The Many Payment Methods That Can Be Accepted When Selling A Watch

By on October 25, 2013

When wanting to sell a watch, there are various payment methods around that can be accepted. Let’s take a look at the many options available:

001_payment_pay_method_icons_credit_card_debit

Cash

When asking ‘should I sell my watch for cash?’ choosing this option is convenient because money is acquired instantly. When a luxury watch is sold, such as Cartier, Omega or Rolex, its former owner will probably receive thousands of pounds. When money is needed quickly, selling a watch to a pawn shop or a jeweller is a great idea, especially as cash can be deposited into a bank account or spent seconds after a watch has been sold.

Cheque

Regarded by many as an outdated form of payment, cheques are still incredibly popular. Although it does take five working days to clear, being paid by cheque does offer peace of mind, such as when a luxury watch is sold. When agreeing to sell a Rolex or a Cartier watch, walking around with thousands of pounds in your pocket can be nerve wracking. The opposite happens with a cheque because a solitary piece of paper can be worth a lot of money. As soon as a cheque has been deposited into a bank account, it will start to clear. It is then just a matter of time before funds arrive. As every cheque clears within five working days, there won’t be any uncertainty about how long it will be before money will appear in a bank account and can, therefore, be used.

PayPal

One of the most popular online payment systems in the world, millions of people have registered an account with PayPal. When an item is bought on EBay or Amazon, the funds that are in a PayPal account can be used. Unlike when sending a cheque to pay for an item, of which many online sellers don’t accept, PayPal is a fast and convenient form of payment because money is transferred immediately from one account to another.

However, there is a slight drawback with PayPal – fees do apply on all transactions. Ranging from 1.4% to 3.4% plus an additional 20p, paying these fees are worth every penny, especially as money is guaranteed to be transferred safely and securely. When selling a Rolex watch, its former owner will receive hundreds or several thousands of pounds. By paying such fees, no money will be stolen by a third party which can happen by choosing BACS. When funds have arrived in a PayPal account, they can then be deposited into a bank account immediately or within two hours. Therefore, the former owner of a watch won’t have to wait a long time whatsoever for their money to arrive.

So, if you’re wondering ‘should I sell my watch for cash or be paid by cheque?’, this advice will help you with making a final decision. By taking the advantages of each option into consideration, the right one will be picked and not simply because it has been used in the past for selling other items.

Author Bio

This guide was brought to you by http://www.sellmywatch.co. For more information on on buying and selling luxury watches such as Rolex and Cartier, click here.

About TomBrown