To make money, you have to take money. What happens when that money bounces?
Let’s look at the three forms of money we can take:
1.) Cash: This is easy enough, you know it can’t bounce. Make sure you keep enough change with you to give back $20. This includes $1, $5, and $10 bills and change.
2.) Checks: This is a piece of paper, like a contract, that is given to you to represent money. It is based on trust. Be sure to get a phone number before accepting it. In my 6 years, I’ve only had 2 checks bounce. One person had closed their account, and I did get the money. The other was a lost cause. If a check bounces, you can call the bank before resubmitting it to their bank and ask if they have sufficient funds in the account. Most people are honest.
3.) Credit Cards: Some companies let you take plastic. Always double check the number and expiration date AND get a phone number. Be sure to ask if it’s a debit card. Many of them have daily limits, so if you are going to charge a debit card, do it early in the day.
Why am I talking about money? I’m so glad you asked! I recently had a Paypal transaction to me bounce (it was an echeck)! Yes, I panicked. I wanted my money! My first reaction was I got scammed and to begin posting about her. But I didn’t. I needed to give her a chance. Up until that moment she had given me no reason to doubt her.
What did I do? First I emailed her. I did not have her phone number. When I didn’t hear back I headed online to find her number. She had moved, so the first number I found was disconnected. I finally found it and called her, explained that I needed it and asked her to resend it using a different form of payment.
After all that freaking out, the next morning the payment was there AND cleared. I was so relieved.
So, how can you avoid long distance transactions like this so you don’t have to panic? Do not ship until you have the money in and it’s cleared, if using Paypal. If it’s a check, make sure it’s cleared the bank and then ship.
Most people are honest, but you do need to be careful for those few who will try to take advantage of you.
This is one case where I’m going to say: use your brain before your heart to make sure you get your money.