Taking Money

by Debbie LaCroix | More from this Blogger

17 Dec 2006 10:10 AM

To make money, you have to take money. What happens when that money bounces?

Let's look at the three forms of money we can take:

1.) Cash: This is easy enough, you know it can't bounce. Make sure you keep enough change with you to give back $20. This includes $1, $5, and $10 bills and change.

2.) Checks: This is a piece of paper, like a contract, that is given to you to represent money. It is based on trust. Be sure to get a phone number before accepting it. In my 6 years, I've only had 2 checks bounce. One person had closed their account, and I did get the money. The other was a lost cause. If a check bounces, you can call the bank before resubmitting it to their bank and ask if they have sufficient funds in the account. Most people are honest.

3.) Credit Cards: Some companies let you take plastic. Always double check the number and expiration date AND get a phone number. Be sure to ask if it's a debit card. Many of them have daily limits, so if you are going to charge a debit card, do it early in the day.

Why am I talking about money? I'm so glad you asked! I recently had a Paypal transaction to me bounce (it was an echeck)! Yes, I panicked. I wanted my money! My first reaction was I got scammed and to begin posting about her. But I didn't. I needed to give her a chance. Up until that moment she had given me no reason to doubt her.

What did I do? First I emailed her. I did not have her phone number. When I didn't hear back I headed online to find her number. She had moved, so the first number I found was disconnected. I finally found it and called her, explained that I needed it and asked her to resend it using a different form of payment.

After all that freaking out, the next morning the payment was there AND cleared. I was so relieved.

So, how can you avoid long distance transactions like this so you don't have to panic? Do not ship until you have the money in and it's cleared, if using Paypal. If it's a check, make sure it's cleared the bank and then ship.

Most people are honest, but you do need to be careful for those few who will try to take advantage of you.

This is one case where I'm going to say: use your brain before your heart to make sure you get your money.

Learn more about Debbie LaCroix

Debbie is a work at home mom to two active boys. She is the owner of http://www.passiontosuccess.com, a website that offers tools , information, job listings and a message board to help you succeed.

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Lisa P (24013) 18 Dec 2006 12:08 AM

Great article.

I did some selling some time ago and had a regular customer who always paid with cash on delivery. She was a great customer for many months. One day I stopped by to make my delivery and she was out. Silly me, I left the product thinking that I could stop by later for the cash and she'd be good for it as she'd always been.

Well, she never answered her door again and always let her machine get her phone calls after that. Never underestimate the amount of energy a person will exert to get something for nothing even if it is at your cost.

Debbie LaCroix (334) 20 Dec 2006 10:28 AM

Oh no! It's true, some people have no respect and do not seem to understand that we are then out the money. Or maybe they just don't care. Luckily Ive had more good experiences then bad

Debbie