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Seller's emergency fund/security deposit for BHW marketplace

Discussion in 'Forum Suggestions & Feedback' started by reuse, Nov 8, 2019.

  1. reuse

    reuse Jr. VIP Jr. VIP

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    (Just like my previous thread about BHW marketplace, didn't find an answer to this also, so posting here. If this has already been answered, apologies in advance)

    A business should take care of every eventuality, but the unforeseen happens sometimes.

    As a seller, to account for emergencies, is it possible to deposit an amount to be given as refunds in case the seller is incapacitated due to any reason?

    So, if a mod decides to give a refund in the seller's absence, he/she can do so, and the seller's reputation remains intact.

    Is this, or anything like this, possible?
     
  2. MisterF

    MisterF Moderator Staff Member Moderator Jr. VIP

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    The forum doesn't hold funds from sellers, there is no Escrow service here.
     
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  3. reuse

    reuse Jr. VIP Jr. VIP

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    Thanks, any other way of doing this? Based on your experience here?
     
  4. MaestroDelWeb

    MaestroDelWeb Senior Member

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    Pay with credit card or PayPal and dispute the charges. If a seller is truly incapacitated for any reason they will not be able to dispute your chargeback and you should win easily.
     
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  5. underachieved

    underachieved Jr. VIP Jr. VIP

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    That would be very time consuming for mods. Keeping track of ledgers. Following up with issues, tracking disputes..

    If you really need to have the option for refund, you will pay with a service such as paypal, that will allow you to chargeback. Paypal is very good when it comes to the buyer
     
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  6. reuse

    reuse Jr. VIP Jr. VIP

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    Thank you, I was asking from the perspective of a (edit: would-be) seller who wants to do the right thing, even if he/she is incapacitated.
     
  7. MisterF

    MisterF Moderator Staff Member Moderator Jr. VIP

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    "As a seller, to account for emergencies, is it possible to deposit an amount to be given as refunds in case the seller is incapacitated due to any reason?"

    You are responsible for your sales thread mate, if you get rushed into hospital or something, you could reach out on here to notify someone about this.

    As for needing funds in case of refunds, you have to budget and manage your finances, so I suggest you'd keep say 10% of your income in Paypal as cover. Naturally, by delivering what you're selling on time etc, should negate the need for refunds.

    I copy Webminati ( and vice versa ) into PMs, so if one of us isn't able to log on here, the other can see messages etc. We also use an ordering software to manage orders and messages too.



    Just don't end up like this guy
     
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  8. MaestroDelWeb

    MaestroDelWeb Senior Member

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    Get a business partner or someone that you trust that can at least respond to emails and do refunds. It's not a perfect solution but being incapacitated is a shit problem to have.
     
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  9. HiPurple

    HiPurple Regular Member

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    Valid question/concern for sure. I'm new here, but I am already impressed by the above-and-beyond~ albeit often thankless~ labors exhausted by the mods in keeping this place running like a well-oiled machine.

    In like manner, I'm surprised ~in a good way~ that BHW even bothers to arbitrate in sales mishaps here.

    Most forums employ "caveat emptor" and let the prospective buyers fend for themselves.

    A round of high-fives to BHW and its mods for 5-star service and doing what they can to keep things running so well.
     
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  10. BassTrackerBoats

    BassTrackerBoats Super Moderator Staff Member Moderator Jr. VIP

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    The system is imperfect as to buying and selling here but it is imperfect buying and selling at your local store around the corner as well.

    Communication as @MisterF shared is a huge asset when it comes to a business transaction and having a teammate can go a long way to a positive experience.

    That being said, the SL subforum is a lot cleaner these days as buyers and sellers seem to get along much better. @MisterF is a huge reason why that is the case as many issues are handled before they see the light of day.
    There may be a plausible reason/idea/process for what you are suggesting but in my opinion it is over kill based on the insane volume of sales relative to the number of issues between buyers and sellers we see.

    Nothing is perfect so maybe you have a point but close to perfect is usually pretty good.
     
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  11. InstagramDude

    InstagramDude Junior Member

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    Insurance on sellers would be interesting, but would it really matter? If someone is insured through a $10k deposit, they would also be able to more easily make a large exit scam greater than the $10k deposit.
    The theory itself is not bad, but in practical use, it's hard to justify compared to a system built on real user feedback on the user's services.
     
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  12. InstagramDude

    InstagramDude Junior Member

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    Escrow.com has an API. While I haven't checked the documentation, it would maybe be possible to make an escrow system where no additional moderation work is needed.
     
  13. BassTrackerBoats

    BassTrackerBoats Super Moderator Staff Member Moderator Jr. VIP

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    I'm sure that is possible but is that something that makes sense as the level of issues is pretty small?

    Shoot, I could walk into my local JC Pennys, buy something and not be satisfied and not be made whole, but does an escrow system for Mall purchases make sense?

    We are not brick and mortar here online but the principle is the same.
     
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  14. InstagramDude

    InstagramDude Junior Member

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    It would somewhat make sense for the larger deals. It should never really be used in deals under $1k in the first place, but deals above $1k it could probably help a lot. And could also be a nice "passive" income stream for BHW.
     
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  15. rafark

    rafark Jr. VIP Jr. VIP

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    Managing/storing funds is very complex not only technically, but also legally even with all the web services out there. It'd introduce a buyers or seller's fee. It's not a terrible idea but beyond the scope of the forum IMHO.
     
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  16. BassTrackerBoats

    BassTrackerBoats Super Moderator Staff Member Moderator Jr. VIP

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    That might make sense as to level of sales.

    As to the passive income for BHW I don't get involved there in that I'm not involved in the finances but you may have a valid point for large deals.

    When I do large deals online I have the money sent via Western Union/Money Gram or wire transfer unless I know the person.

    All that being said, this is not a bad thread for ideas including yours, @InstagramDude.
     
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  17. InstagramDude

    InstagramDude Junior Member

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    Without sounding like an Escrow.com salesman - They are a very big company, and transactions on sites such as Flippa, Shopify's Exchange marketplace and much more are actually escrowed by them. They can provide some quite incredible solutions which would just lead to more money for BHW.

    As in general, I would never do large deals online via Western Union/Money Gram, may I ask why you're doing that? I would much rather do it through Payoneer, where I would be able to chargeback in a worst-case scenario. And the fees on Western Union and Money Gram are just horrible.
    A wire transfer can be an option, but it's still not very safe actually. After a transaction has gone through, it can be hard to ever be able to chargeback, so I would only do it with people I trust. And for wire transfer, I can advise Transferwise if you don't already know it.

    If we get back to BHW, I have no idea how many big trades that are on here. I doubt it's many. But I actually think that a system with the same grade as the platforms I mentioned before, it could even encourage larger deals on the forum and help the community evolve. That may just be my theory, but it does seem quite plausible in my head.
     
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  18. djbrayner

    djbrayner Junior Member

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    The forum doesn't do that, buddy.
     
  19. BassTrackerBoats

    BassTrackerBoats Super Moderator Staff Member Moderator Jr. VIP

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    I'm a partial fan of escrow.com for transactions and have bought sites using them in the past.

    I can send 1K to a small country like Kosovo for 8.00 if you do the transaction in person via MG.... did that just 2 or 3 weeks ago.

    Another good option in some instances; a bit of a pain to initially set up but can be a viable option.
     
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  20. InstagramDude

    InstagramDude Junior Member

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    Ah nice.

    And really? Didn't even know MoneyGram was that cheap, I'll admit it's probably been 6-7 years since last time I used it.

    It was easy to set up for me - It may be different from country to country.