Buyer offering on the spot BACS transfer, safe to accept?
Discussion
I'm selling some equipment for £4,000. A potential buyer is offering to put through a BACS transfer on his phone after looking at the stuff. If it shows up in my account shortly afterwards is it safe for me to accept? I did Google this but the advice seems to be to not send goods until the next day. In my case the buyer would want to take the goods with him.
NewChurch said:
It's probably fine, but the correct answer is no. payment can be stopped. After payment is made, ring your bank (recording the call) and ask their opinion of the transaction.
Under what circumstances do you believe the payment can be stopped?Once a transfer / payment has been made into the recipients account, the transfer cannot be reversed by the bank without the permission of the recipient.
Is this a personal customer or business?
If it's a personal customer he won't be sending it as a 'BACS', although some people may still refer to it as this. Even businesses wouldn't really send anything via BACS on an ad-hoc basis.
Personal customer transfers are mostly faster payment now and they can't be recalled, amended, cancelled or anything else once sent.
BACS payments normally refer to D/D's and direct credits. They can be cancelled up to a certain time on the sent day which may be where some confusion comes from but if they have sent a payment as a bill payment this is not 'BACS' and cannot be cancelled/recalled.
TLDR - it'll be fine.
If it's a personal customer he won't be sending it as a 'BACS', although some people may still refer to it as this. Even businesses wouldn't really send anything via BACS on an ad-hoc basis.
Personal customer transfers are mostly faster payment now and they can't be recalled, amended, cancelled or anything else once sent.
BACS payments normally refer to D/D's and direct credits. They can be cancelled up to a certain time on the sent day which may be where some confusion comes from but if they have sent a payment as a bill payment this is not 'BACS' and cannot be cancelled/recalled.
TLDR - it'll be fine.
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