So, money orders.

[MuleyFever]

Looks like money orders are going to become more common. I have never sent or received one but I have been told by my wife that they are one of the most common fraudulent forms of payment. She managed one of those cash advance places and they wouldn't even cash them. Is it wise to ask for a postal money order only so you can cash it at a post office? If you are going to cash a money order at a bank I assume you would want to wait a few days to be sure it cleared?

School me on the best practices for money orders.

 

[Bubblehide]

It can take up to 2 weeks and possibly more for a bank to fully clear a money order. I would never send or accept a money order, and I do not see them being more common.

 

[Silvereagle50]

For sure. Just hold the item till check clears. No different than a personal check. Which may be the new common term of payment.


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[Bubblehide]

For sure. Just hold the item till check clears. No different than a personal check. Which may be the new common term of payment.


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I can only assume you meant the money order. However, banks generally will provide an initial clearance of a money order, but if it is not good (fake) they can come back a deduct the amount from your account 2 plus weeks later, and you are on the hook while the buyer, well you really don't even know who the person is.

 

[Marbles]

If using one, I would use a postal money order and cash it at the post office. You can call USPS to verify a money order. https://faq.usps.com/s/article/Money-Orders-The-Basics#verify_postal_money_order

If mailing the item sold, just cash the money order first as the USPS will hand you cash.

Fraud can happen with any form of payment. Someone can use a stolen credit card, counterfeit bills, Etc.

 

[sndmn11]

On the same token, for the guys who might suggest PayPal friends/Zelle/Venmo as a way for folks to send them money, would they be willing to ship an item first and receive payment on arrival?

Seems like a logical counter to those who might request an unprotected form of payment, to just ship the item first and be paid as they have requested when it shows up.

 

[Grumman]

I’ve only dealt with USPS money orders and handle it the same way Marbles described. Other than the extra time mailing them it’s been pretty easy transactions using them. I do see it becoming more common due to the 1099 reporting.


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[archp625]

I would take a money order now. Heck even a personal check. I am only shipping the item when it clears the bank. I have made a couple sells with checks and let them now before they send the check. The two people understood and said they would do the same. Its just a longer transaction.

 

[Muley Buck]

I've used money orders for transactions (for guns and gear) a fair amount and I tend to trust it as long as you are smart and dilligent about it. As pointed out above they can be verified which is helpful. Also, folks who want to do dirty fraudulent things concerning postal money orders are flirting with a serious federal offense, whether they realize it or not.

 

[Vandy321]

You don't have to cash a USPS certified money order at USPS. You can mobile upload it like most other checks directly to your bank account. I beleive it is a federal offense to forge a USPS money order, so best of luck to anyone in the classifieds who decide to try.

That is the only form of payment I will accept in 2022. Elections have consequences.

 

[Trial153]

Sorry I am not using money orders. Most deals aren’t even that freaking good that I am going add extra time to the process to go purchase a money order.
I will still take pay pal and Venmo, I am not worried about the IRS over buying and selling hunting equipment. I am sure our accountants can handle it easy enough.

 

[Jayhawkhunter]

I could be wrong on the whole 1099/IRS part but won’t you only pay if you collect more than $600 and have made money? Maybe I’m the minority but I’m not usually making money on items I sell here…..so if I sell $600 worth via PayPal but those items cost me $1000 - I’m not paying additional taxes correct? I’m not doing the MO thing either and I’m really only going to buy and sell from well know sliders…..so if I miss out on a sale from a newbie - no big deal

 

[ETtikka]

I could be wrong on the whole 1099/IRS part but won’t you only pay if you collect more than $600 and have made money? Maybe I’m the minority but I’m not usually making money on items I sell here…..so if I sell $600 worth via PayPal but those items cost me $1000 - I’m not paying additional taxes correct? I’m not doing the MO thing either and I’m really only going to buy and sell from well know sliders…..so if I miss out on a sale from a newbie - no big deal

Paypal, Ebay, etc reports to the IRS you made 600$ regardless what you bought it for.


Elections have consequences!

 

[Werty]

I sent cash in the mail, insured so they had to sign for it. I sent it to a trusted forum user though.

 

[kpk]

I sold a rifle on Gunbroker awhile back with explicit instructions that I would only receive Paypal or USPS money order.

The clown sent me a money order from his personal credit union - and I waited two weeks for everything to go through before I shipped the rifle at my credit unions suggestion.

 

[Jayhawkhunter]

Paypal, Ebay, etc reports to the IRS you made 600$ regardless what you bought it for.


Elections have consequences!

They have consequences indeed! - thanks for clarifying for me!

 

[Marbles]

Paypal, Ebay, etc reports to the IRS you made 600$ regardless what you bought it for.

No, they (Paypal, Ebay, etc.) don't. Payment processers (like Paypal) are required to report if more than $20,000 AND 200 transactions are made in a year. In which case you will be sent a 1099-K. Otherwise, nothing is reported.

Now, if you get audited, the IRS will see the transactions (and you will be able to explain that no profit was made). If you use cash, you have a better chance of getting away with perjury and lying if audited.

Disregard. I was wrong. $600 is the cut off now.

 

[BBob]

The problem around here with USPS money orders is they never have much cash in the drawer so if it’s over $100 or so I’ve had to make repeated trips to cash them. I won’t take them anymore unless it’s for small items and amounts like $50 or less. If a guy has good presence on a forum and some feedback I’ve taken personal checks and sat on them until they clear plus some. Buyers have generally been fine with that.

 

[Wvroach]

If using one, I would use a postal money order and cash it at the post office. You can call USPS to verify a money order. https://faq.usps.com/s/article/Money-Orders-The-Basics#verify_postal_money_order

If mailing the item sold, just cash the money order first as the USPS will hand you cash.

Fraud can happen with any form of payment. Someone can use a stolen credit card, counterfeit bills, Etc.

^This, I'll add my rural post office does not keep much cash on hand. I have had to take them to my bank before for larger amounts. Usually anything above $200 my PO doesn't have enough cash on hand.

 

[Wvroach]

On the same token, for the guys who might suggest PayPal friends/Zelle/Venmo as a way for folks to send them money, would they be willing to ship an item first and receive payment on arrival?

Seems like a logical counter to those who might request an unprotected form of payment, to just ship the item first and be paid as they have requested when it shows up.

Maybe if it was someone with no feedback doing the shipping to someone who was well established.

I personally don't think I would be ok with doing a transaction that way, just seems odd to me. You would be out the money and the item if it went south.

Then again with PayPal g&s you could be as well, not on here but some other sites I've heard of people being returned their "item" and it being a box with trash in it and PayPal taking the original buyers side because they have proof of return from the tracking label.