OT for those who sell, what is the disadvanatage of accepting money orders?

[smkinc]

Hi,

Up to now I've just accepted non-cc paypal when selling, because it is really easy. Can someone tell me what the disadvantages of accepting money orders is? I know that with personal checks you have to wait 7-10 days for them to clear, but what about money orders?

TIA,
Mary

[Melanie]

The only disadvantage I see is that you have to wait and wait for them, and the buyer might end up not sending it and you are just left wondering if it will come or if you should relist the item.

I usually put a cap on it like "Must receive money order w/in 7 mailing days." Also make sure to say they must contact you to let you know they are sending a money order.

[nwaddellr]

I agree with the other poster that the main disadvantage is time. You also have to go to the bank to cash the money orders, which may or may not be a bad thing. (Sometimes its nice to have a reason to get out of the house!) As long as you put a statement in your auction that says they have to let you know how they are paying within a certain time (or you leave negative feedback and relist), you should be covered.

[megulis]

Along the same lines, is there any disadvantages to upgrading your personal account to a premier account? Any further fees? I know there is a per transaction fee and a percentage fee for receiving payments. Anything else? How do you upgrade your account to a premier account?

Thanks in advance for the answers!

[Momof3Labs]

The main disadvantage of a premier account is that EVERY payment, even cash transfers are hit with those fees. Upgrading is very easy - just a click of a button, I think.

I keep one personal and one premier account, so that I can accept credit cards if needed but also can bypass the fees on cash transfers. When I sell on eBay, however, I just use the premier account - easier than trying to explain this to someone, and then I don't lose out on credit card sales.

[megulis]

That is what I thought but didn't want to give false information to anyone. Thanks for the reply!