Poshmark Question

[nkc]

I listed an expensive jewelry item on Poshmark. I received a message today expressing interest and asking to complete the transaction through Paypal. I declined to complete the transaction outside of Poshmark.
I'm curious on how receiving payment works when using Poshmark. I'm concerned about future false disputes due to buyer's remorse.
I understand that with PayPal, the buyer has three months to file a dispute. But, I'm not sure how long buyer's have when using Poshmark.
Also, what happens if the transaction is through Poshmark but the buyer uses PayPal as their method of payment and decide to file a dispute?
I think it is good that high value items get shipped directly to Poshmark for verification before sending to the buyer. This is an added layer of protection.
Do you have any tips on how I can protect myself if the interested person decides to purchase?
I do not currently have the time to explore other selling options and would prefer to stick with Poshmark since the item is already listed.

 

[OoohShiny]

If Poshmark is acting as an escrow agent, like a PS-recommended appraiser might, having both parties send the goods and the money to them and only then releasing each to the other person, that would seem safe (if Poshmark is reputable, of course!).

I would be extremely reluctant to use PayPal for anything unless they are willing to use Friends and Family, relinquishing the ability to get a refund days/weeks/months after the sale.

You will need to ask Poshmark what their policies are re: the other party using PP and then pushing for a refund (justly or unjustly).


I think I personally would be most comfortable with a bank transfer or PP F&F for any sales of jewellery etc., but caution is needed with PP as they can freeze accounts at will for no good reason


I think (??) @oldminer and @denverappraiser both offer escrow services as part of their appraisal services - so although you have no time to look at other options, they could be a quick and easy and safe alternative.

 

[nkc]

Thank you @OoohShiny

 

[Bron357]

Yes, looking at it they act as escrow and the buyer has 3 days after receipt to notify an issue. If there is valid reason for the buyer wanting a return they must return the item within 5 days to obtain a refund.
Poshmark does take 20% of the selling price as their fee.
As a seller, sales are final after 3 days however this wouldn’t stop a buyer potentially lodging a chargeback if they used their credit card and I’m not sure how it works if an item goes missing in the post system. Especially as now it’s difficult to get a signed for delivery / full insurance on items.
So it is possible to get scammed as a seller on Poshmark.
The safest (for sellers) is to sell on consignment with a trusted vendor or through an auction house. The selling fees are much higher though through those avenues.
Paypal is best for buyers, better buyer protection so as a private seller safest is to ask for PayPal friends and family payment. Of course in this case the buyer has to totally trust you as they have no recourse if you send them nothing.

 

[nkc]

Especially as now it’s difficult to get a signed for delivery / full insurance on items.
So it is possible to get scammed as a seller on Poshmark.
The safest (for sellers) is to sell on consignment with a trusted vendor or through an auction house. The selling fees are much higher though through those avenues.
Paypal is best for buyers, better buyer protection so as a private seller safest is to ask for PayPal friends and family payment. Of course in this case the buyer has to totally trust you as they have

So, would it be better to wait and not sell the item until I can get signature verification?
I don't think I should ask the buyer to consider F&F since we don't know each other. I know I wouldn't consider this as an option if I was buying a high value item and would be suspicious of the seller if they bring this up.

 

[Bron357]

So, would it be better to wait and not sell the item until I can get signature verification?
I don't think I should ask the buyer to consider F&F since we don't know each other. I know I wouldn't consider this as an option if I was buying a high value item and would be suspicious of the seller if they bring this up.

Here in Australia we can’t get signature delivery but maybe where you live you can.
I read that buyers can pay using PayPal through Poshmark (or a credit card and I think Apple Pay) but I’m not sure how buyer or seller protection then works. Or how the 3% fee PayPal charges sellers using their facility. Is the 3% PayPal fee included within Poshmarks 20% seller fee?
Poshmark doesn’t want you to “step away” from their Platform and use PayPal between yourselves. They won’t get their 20% if that happens. Ditto eBay not accepting transactions off their platform, eBay would miss out on their 10%.
and yes, it cuts both ways. just as you want to protect yourself from scam buyers, plenty of buyers have be stung by scam sellers.
People selling and buying on Loupe Troop are more comfortable using PayPal family and friends as most of us have been on Pricescope many years and we feel like friends.