling

[Lefty_loosey]

Good morning guys, (I Hope I’ve posted this in the right section) I have a question that I need help with -

What is the most secure method to receive a payment into your account?

 

Currently I know about - instant EFTs (however can take up to 2 hours apparently) and Same bank to same bank (however can take up to 24h).

 

Both these methods are not really instant, how can I safe guard myself when selling my bike to prevent the buyer reversing the funds and taking my bike?

[Vetplant]

Good morning guys, (I Hope I’ve posted this in the right section) I have a question that I need help with -

What is the most secure method to receive a payment into your account?

 

Currently I know about - instant EFTs (however can take up to 2 hours apparently) and Same bank to same bank (however can take up to 24h).

 

Both these methods are not really instant, how can I safe guard myself when selling my bike to prevent the buyer reversing the funds and taking my bike?

Two other options:

-Cold Hard Cash

-Standard Bank Escrow servicehttps://www.standardbank.co.za/southafrica/personal/products-and-services/ways-to-bank/innovative-payment-solutions/escrow-service?cid=WPS_mk2W3&gclid=CjwKCAjwlZf3BRABEiwA8Q0qq6nODI5MPsQW8KQvqn4nCOXjwHOH2l4NazlGhznvgSwsuLjuSTqh7xoC148QAvD_BwE

Edited June 15, 2020 by Swift&Aero

[Wayne pudding Mol]

Good morning guys, (I Hope I’ve posted this in the right section) I have a question that I need help with -

What is the most secure method to receive a payment into your account?

 

Currently I know about - instant EFTs (however can take up to 2 hours apparently) and Same bank to same bank (however can take up to 24h).

 

Both these methods are not really instant, how can I safe guard myself when selling my bike to prevent the buyer reversing the funds and taking my bike?

depends on buyers bank I guess - if I paid you it would be in your account in 30 minutes max

 

if the buyer is with FNB they can send you instant cash to an ATM (I do this occasionally for my gardener) - assuming other banks do this

[Lefty_loosey]

Two other options:

-Cold Hard Cash

-Standard Bank Escrow servicehttps://www.standardbank.co.za/southafrica/personal/products-and-services/ways-to-bank/innovative-payment-solutions/escrow-service?cid=WPS_mk2W3&gclid=CjwKCAjwlZf3BRABEiwA8Q0qq6nODI5MPsQW8KQvqn4nCOXjwHOH2l4NazlGhznvgSwsuLjuSTqh7xoC148QAvD_BwE

Thanks for that. However is that standard bank service same day?

[BaGearA]

Just keep the bike until it clears and trafer it too your wife if you're that worried

 

If the buyer doesn't agree move on

[Andrew Steer]

If you and the buyer are both FNB... there is a gem of an option called the geo payment on the app. Instant and stupid easy to do.

[Me rida my bicycle]

Don't let the bike go till money has cleared and what I have done in the past is ask lbs to hold the bike till the money clears. This way you and the buyer are cover.

[Rocket-Boy]

If you and the buyer are both FNB... there is a gem of an option called the geo payment on the app. Instant and stupid easy to do.

That geo payment option is awesome, I have used it a bunch of times.

[urbanroyal]

If it is a guy working on an oil rig buying for his nephew as a surprise  ...tell him to eff off  ....otherwise hold on to the bike until the funds are available in your account and not just reflecting

[Chadvdw67]

If you and the buyer are both FNB... there is a gem of an option called the geo payment on the app. Instant and stupid easy to do.

They can take time as well, I had a guy do a geo payment to me,took almost 8 hours to clear in my account