How To Make Online Auction Payments

2007-03-08 10:33:40

( Business )



Online auctions are one of the best ways to buy and sell items on the Internet. One of the most important factors you should consider when using online auction services is how to make online auction payments.

The most common and most secure methods to make online auction payments are through credit card. All reputable credit cards protect the buyer from purchases made because the card company allows buyers to dispute any card purchases. Credit card companies can reverse any charges for unwanted or illegitimate expenses. Sellers in online auction services are guaranteed that funds are received immediately due to availability of funds.

Another way to make online auction payments is to use an online processing service. Online processing services enable you to transfer funds from your checking account, use a debit card, or a credit card. Some online processing services even allow you to pay using the funds that are in your online processing account. You will be asked to send or make an online authorization to facilitate payment.

Online auction sites also accept checks and money orders; however, the items you purchase will not be shipped until payment is received. Checks are not the safest forms of online auction payments. This is because checks have the purchaser’s bank account details, which other parties can see. This can be a cause of fraudulent activities to occur or for your check to get lost while in transit. Another party can encash the check, and there will be no way for you to get your money back.

When making online auction payments, it is strongly recommended that you do not opt to pay through wire transfers. Through the years, it has been discovered that a high case of fraudulent activities have taken place with wire transfer payments. There are cases when money is paid, but a buyer does not receive the item. Wire transfers are non-refundable, and so when money is sent, you have no way to trace if money has actually been received. This is especially true when individuals place international online bids.


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