How to sell?

[Begonia]

Hey experienced sellers, I need some advice. I’m looking to sell some jewellery (all pieces under $1000, and no rings) and have no idea where to start. I did ask last year and was advised Loupe Troop. Ok. I also have a paypal account that I have used in the past to make purchases. Now I need some advice beyond that. I’m such a novice at online stuff - never even used eBay. Can I use this PayPal account to receive funds? I’ve googled how to use it but the instructions were not enough to get me going. I’m also residing in Canada - how will that affect things? I need some mentoring if anyone has the patience!
People are telling me there are real problems with selling using PayPal but many of you are doing it, so perhaps you can share some wisdom?

 

[the_mother_thing]

I can’t speak to the Canadian side of things, except that there is an exchange rate difference to take into consideration; might be worth asking other CDN folks if there are any cross-border legalities to be aware of.

Aside from that, with PP, you have two options: sending/receiving money via ‘Friends & Family’ (F&F) or via Invoice (‘official sale’) for goods/services. The first option doesn’t incur fees to the seller, and only adds fees to the buyer if they’re using a CC (IIRC). PP F&F also does not provide any buyer protections; as such, this option can be more ‘advantageous’ to sellers because there is no ‘contract’ per se, so if a seller - for example - fails to deliver the item or the item is not as described, you’re stuck unless the seller is honest/ethical. As a buyer, though, I am/would not be comfortable buying via F&F unless it was someone I’ve made a few purchases from and/or trust. So, if you insist on accepting only F&F payments via PP, you’re likely to cut out a good number of potential buyers.

If you invoice a buyer for the item’s payment, you will incur about 3% fees from PP taken immediately once payment is made & before you receive anything. Personally, I’ve factored this fee into my pricing when offering an item for sale so buyers have the option of peace of mind and/or perhaps having a discount if paying via F&F. When I invoice someone, I’ve included as much detail/description as possible in the invoice for my protection as well as the buyer’s. I also include any terms/conditions; for example, if there is an agreement to allow a 24-hour inspection/return period upon receipt of the item, I write that into the invoice, and the buyer ‘accepts’ that condition by completing payment.

Personally, I find that the most daunting aspect of selling items is going through all my documentation to ensure I have it correct based on what I purchased/when so I can provide as detailed a description as possible. Also, good photos/videos are time consuming. When I’ve listed more than one or two items for sale at a time, I start by making a list (usually via MS Excel) of each item I plan to sell, then review my documentation and note the specs/details on that spreadsheet, what my cost was, asking price, whether I’m firm/open to offers on an item and my “lowest price acceptable”.

The only other item I’d suggest looking into is shipping & seller responsibilities. Perhaps @MollyMalone can chime in & correct me if I’m mistaken, but in the case of sending someone an invoice (which is a contract), I *believe* you - as the seller - have a ‘duty/responsibility to perform’ ... in this case, deliver the item to the buyer. I’ve seen a few sellers say they will ship an item, but charge the buyer ‘extra’ for insured shipping. I think that’s kind of wrong (they should IMO always factor that into their pricing) because they have a responsibility to deliver that item. And even if a buyer doesn’t opt for insured shipping, if an item is lost in transit, the buyer would likely still have a claim via PP for refund because it was the seller’s responsibility to deliver the item to buyer. If it doesn’t arrive, that’s not the buyer’s fault, and assuming they paid, they held up their end of the ‘contract’ but the seller (even if not fault of theirs) did not. So really, IMO, it’s to a seller’s best interest to always insure an item when shipping it because if it doesn’t arrive and you have to refund the buyer, you are now also out the actual item/value unless it’s recovered via the shipper you chose.

Probably more info that you wanted, but these are things I learned/considered along the way. It can be a lot of work, but it’s also a good way to turn items you no longer wear into money toward something you can/will or other needs. Best of luck to you!

 

[arkieb1]

Yes you can receive money via Paypal I'm an Aussie who sometimes sells things to people in the US, Paypal does the conversion for you, it has a drop down menu which allows you to specify which currency you want to use. As stated about you can either send someone an invoice to the email they use for Paypal which means you pay 3% in fees on the transaction or you can ask they pay you via Paypal family and friends which means the buyer pays all the fees upfront but they have no insurance and protection on the transaction, so if they ask for that you can then ask them to pay the extra 3%. Or you can allow them to have the extra protection and wear the 3% cost or just factor that into the prices you are asking.

 

[Bron357]

Hi, when selling (or buying) PayPal is very handy. It’s an easy and fast way to send and receive money.
PayPal makes money from both the exchange rate they use when a currency conversion is needed and a 3% fee plus 35 cents per transaction when a Seller receives money OTHER than via the “Friends and Family” option.
The Friends and Family payment option has no recourse for the person sending the money. This means if it’s actually for a purchase and the seller never sends anything, too bad. For this reason sending money to a stranger via Friends and Family is not recommended, however many people on Pricescope feel safe using this type of payment as they feel the seller, as a long term Pricescope contributor is honest and reliable.
Many sellers will ask for extra money (to cover the PayPal fees) if payment is made as a “purchase”.
When a buyer uses PayPal as a purchase / via invoice there are some protections and requirements. The seller needs to mail via a signed for delivery so as to be able to prove they send something and also are liable if the buyer says the item bought is “not as described”.
It is worth pointing out that there are “scam” buyers out there. There are people who will tell PayPal that the item was not as described or broken so as to get a refund from PayPal. The bad scams then send you back an empty box or some rubbish inside. This is RARE but it needs to be mentioned.
eBay is somewhat safer in that as a seller you can see who your buyer is, how long they’ve been on eBay, how many purchases they’ve made and decide if you trust them as a buyer. Loupe Troop doesn’t have that safety net.
So in summary, PayPal is fast and effective but as a seller you need to be able to get your buyer to pay you via Friends and Family (and then the buyer has all the risk) or feel comfortable the buyer is genuine. 99% of buyers are genuine but it is that 1% that can ruin it.
If you’re in Canadian, on Loupe Troop you will be selling in US dollars however PayPal will credit your PayPal account in Canadian dollars using their currency conversion rate which has a loading for Paypal to make some money. Money then stays in “PayPal” unless you request PayPal to transfer it out to your connected bank account, this can take a few days. If you’ve sold via invoice Paypal may hold the payment 21 days, especially if your PayPal account is new.

 

[Begonia]

You guys are great! This is the kind of detail I’m looking for. Ok. It’s getting late in the day here but I’ll go on PayPal tomorrow and try to refamilarize myself with it. Would you be open to my asking questions along the way??
I’m on holidays right now and have the time (and hopefully patience) to finally do this. I have so many pieces that are just sitting there (including some brand new moissanite AVR studs that I wore once. Once). With your help, I might finally be able to sell some of it.

 

[Begonia]

How likely are buyers to pay via Friends and Family? Is this why PSers use the PS cafe, or is that just for extra advertising? Sorry I’m so naive!

When scammers send you back rubbish (as rare as that may be), there is no recourse for the seller?

What kind of returns are wise? I’ve read other PSers say purchases are final sale, so choose wisely and ask lots of questions. Is this advisable over offering a return period?

Thank you for taking the time to answer my questions!

 

[Tacori E-ring]

I sold some WF diamond studs and advised all sales were final, transaction went well and I hope she was happy. I advertised in pre love.

 

[jordyonbass]

FWIW I would be wary of Etsy at the moment, they claim that they use a different exchange rate to the current currency exchange rate however when paying sellers for sales they use the current currency exchange rate. I've noticed a discrepancy of $25USD on one of my items, the buyer would be paying more than what I am receiving before fees are taken by Etsy.

 

[the_mother_thing]

@Begonia Whether a buyer is okay using the F&F option is completely an individual preference; it’s hard to say what every buyer or percentage of buyers will do. But I can say that - unless I have transacted with someone a few times and/or have a comfort level with them somehow (be it on PS or otherwise) - I will not ever use F&F to buy something from someone over $50. And I think a lot of people who are buying items over a ‘negligible’ amount feel the same.

@Tacori E-ring I’m glad your “all sales final” transaction went well; however, simply posting that on LT/DB doesn’t exactly hold with PP from a legal standpoint. If they feel an item really isn’t as described, a seller having said “all sales final” does not mean that seller is off the hook and cannot be forced to refund a buyer. Just an FYI, as I think a lot of people think they are ‘covering their butts’ from having to accept a refund (for any reason) by putting that in their advertisements on LT/DB.

 

[the_mother_thing]

@Begonia If you don’t have a lot of ‘PS/LT/DB cred’ selling items, from a buyer’s perspective peace of mind would be my #1 concern. In your shoes, I’d probably factor in the PP fees to my asking price or any negotiated price, offer to invoice the buyer, and include a note in the listings as well as in the terms & conditions on the invoice any stipulations you have regarding refunds/returns. For example, I would feel more comfortable buying an item from someone who invoices and offers a 24/48 hour inspection period, and would appreciate/respect them putting that in the T&C of the invoice as well - for both parties’ protection. I think then you’d have a much stronger leg to stand on if a buyer later comes back and says “it’s not as advertised” or something like that because you made it clear in the T&Cs that they have opportunity to inspect it (be it themselves, with an appraiser, etc.) and speak up. While you’re not a business, as an example, Jewels by Grace (which is a business) only offers a 3-day inspection period to buyers. Personally, I think that’s quite restrictive of a business to offer, but would feel it’s generous of a private seller.

If you have a LOT of high dollar items to sell, it may also be worthwhile for yourself as well as buyers to have a resale appraisal done on those items, and again, factor that into the asking price as well. An item could have increased in value since you bought it, and/or it offers a buyer just one more piece of assurance that what they are getting is ‘legit’ so to speak. Just a thought/suggestion; by no means is it required.

 

[Tacori E-ring]

It worked for me and I have also bought that way. I feel more comfortable dealing with other PSers. I knew going into the purchase that there were no refunds/exchanges.

 

[Begonia]

I appreciate all of this feedback! I’ve been too intimidated to start the process and the stuff just sits there. Hopefully I will give it a go - and start with a inexpensive piece or two to start?

It’s funny the phases you go through hey? I went on a pearl journey 7 years ago and yet I wear maybe one necklace once a year (at the Xmas party), so why I got 8 different ones, I’m not sure. The collector in me I guess. I’ve come to realize that appreciating jewellery is different than the need to own it.