How long should seller wait for payment

[elh0102]

The electronic age has resulted in some things that used to be very clear and simple, becoming kind of squishy now. I suppose a verbal contract exists when a seller accepts a buyer's offer. In order to avoid a potential timing dispute, it's a good idea to be clear about a deadline for payment (and what constitutes payment). Being old fashioned (and old), I rarely buy or sell anything without actually talking with the other party. It's easy to click a button or shoot out a quick text or email, before fully considering the transaction. A direct conversation inserts a human element that is more difficult for most folks to ignore or abuse. If it is a large transaction, it is also the point at which I might request proof of ID and, if I'm buying, proof of the seller's possession of the item. If I'm selling, it's not much of a concern, as I'm not shipping anything until I have cash in the bank. But I digress. To answer the timing question, and assuming an electronic transaction with no stated deadline, I would send a reminder after 24 hours, setting a deadline of another 24 hours. Just my opinion.

 

[HogKiller]

When I buy something that is over say, $300, I use Postal Money Orders, I prefer to pay in 'cash'. I always ask the seller if that is ok and probably communicate way too much, but they know exactly when it's getting off, they get a picture of the PMO, the envelope and then they get a tracking number. Of course what ticks me off is when a seller refused to communicate AT ALL, on something they are selling, if you are selling something, and your potential buyer is literally in the neighborhood and is paying cash, I'd think they jump on it in a second....unless it's a scam.

 

[Privateer]

At times it takes me a day or so to send the money. BUT! I ALWAYS state that up front!
I've had dealings with people here where I stated I was expecting money that did not arrive.
I then told them to go ahead and sell it to others if they wished and I'd have no issue with that.
Everyone told me they would hold the item for me. And though late on payment? We completed the deals.
So communication is IMPORTANT!