Waiting for payment

loogee · 11-04-2010, 07:31 PM

I'm sure this question has come up before, but I didn't know where to look for the answer. "What's a reasonable time to wait for payment before dealing with another interested party ?" I usually send the $ out same day if early, or next day if later in the day. Any suggestions..? Been waiting 9 days so far.
Thanx for any input.
(Sorry if this thread is in the wrong spot.)

G.T. · 11-04-2010, 08:14 PM

Hi loogee, It's just a personal thing.. no set time, just what was agreed upon at the time of sale... I've had many, many forum members that have given me ton's of time to pay up... Most of that was pre-agreed on with other back up plans in case life didn't let me continue... If they hadn't.. I wouldn't have hardly anything, as my expenditures, far outstrip my income...

... But that's just me... I allow others, mostly members of this forum, set up any type of arrangiment they want to... and allow some payments to be delayed, or skipped, again depending on their life circumstances... Is it good business??, no... smart??, probably not... will I someday get stung??... probably so... But again, it's just me... I'm a people guy, not a numbers guy... So, the only rules are the ones you make... I've never had a problem with anyone on this forum... and probably never will....

and some of the members here I now consider close friends.... It's all about the journey anyway... Best to you, til...lat'r...GT...

Curly1 · 11-04-2010, 08:21 PM

Get a commitment up front when you make the deal.

I would contact the party to see if it was sent it may be in the mail.

If it wasn't sent yet find out what they have in mind then go from there.

loogee · 11-04-2010, 08:35 PM

Thanx for the insights guys. I've had a couple of "buyers" from which I never received the payment. Never said or posted anything....no big deal; but when someone else really wants the item, and is "waiting in the wings" for a verdict...........?

Railsplitter · 11-04-2010, 10:02 PM

In my opinion if I left somebody hanging for a week and they went on to someone else, I would have nobody to blame but myself.

loogee · 11-04-2010, 11:11 PM

It wouldn't even be an issue if there was contact. It doesn't take long to whip off an Email to explain any delays.....just courtesy.

mrerick · 11-04-2010, 11:23 PM

Chas, I'd send him a note and give a fixed amount of time to receive payment, then notify him you've moved on if you don't get it on time...

Marc

Edward Tinker · 11-05-2010, 04:07 AM

Agree with Marc, I find out where they are located and figure in a day or two to get the money order (if I don't know them), and then 4-6 days for 1st class.

Then in the same intiial email, i ask them to send me an email when they send payment (that is the request I usually forget).

Now, the last 6 months, when I am buying, well, I am located a ways away from the USA, so I tell them that up front, and if they are good for an extra delay, then we are both good.

I have had more issues with receiving items "late" than payment late, and almost always it is when I have sent paypal or money order?

But again, like Marc said, time goes by, and I send them an email, nice, matter of fact; "was checking on payment?"

Several times they have said, oh i have been busy and haven't sent it yet... I then respond and tell them, thats fine, you can send it via USPS priority (costs $5 bucks) and I'll ship the item or I have another guy waiting and I can send it to him....

I have had it go both ways, they string me along a bit longer or they say, sell to the next guy... but my patience is only so long once I think I am being strung along because they don't have the money or are trying to buy too much

Ed

loogee · 11-05-2010, 08:25 AM

Yes....Agreed; Already sent an Email...no response. Today is
10th day. I'm an old-schooler when it comes to courtesy. I'm first generation American, and my parents went overboard in the politeness category in order to be assimilated into America...discourtesy was a #1 sin in our house.
Anyway, appreciate all the input.
Charlie.

alanint · 11-05-2010, 08:55 AM

Always lay out your expectations for a transaction at the time of sale. State in what form you will accept payment and a deadline for the receipt of funds. Clarity is everything.

I stopped doing consignment business with a particular gun shop because of their policy of letting tire kickers come in and put down as little as $10 on a gun with an eternity to pay. My guns were thus held hostage for months until it was obvious that the wanabee buyer was never coming back to pay off the balance. Meanwhile legitimate buyers were turned off since the gun was already "sold".

cirelaw · 11-05-2010, 09:44 AM

UCC Code specifies unless a specific time is specified then a reasonsonable time is assumed!!

loogee · 11-05-2010, 11:51 AM

And reasonable is defined as.....?

MikeP · 11-05-2010, 02:19 PM

Best to be straight up from the beginning.
9 days without communicaton is outrageous.

As stated, be up front in what you expect.
Negotiations can follow pending conditions and folks involved.

I sold some stuff on gunbroker once. Got a confirmation from the buyer and nothing happened-after several queries from me.
Finally Gunbroker sent out a notice that these folks had pulled this about 50 times.

That is extreme, but wierd things happen.

I presently have a German crusher cap for sale.
A guy has asked me to give him a month to come up with the money.
I have no problem with his honesty in asking-we'll see how it turns out.
I'm not desparate to sell.

I would never agree to purchase something I could not pay for.

11-04-2010, 08:14 PM	#2
G.T. Lifer Lifetime Forum Patron Join Date: Jun 2002 Location: Chandler Arizona Posts: 3,507 Thanks: 1,318 Thanked 3,653 Times in 1,004 Posts	payment wait... Hi loogee, It's just a personal thing.. no set time, just what was agreed upon at the time of sale... I've had many, many forum members that have given me ton's of time to pay up... Most of that was pre-agreed on with other back up plans in case life didn't let me continue... If they hadn't.. I wouldn't have hardly anything, as my expenditures, far outstrip my income... ... But that's just me... I allow others, mostly members of this forum, set up any type of arrangiment they want to... and allow some payments to be delayed, or skipped, again depending on their life circumstances... Is it good business??, no... smart??, probably not... will I someday get stung??... probably so... But again, it's just me... I'm a people guy, not a numbers guy... So, the only rules are the ones you make... I've never had a problem with anyone on this forum... and probably never will.... and some of the members here I now consider close friends.... It's all about the journey anyway... Best to you, til...lat'r...GT...

11-04-2010, 08:21 PM	#3
Curly1 User Join Date: Oct 2005 Location: Upstate New York Posts: 1,241 Thanks: 117 Thanked 714 Times in 371 Posts	Get a commitment up front when you make the deal. I would contact the party to see if it was sent it may be in the mail. If it wasn't sent yet find out what they have in mind then go from there. __________________ Laugh hard and often. Gary

11-04-2010, 11:23 PM	#7
mrerick Super Moderator - Patron LugerForum Life Patron Join Date: Dec 2009 Location: Eastern North Carolina, USA Posts: 3,909 Thanks: 1,374 Thanked 3,110 Times in 1,510 Posts	Chas, I'd send him a note and give a fixed amount of time to receive payment, then notify him you've moved on if you don't get it on time... Marc __________________ Igitur si vis pacem, para bellum - - Therefore if you want peace, prepare for war.

11-04-2010, 07:31 PM	#1
loogee User Join Date: May 2008 Location: WI Posts: 84 Thanks: 10 Thanked 0 Times in 0 Posts	Waiting for payment I'm sure this question has come up before, but I didn't know where to look for the answer. "What's a reasonable time to wait for payment before dealing with another interested party ?" I usually send the $ out same day if early, or next day if later in the day. Any suggestions..? Been waiting 9 days so far. Thanx for any input. (Sorry if this thread is in the wrong spot.)

11-04-2010, 08:35 PM	#4
loogee User Join Date: May 2008 Location: WI Posts: 84 Thanks: 10 Thanked 0 Times in 0 Posts	Thanx for the insights guys. I've had a couple of "buyers" from which I never received the payment. Never said or posted anything....no big deal; but when someone else really wants the item, and is "waiting in the wings" for a verdict...........?

11-04-2010, 10:02 PM	#5
Railsplitter User Join Date: Jun 2002 Location: Chandler, AZ Posts: 112 Thanks: 0 Thanked 13 Times in 11 Posts	In my opinion if I left somebody hanging for a week and they went on to someone else, I would have nobody to blame but myself.

11-04-2010, 11:11 PM	#6
loogee User Join Date: May 2008 Location: WI Posts: 84 Thanks: 10 Thanked 0 Times in 0 Posts	It wouldn't even be an issue if there was contact. It doesn't take long to whip off an Email to explain any delays.....just courtesy.

11-05-2010, 04:07 AM	#8
Edward Tinker Super Moderator Eternal Lifer LugerForum Patron Join Date: Jun 2002 Location: North of Spokane, WA Posts: 15,930 Thanks: 2,030 Thanked 4,527 Times in 2,090 Posts	Agree with Marc, I find out where they are located and figure in a day or two to get the money order (if I don't know them), and then 4-6 days for 1st class. Then in the same intiial email, i ask them to send me an email when they send payment (that is the request I usually forget). Now, the last 6 months, when I am buying, well, I am located a ways away from the USA, so I tell them that up front, and if they are good for an extra delay, then we are both good. I have had more issues with receiving items "late" than payment late, and almost always it is when I have sent paypal or money order? But again, like Marc said, time goes by, and I send them an email, nice, matter of fact; "was checking on payment?" Several times they have said, oh i have been busy and haven't sent it yet... I then respond and tell them, thats fine, you can send it via USPS priority (costs $5 bucks) and I'll ship the item or I have another guy waiting and I can send it to him.... I have had it go both ways, they string me along a bit longer or they say, sell to the next guy... but my patience is only so long once I think I am being strung along because they don't have the money or are trying to buy too much Ed

11-05-2010, 08:25 AM	#9
loogee User Join Date: May 2008 Location: WI Posts: 84 Thanks: 10 Thanked 0 Times in 0 Posts	Yes....Agreed; Already sent an Email...no response. Today is 10th day. I'm an old-schooler when it comes to courtesy. I'm first generation American, and my parents went overboard in the politeness category in order to be assimilated into America...discourtesy was a #1 sin in our house. Anyway, appreciate all the input. Charlie.

11-05-2010, 08:55 AM	#10
alanint User Join Date: Mar 2008 Location: Marco Island, Florida Posts: 4,867 Thanks: 1,685 Thanked 1,916 Times in 1,192 Posts	Always lay out your expectations for a transaction at the time of sale. State in what form you will accept payment and a deadline for the receipt of funds. Clarity is everything. I stopped doing consignment business with a particular gun shop because of their policy of letting tire kickers come in and put down as little as $10 on a gun with an eternity to pay. My guns were thus held hostage for months until it was obvious that the wanabee buyer was never coming back to pay off the balance. Meanwhile legitimate buyers were turned off since the gun was already "sold".

11-05-2010, 09:44 AM	#11
cirelaw Lifer Lifetime Forum Patron Join Date: Dec 2003 Location: PORT ST LUCIE, FLORIDA Posts: 12,216 Thanks: 6,209 Thanked 4,133 Times in 2,173 Posts	UCC Code specifies unless a specific time is specified then a reasonsonable time is assumed!!

11-05-2010, 11:51 AM	#12
loogee User Join Date: May 2008 Location: WI Posts: 84 Thanks: 10 Thanked 0 Times in 0 Posts	And reasonable is defined as.....?

11-05-2010, 02:19 PM	#13
MikeP User Join Date: Jun 2002 Location: ILL Posts: 686 Thanks: 36 Thanked 452 Times in 198 Posts	Best to be straight up from the beginning. 9 days without communicaton is outrageous. As stated, be up front in what you expect. Negotiations can follow pending conditions and folks involved. I sold some stuff on gunbroker once. Got a confirmation from the buyer and nothing happened-after several queries from me. Finally Gunbroker sent out a notice that these folks had pulled this about 50 times. That is extreme, but wierd things happen. I presently have a German crusher cap for sale. A guy has asked me to give him a month to come up with the money. I have no problem with his honesty in asking-we'll see how it turns out. I'm not desparate to sell. I would never agree to purchase something I could not pay for.