Buyer wants to pay for item via 'BACS'? is this safe? anything to watch out for?

9
Found 18th Aug 2015
I'm selling an item on Facebook (£100 value) and a potential buyer wants to pay me via 'BACS' (bank transfer?) rather than Paypal as he's been "screwed over" by Paypal. I've always dealt via Paypal in the past, can someone give me the skinny on BACS as a payment method? anything to watch out for? time it takes? reversable? cons? fees?

Any help appreciated.
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9 Comments
Any payment is reversible, especially if its flagged as unauthorised.

At least with Paypal you have a little protection.......
BACS / Bank Transfer (BT) is more secure and therefore not so easily reverved as you are normally required to use a second layer of authorisation (keypad thingies / phone authorisation) over and above a simple password like on Paypal

so BACS is better for a seller yes

you only need to give them the same details that is printed on a cheque - name / account number / sort code

EliTom
Take care, it takes 3 days for a BAC's transfer and they can recall it up to the day before payment.
Are you posting it or are they collecting it,if the latter,why not accept cash on collection.:D
Assuming it's all within the UK, there won't be any fees at all, and once the funds have cleared, the transaction is not reversible without your consent. Time can be up to 2-3 days with some smaller banks, or instantaneous if both parties are using the same bank. As elitom notes, you'd provide your account name, sort code, and account number, and the buyer would enter that plus whatever amount into their online banking.
Porsupah

Assuming it's all within the UK, there won't be any fees at all, and once … Assuming it's all within the UK, there won't be any fees at all, and once the funds have cleared, the transaction is not reversible without your consent. Time can be up to 2-3 days with some smaller banks, or instantaneous if both parties are using the same bank. As elitom notes, you'd provide your account name, sort code, and account number, and the buyer would enter that plus whatever amount into their online banking.




if kt is done by internet banking then the transfer is within two hours - quite often faster - if both banks are in the Faster Payment program . If it is done over the counter in a bank then maybe longer - just do not post / release the item until the money shows in your account

EliTom
should be OK but you need to wait for the recall period to end before sending your item to the buyer. Google how long this is.
Original Poster
Thanks for the great advice guys!
Ask for payment by 'faster payments', it is like BACS but its instant and still free to do.
This is really safe for sellers and most sellers including myself would take this any day over PayPal. Its actually buyers who prefer not to use this normally as they have no protection.

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