Ensuring
safe payment
Ensuring
safe payment is essential
for both the buyer and the seller. Sadly there are fraudulent bank notes, banker's
drafts and of course credit and debit cards around, so prudent checks and procedures
are simply both necessary and wise. |
Paying
by banker's draft
Payment using a bank or building society cheque or draft has been a popular vehicle
payment method but sadly the fraudsters have been active, so if a seller accepts
payment by banker's drafts there is a risk it could be fraudulent or counterfeit,
in which case it would not be discovered until after the seller had released the
car to the buyer, even if the bank into which the draft was paid had told the
buyer the funds had been cleared. |
Paying
by bank transfer
An immediate bank transfer can be made using the CHAPS system for a nominal fee
(around £20 to £30) but you need to be aware that CHAPS payments are
irrevocable. It is a good idea for the buyer and seller to meet at a branch of
the buyer's bank so the CHAPS transaction can be completed there. Just a note
of caution with bank transfers - this is an area where many attempted scams so
take care. See examples of these scams. More |
Paying
by credit or debit card
Where the seller is a trader then they will naturally have concerns over accepting
payment by either a credit or chargecard because the card issuer's percentage
fee can amount to a tidy sum on a substantial purchase price for a good quality
classic MG. The significantly lower transaction charges with debit cards means
they are more readily accepted. The buyer will need to ensure that their card
account will permit a large payment and, with the increased card security procedures
adopted by the card issuers aimed at identifying potentially fraudulent card use,
it may be wise for the buyer to forewarn their card issuer that a large payment
will be made in advance of their visiting the trader to conclude the purchase.
|
Safe
trading cautions and advice
See the Metropolitan Police and VSTAG advice. More |
