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
on bank transfer scams |
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 |
