eBay and the Advent of Cybercash
Gone are the days when only cash (or cattle in some cases) was
the only accepted mode of payment for trades. As the concept of
trading evolves, so does the means of paying for items.
Today's electronic world pushes the envelop further. With the
advent of online trading systems such as eBay, many new forms of
payment have flourished.
First of all, on eBay, the mode of payment depends on the
agreement of the buyer and the seller. Most often, the seller
will specify his or her desired payment method. In these cases,
the seller often has primacy in the decisions regarding payment
modes. However, the buyer may still communicate with the seller
regarding a viable alternative if it suits both parties.
The following is a list of common eBay payment modes.
Cash On Delivery Cash is, after all, still cash. This payment
method can be done through a third party courier system or by
the buyer and seller meeting each other at an agreed place. The
advantage of such is that the exchange of item for payment is
done in the presence of the buyer and the seller (or the
seller's representative). However, some people will qualm over
the risk present when two strangers meet.
Personal Check One popular method of payment is personal check.
Writing checks is easy and safe. However, many sellers do not
like accepting check because they are easy to cancel.
PayPal PayPal is the payment of choice on eBay. In fact, eBay
owns PayPal.
Using PayPal is easy, convenient, and relatively safe. PayPal
acts as like an internet 'wire transfer.'
After signing up for PayPal, one may send cash over to anyone
with an email address using the PayPal system. PayPal also has
security features that safeguards against fraud in case there is
dispute between the seller and the buyer. This system is best
for transactions up to $1000.
Escrow.com Escrow.com is the payment of choice for purchases
over $500. Escrow.com holds the buyer's money from the seller
until the seller delivers the item. Only then will the funds be
released to the seller. This system makes for a very safe,
although highly procedural transaction.
Wire Transfer This is the payment of choice for countries that
do not carry the PayPal service. Wire transfers are risky
because the buyer usually has to wire over the funds before the
seller sends the items. The chance for non-delivery of items is
high.
Other Payment Systems The number of third party payment services
is steadily on the rise. Their systems for payment vary.
However, to be successful they must be convenient to use and
safe as well.
About the author:
Jay is the web owner of
http://www.the-lowest-prices.com Online Shoppping, a
website that provides information and resources on online
shopping malls and discounts. You can visit his website at:
http://www.citydeals.net Online Deals
