Accepting electronic payments for car sale
 

I have someone coming to buy a car from me next week for £5000.
They ideally want to pay me by electronic means.
How safe is an electronic payment paid into my bank account?
What information do I need to give (obviously not my pin number)!

Any check I can or need to do with the bank?

Cheers
David

David

I would not be 100% happy, as they can later cancel a payment, a lot of ebay scammers do that and then end up with your car and you without any money, would be much better if you told them to do it via a Bankers Draft, then it proves that they are genuine buyers

Just my opinion

Stu

Stu

I would disagree with the above.



If they want to transfer directly to your bank account then they just need the account number and and sort code of your bank to make a normal account to account transfer (usually by something called Faster Payments) These now happen quickly, and there is usually no need to wait overnight for the transaction to occur.


You can wait for the money to show in your account before handing over the car. Once it's in your actual bank account I don't know any way of reversing the payment (not in the UK anyway). If you believe Hollywood this is how all the shady criminals pay each other (and they have no reason to trust each other at all.)


Here's a tabloid article - Check out this article https://www.mirror.co.uk/money/what-...-money-6076619


For full peace of mind ask your bank of course.



if they are coming to you to collect and make the payment - then you'll have to be using electronic banking yourself (or go to an ATM) to check your balance has increased by the correct amount.

I’ve paid funds for cars via the banking app on my phone while collecting cars, really easy and 100% secure.

David, I find that anything involving banks is fraught with unexpected problems. To begin with, when I tried to transfer a large amount of money between accounts using on-line banking I discovered that there was a limit of £3,000. Your buyer will need to ask his bank about this in advance of turning up on your doorstep.

Secondly, even if 'Faster Payments' can be used, in theory this can take two hours; not very practical if your buyer is expecting to be able to drive the car away.

You could adopt the dealers' methods; ask for a deposit in advance, paid by electronic means. You would then have evidence that the system works (or doesn't) before the sale is finalised.

Simon

OR you could ask him to bring cash to your house !!!!;)

Sold my MG to a fella in Glasgow, never met him and car was collected from my address. The bank transfer was completed and onto the truck went the MG. All confirmed via a simple completion of an on-line contract of sale which we both agreed to. The keepers details were transferred immediately on the DVLC system after cleared sums were confirmed.
All went swimmingly well, and the new owner was driving his new toy by 06:00 the following morning with much enjoyment.
I would recommend doing a legal contract and not letting anything go until you are 100% happy, if questioning the ank or buyers integrity, simply transfer it immediately to another account for a few days, then surely nothing can go wrong !

Cash, that's a sure way to be had, best way to pay is by Debit card transaction, it will only go through if they have money in their account.

what if your card payment machine is faulty?

I'm always wary of this type of thing! I'm too daft to know if I'm being scammed half the time so it's cash on collection always with me.