Just had a brain fart about watch trade security...

[bigdeal]

I just noticed that someone who recently purchased a watch from me, is now selling a watch I might want, and it gave me an idea...

Since it seems like there is a lot less protection afforded when trading watches than when buying/selling one outright (Paypal, CC, etc...) Would it not make sense for the parties involved in a trade to agree on a fair dollar value of the transaction, then paypal each other the agreed upon amount, essentially splitting the "trade" into 2 independent "sales"? Seems to me that this would give both sides some protection, albeit costing a few bucks in paypal fees.

I've seen it suggested before that both sides of the trade send the items to a third party, but it seems that nobody wants that job, and it brings additional issues into play...

Curious what you guys think...

(I apologize if this has been discussed before, don't remember seeing it...)


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[RWIGWH]

Well, I like it. It's a solid idea on paper, but most who trade do not want monies to trade hands...I personally dun trade...EVER.

 

[trandy16]

I like the idea....how much could it cost?

Wouldn't it be worth a few dollars to feel secure regarding the trade?

 

[bigdeal]

I like the idea....how much could it cost?

Wouldn't it be worth a few dollars to feel secure regarding the trade?

I think Paypal charges 2.9% plus $0.30 for the first $3k in transactions a month...

So for a trade valued at $200, it would be $6.20 each...


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[vpx]

What if we just use Bitcoins to buy/sell watches?

 

[offshore]

From the outside, this has the makings of a great idea.
It would need some thought and to be kicked around a bit, but it appears solid from the outset.
More input please...I think this has the makings of a great boon for the hobby.
O/S

 

[wat44]

I had the idea of "insurance for trusted buyers and sellers" whereby people vouch for people they know and even pledge a couple of bux in the event that a person they vouched for legs it in a scam

 

[plymman]

Great idea but as has already been said, those trading might not have or want any money to be passed around. I for one only ever trade if I don't have the cash to buy what I want.

I think we could could do with a trusted middle man service, something like escrow where a trusted member, mod etc.. Charges a small fee to handle the transaction, it will cost both buyers twice the postage but would guarantee security. Both traders would send the watch to a 3rd party and when the 3rd party received both watches he would send them on to the trader. If part of the trade fell through the watch would be returned to the original owner. Nobody would ever lose more than postage costs this way.

 

[MMA]

Great idea but as has already been said, those trading might not have or want any money to be passed around. I for one only ever trade if I don't have the cash to buy what I want.

I think we could could do with a trusted middle man service, something like escrow where a trusted member, mod etc.. Charges a small fee to handle the transaction, it will cost both buyers twice the postage but would guarantee security. Both traders would send the watch to a 3rd party and when the 3rd party received both watches he would send them on to the trader. If part of the trade fell through the watch would be returned to the original owner. Nobody would ever lose more than postage costs this way.

Yes, but who is responsible for lost packages?

OP has a good idea but can someone explain something to me, because I'm not math genius and am probably missing something obvious... If you agree on a trade value, then you pay each other the trade value, doesn't this moot the deal? If someone is unscrupulous can't they then take both the monies (keep one, PP action the other), and then keep the watch as well?

 

[HPoirot]

Yes, but who is responsible for lost packages?

OP has a good idea but can someone explain something to me, because I'm not math genius and am probably missing something obvious... If you agree on a trade value, then you pay each other the trade value, doesn't this moot the deal? If someone is unscrupulous can't they then take both the monies (keep one, PP action the other), and then keep the watch as well?

With tracking, the sender will know if the item ever reached the recipient. If he decides to keep the watch and and $$, you can then do a dispute, since he's clearly trying to scam you.

 

[RWIGWH]

Traders will try and fence around this issue of exchanging money in the long run. It's a prominent reason they are "trading" to begin with.

 

[plymman]

Yes, but who is responsible for lost packages?

All losses would be down to the original trader receiving the package, the same as it is with most sales already. All the middle man would need to do is keep postage receipts to prove he forwarded the package. If it gets lost or seized after that the dispute would be between the traders.

The middle man idea is purely to ensure both traders sent their trade rather than just disappearing after they'd received their package, and that's exactly what happened to me with an A/V trade on another forum. I would have happily paid a tenner or so to ensure the other trader stuck to their side of the deal.

 

[levelmanroger]

The problem with the middle man idea is that eventually a buyer will get upset that the middle man didn't QC properly and forwarded a broken/over-stated watch. They always shoot the messenger you know.

I think holding PP funds for each other might work, but ultimately this is always going to be a risk in doing business with faceless people around the world.

 

[plymman]

The middle man can't be responsible for QC, purely to see the trade is completed by both parties. That would have been enough to stop me getting ripped off when a trader did a runner.