cleared payments

[Jim]

Hi Everyone,
Advice please. I have a table booked at a cycle jumble, and although most items will go for cash, I'm also taking 2 complete cycles. Anyone know what types of payment are cleared immediately? Not being a trader I don't have a card reader. I guess bank transfers are OK but I think may take a few hours to show up on my account. I have a Paypal account but I think clearance is not immediate (but I may be wrong). Any advice welcomed.

Jim

[Norman H]

What sort of value are we talking about?

I think you're probably overthinking things. Anyone seriously looking to buy a bike should have come prepared with the necessary cash. A degree of trust is required on both sides but you could always take a small deposit and have them pay the balance when the bike is collected.

I shared a bike jumble table with a friend a while back and he was selling a bike for around £300. A single customer bought several smaller items from us and was also very interested in the bike but by then had run out of money. He lived fairly local, having cycled to the event, and we agreed to deliver the bike and his other purchases to his home address and he withdrew the cash on his way home.

PS. Some friendly advice if you're new to this sort of thing. Most people at bike jumbles are pretty decent folk but resist the temptation to sell cheaply to “professional” traders before the general public have had an opportunity to view.

[Tiberius]

In the last year I have sold two bikes. Both buyers paid me by bank transfer on their phones whilst they were in my garage. Both transactions showed up on my phone banking app' almost immediately.

Just to add. I got the buyers to transfer £1.00 before the full amount simply to make sure that everything would work tickety boo when they sent the balance, which it did.

I would do exactly the same again.

[gbnz]

and we agreed to deliver the bike and his other purchases to his home address and he withdrew the cash on his way home.

I take it you're referring to the buyer withdrawing cash to pay for their purchases? (Nb. Rather than withdrawing cash he'd paid for bicycle related stuff?)

[simonineaston]

I bought a bike not long ago and we did the transaction online, using our respective phone apps and the seller was able to see the sum appear in his app a few seconds after I made the transfer. So far, so good. However, I don't know whether it's a done deal, in that it may be reversable / cancelable...
I like the sound of the one pound test transfer. Shouldn't be necessary now the name comparison check is available but some banks still aren't offering the feature !!

[simonineaston]

Most people at bike jumbles are pretty decent folk but resist the temptation to sell cheaply to “professional” traders before the general public have had an opportunity to view.

I did some car boot sales a while ago and found the aggression and rudeness of a certain sub-division of the punters astounding!

[NUKe]

bank transfers are typically immediate however may take upto 24 hours. According to someone at my bank

[Hellhound]

My local Field Sports Apparel shop was trading at a local show last weekend and did many transactions via Bank transfer/App.However he later posted on his shops FB page that a transfer of over £1000 was later shown to be fake.Not sure how they did it but it is possible.I have done a few sales and accepted Bank transfer and have had no come backs.

[simonineaston]

however may take upto 24 hours.

It's the may bit that's worrying !

[tykeboy2003]

I believe cash is still available.

[Hellhound]

I believe cash is still available.

But for how long

[Jim]

Thanks people.

My fantasy scenario
Pt 1.
Someone goes to cycle jumble looking for a pair of tyre levers. Then they see my classic bike and realise it's the stuff of their dreams. They must have it.

Pt 2. The cash machine down the road limits them to £250 a day. Banking App ... paying someone not previously a transferee requires the payer to use a card reader as security check (My Nationwide a/c does this). It's at home at the other end of the country. Oh dear oh dear.

Yes, I know. Take the deposit and hold the bike for collection or hand over the bike and trust the balance will arrive.

Not ideal. Much more likely they'll look at my bike and decide the tyre levers are a better bargain!

[Paulatic]

I use my phone bank transfer all the time and it’s always instant.
Except the first time I used it around 4 years ago. I’d left a small deposit on a caravan with no problem. Returned a week later paid a balance of 8K showed the seller it had gone from my account yoked up and drove 100mls home. When I got home I checked to make sure the payment had gone through. I couldn’t get into my bank it was blocked from my phone. Mrs P could get in with her phone and the money was still in our account. We now had a caravan not paid for and seller didn’t know our full name or address! What a scam eh.
We immediately rang them up and explained what had happened. It was because it was the first time I’d used it for a large amount and I was not at home the bank blocked it until I cleared it with them.
Never happened since and now there is also OTP .

[millimole]

Thanks people.
. Banking App ... paying someone not previously a transferee requires the payer to use a card reader as security check (My Nationwide a/c does this). It's at home at the other end of the country. !

Nationwide appears to be the only bank that still requires the use of a card reader. I've seen a fair bit of chatter about this elsewhere and I gather that they might be introducing SMS verification at some point.
The card reader is the only bit of the Nationwide service I'm unhappy with.

[thirdcrank]

I think Nationwide is stuck in the dark ages, requiring layer upon layer of security to no obvious purpose; I can't imagine it frustrates the baddies but it's a frustration to account holders.