Author Topic: Question On Payment Method Of Sales Transaction Between MWF Members  (Read 10525 times)

Offline Awee

  • Jr. Member
  • **
  • Posts: 55
Guys, I am new here and would like to understand how payments are made on sales transactions carried out between MWF members.

If I were to purchased a watch from a MWF members from the Classified section, two type of transactions normally take place. 1) COD or 2) Watch sent via post/courier. What I want to know is how payment is made with these 2 type of transactions. For COD, especially for amount above RM5K, does the buyer bring cash to the meeting place or bank in via ATM machine to the seller's account during COD session. For safety reason, I don't think carrying such large amount of $ is a good idea.

For post shipping, I guess the buyer will bank in the money into the seller's account first before watch is sent out. This will be based on trust.

I would appreciate any advice from MWF sellers and buyers on my queries as I plan to buy and sell watches in MWF in the future. Thanks.



 

Offline gapnap

  • Jr. Member
  • **
  • Posts: 88
Re: Question On Payment Method Of Sales Transaction Between MWF Members
« Reply #1 on: January 02, 2012, 09:57:38 AM »
Maybank2u with Smartphones ? Then proceed the balance with cash !

Offline dpkong

  • Hero Member
  • *****
  • Posts: 2832
Re: Question On Payment Method Of Sales Transaction Between MWF Members
« Reply #2 on: January 02, 2012, 04:22:54 PM »
ATM transfer online cannot exceed RM5k per day anyway so cash is still the only option i think.

Offline Awee

  • Jr. Member
  • **
  • Posts: 55
Re: Question On Payment Method Of Sales Transaction Between MWF Members
« Reply #3 on: January 02, 2012, 08:41:37 PM »
Gapnap & Dpkong, thanks for your reply. I think for COD transaction, going the ATM transfer + Cash way is the only viable option in this scenario. But I am not sure if I want to carry all that cash for a COD transaction if I were to buy a Rolex costing more than RM15k. I hope someone who has sold or bought before can share with us. 

Offline gapnap

  • Jr. Member
  • **
  • Posts: 88
Re: Question On Payment Method Of Sales Transaction Between MWF Members
« Reply #4 on: January 02, 2012, 11:46:11 PM »
Well , use smart phones and use all the banks . (seller must have all the bank accounts lah)

e.g
1.maybank2u . 5k
2.cimbclicks . 5k
3.hongleong connect - 5k

The other way is , do you own a business with a retail shop ? If you're selling , get those wireless credit card machine . Or just COD at your shop , buyer pay via credit card machine. But don't play until own business accounts messy la  ;D

Offline chrisyen

  • Global Moderator
  • Hero Member
  • *****
  • Posts: 5959
Re: Question On Payment Method Of Sales Transaction Between MWF Members
« Reply #5 on: January 03, 2012, 07:39:05 AM »
as a seller for COD
no trust at all- request deposit b4 cod
ok - COD with cash only
done deal b4 - cheque
fren - take 1st pay later
bro - wear 1st, pay when u like

Offline terrenceterrence

  • Hero Member
  • *****
  • Posts: 2476
    • scrapsofmylife
Re: Question On Payment Method Of Sales Transaction Between MWF Members
« Reply #6 on: January 03, 2012, 12:10:40 PM »
as a seller for COD
no trust at all- request deposit b4 cod
ok - COD with cash only
done deal b4 - cheque
fren - take 1st pay later
bro - wear 1st, pay when u like

we are brudder ..right Chris ? ;D

so.................. your Ingy............I...........take..............first...........ar..................bayar..................kemudian... ;D
Better outrun my gun....faster than my bullet


Offline armereth

  • Jr. Member
  • **
  • Posts: 66
Re: Question On Payment Method Of Sales Transaction Between MWF Members
« Reply #7 on: January 03, 2012, 12:55:38 PM »
Hi

I have sold a couple of watches and some other stuff before. All the time is COD. Personally, I limit myself to RM5000 in cash and I always deal in somewhere that I can access cash deposit machine within walking distance. Favourite place is OneUtama where there is a Maybank Cash Deposit at B1.

If more than RM5000 then I will meet the buyer inside MayBank itself so that can transfer immediately (if same bank) or meet in his bank so that he can buy bank draft. This is best as Bank can provide security and got CCTV should the "buyer" grab the watch and run.

Same when i buy. However, there was once, I asked the seller to meet me in Swatch Group in Wisma Goldhill as I want to verify the watch. Once the service guy gave me the all clear, I immediately transfer to him on Maybank2U on my laptop. Then i asked him to login using my laptop (as he doesnt have one with him) to verify.

Hope this helps. 

Offline chrisyen

  • Global Moderator
  • Hero Member
  • *****
  • Posts: 5959
Re: Question On Payment Method Of Sales Transaction Between MWF Members
« Reply #8 on: January 03, 2012, 01:29:27 PM »
as a seller for COD
no trust at all- request deposit b4 cod
ok - COD with cash only
done deal b4 - cheque
fren - take 1st pay later
bro - wear 1st, pay when u like

we are brudder ..right Chris ? ;D

so.................. your Ingy............I...........take..............first...........ar..................bayar..................kemudian... ;D

lets cut our finger n drop our blood to a bowl of water n see whether our blood drop can join... lol

Offline takashi78

  • Hero Member
  • *****
  • Posts: 4745
Re: Question On Payment Method Of Sales Transaction Between MWF Members
« Reply #9 on: January 03, 2012, 01:47:25 PM »
If cant also no matter...both of u drink the blood and u are bros for life!
Woot !

Offline hanz079

  • Global Moderator
  • Hero Member
  • *****
  • Posts: 2381
  • I is Rocks!!
    • WATCHIONABLE
Re: Question On Payment Method Of Sales Transaction Between MWF Members
« Reply #10 on: January 03, 2012, 03:19:00 PM »
Come, we go kneel before Guan Yu Gor... sworn brothers... drip blood in a bowl... drink... then I take your Ingy... then I will see you when I see you...   :Laughing_on_floor: :Laughing_on_floor:
Terrenceterrence "seriously, i think buying a watch for it's secondhand value is like getting married and thinking about divorce at the back of your mind."


watchionable.blogspot.com

Offline terrenceterrence

  • Hero Member
  • *****
  • Posts: 2476
    • scrapsofmylife
Re: Question On Payment Method Of Sales Transaction Between MWF Members
« Reply #11 on: January 03, 2012, 04:04:52 PM »
Come, we go kneel before Guan Yu Gor... sworn brothers... drip blood in a bowl... drink... then I take your Ingy... then I will see you when I see you...   :Laughing_on_floor: :Laughing_on_floor:

must recite this also while kneeling ar?

http://www.youtube.com/watch?v=PKHRtqZiRnY&feature=related
Better outrun my gun....faster than my bullet


Offline Awee

  • Jr. Member
  • **
  • Posts: 55
Re: Question On Payment Method Of Sales Transaction Between MWF Members
« Reply #12 on: January 03, 2012, 10:16:07 PM »
Thanks all for sharing. Really appreciate all your advice. Chris and Terrence, I also hope to be one of your brothers if you know what i mean  :Cheers:

Offline mnazri.tan

  • Hero Member
  • *****
  • Posts: 824
  • Time As It Is
    • Time As It Is.....
Re: Question On Payment Method Of Sales Transaction Between MWF Members
« Reply #13 on: January 04, 2012, 11:43:38 AM »
had bad experience with COD
a) Potential buyer didn't buy - waste my time and fuel....but i can accept this...At least got to meet new friend which is good

b) Potential Buyer didnt turn up....aiya...waste my fuel lor

c) I didn't turn up - aiya...this is even worst ....potential client hate me, words spread...(not that i purposely do that, sometime something just turn up at eleventh hour)

d) I actually lose money...Selling something below RM 100, i couldnt actually make a lot of profit, moreover for something that i do out of passion. At first I didnt realize, but eventually i count how much i paid for petrol, parking, drinks (normally meeting at eateries) and normally when we out we tend to spent money on other thing as well (suddenly feel like buying chocolate and sweets you wouldnt buy if you stay at home)...though the last is my own fault, i find it hard to operate that way. Once i went bangsar for to COD, and end up with RM 2 profit after taking into account petrol and parking, and the whole process took about 5 hours...(trapped in a jam, chit chatting with the client)...for RM 2, it is not worth it....

e) Time - this is the most difficult part, i have my busy day job, i travel a lot as well....so really hard to set meeting, luckily post office is only about 5 minute drive from my house with ample parking...hehehe

that is my experience and explained why mostly i refuse to do COD unless for people who live nearby to me....
« Last Edit: January 04, 2012, 11:45:15 AM by mnazri.tan »

Offline mnazri.tan

  • Hero Member
  • *****
  • Posts: 824
  • Time As It Is
    • Time As It Is.....
Re: Question On Payment Method Of Sales Transaction Between MWF Members
« Reply #14 on: January 04, 2012, 11:46:19 AM »
For same amount, i would do the same...



Hi

I have sold a couple of watches and some other stuff before. All the time is COD. Personally, I limit myself to RM5000 in cash and I always deal in somewhere that I can access cash deposit machine within walking distance. Favourite place is OneUtama where there is a Maybank Cash Deposit at B1.

If more than RM5000 then I will meet the buyer inside MayBank itself so that can transfer immediately (if same bank) or meet in his bank so that he can buy bank draft. This is best as Bank can provide security and got CCTV should the "buyer" grab the watch and run.

Same when i buy. However, there was once, I asked the seller to meet me in Swatch Group in Wisma Goldhill as I want to verify the watch. Once the service guy gave me the all clear, I immediately transfer to him on Maybank2U on my laptop. Then i asked him to login using my laptop (as he doesnt have one with him) to verify.

Hope this helps.

Offline ivanswk

  • Sr. Member
  • ****
  • Posts: 477
  • Res ipsa loquitur :P
Re: Question On Payment Method Of Sales Transaction Between MWF Members
« Reply #15 on: January 04, 2012, 02:26:28 PM »
find a middleman  ;D,  who will come and collect the watch / cash from your doorstep
then after the middleman verify the watch /cash is authentic,
he might pass the goods to the respective buyer/seller

i have been told i am good middleman  ::)

Offline dennis.T

  • Global Moderator
  • Hero Member
  • *****
  • Posts: 1504
Re: Question On Payment Method Of Sales Transaction Between MWF Members
« Reply #16 on: January 04, 2012, 09:09:17 PM »
Deal with the mwf member before.. I paid first thn he courier e items later but tat is for RM 200 transaction. Back to south in SG.. I pay cash for my Pam 111, 233 & 116520... But this is peanuts whn compare to one of our member here who pay hard cash for S$ 80k Patek..

Offline mnazri.tan

  • Hero Member
  • *****
  • Posts: 824
  • Time As It Is
    • Time As It Is.....
Re: Question On Payment Method Of Sales Transaction Between MWF Members
« Reply #17 on: January 06, 2012, 09:44:36 AM »
But this is peanuts whn compare to one of our member here who pay hard cash for S$ 80k Patek..

GULP

Offline siodee

  • Hero Member
  • *****
  • Posts: 1267
  • lalala..la..lalala....lala...lalalalala
Re: Question On Payment Method Of Sales Transaction Between MWF Members
« Reply #18 on: January 11, 2012, 03:57:12 PM »
Either look for some good feedback of the seller, for example, "Me" (sure send out the watch when payment received, no if and but)  :Laughing_on_floor: :Laughing_on_floor:...or no deal, unless COD. Normally seller ask for payment first, before send out the watch. Or you can use Paypal.
“Twenty years from now you will be more disappointed by the things that you didn’t do than by the ones you did do. So throw off the bowlines. Sail away from the safe harbor. Catch the trade winds in your sails.
Explore... Dream... Discover..." - Mark Twain

Offline IWCking

  • Sr. Member
  • ****
  • Posts: 369
  • I am poor but i am kind...
Re: Question On Payment Method Of Sales Transaction Between MWF Members
« Reply #19 on: March 22, 2012, 10:09:05 PM »
Why no one consider a bank draft? Thats one of the secured option for both seller and buyer when meeting face to face.
I am broke but I am happy...

Offline Watchnewby

  • Hero Member
  • *****
  • Posts: 1289
Re: Question On Payment Method Of Sales Transaction Between MWF Members
« Reply #20 on: March 23, 2012, 08:05:17 AM »
Why no one consider a bank draft? Thats one of the secured option for both seller and buyer when meeting face to face.

Sometimes buyer and seller still nego. during face-to-face meeting, therefore bankdraft is not convenient. For this instance "cash is king".
As for dealings through internet, well, the risk is higher as both seller and buyer do not meet each other but correspond through the 'net. In this case, like most members here said - buy the seller.

Offline chrisyen

  • Global Moderator
  • Hero Member
  • *****
  • Posts: 5959
Re: Question On Payment Method Of Sales Transaction Between MWF Members
« Reply #21 on: March 23, 2012, 08:13:29 AM »
1st time meeting.... cheque can be fake.... so as bank draft....

if worry of bringing cash... then bring few atm card, after agreed then walk to atm to transfer

Offline jacky8888

  • Global Moderator
  • Hero Member
  • *****
  • Posts: 981
  • More than meets the eye
Re: Question On Payment Method Of Sales Transaction Between MWF Members
« Reply #22 on: March 23, 2012, 10:24:08 AM »
1st time meeting.... cheque can be fake.... so as bank draft....

if worry of bringing cash... then bring few atm card, after agreed then walk to atm to transfer

somemore ATM got cctv.... more safe....but dont do it at night la..
Jacky Wong

Offline IWCking

  • Sr. Member
  • ****
  • Posts: 369
  • I am poor but i am kind...
Re: Question On Payment Method Of Sales Transaction Between MWF Members
« Reply #23 on: April 04, 2012, 03:25:50 PM »
Check can be bounced so personal check isnt reliable. But never know someone can fake bank draft before. Has that happened before? Thought thats the most secured transaction?
I am broke but I am happy...

Offline Mandy

  • Freshie
  • *
  • Posts: 34
Re: Question On Payment Method Of Sales Transaction Between MWF Members
« Reply #24 on: May 06, 2012, 06:39:53 AM »
I bought a watch via COD. I told seller to meet in the bank in KL. We met and he let me fondle the watch. We talked a bit and then I went to the counter to make direct transfer to his account of same bank.... More than rm10k...if he want cash, it's possible too....

It was a good deal for both of us..... :Dancing_banana:

Yeah... I bought the seller. He is a guy who,loves watches with lot of credential. :Jumping: I became his referee too, for his other oversea transactions.