Cross-country horse sales- how to receive funds?

[Spectrum]

For those of you who have sold horses across the country, how do you normally have buyers pay you for the purchase?

We have a gal interested in my friend’s horse who is in a big hurry to get him vetted and shipped. It makes me slightly uncomfortable how quickly she wants to get everything going (vet the horse immediately and ship early next week).

It seems like it would be difficult to get funds transferred in a safe way, not to mention getting radiographs processed and examined, etc. I had recommended to the buyer that she have the radiographs shipped to her vet for examination, and this short of a timeline would definitely not allow that.

Has anyone else had an experience like this?

How do you normally handle getting the cash- wire transfer? Certified checks can be forged, right?

Any advice would be appreciated. I just want to make sure my friend doesn’t get her horse stolen.

[Spectrum]

Note that I have sold one horse long-distance, but we had about a month-long timeline for the vetting and arrangement of shipping, etc, so there was plenty of time to get a check to clear the bank and whatnot. Of course, that was before the kind of widespread check fraud we have now (that was 10 years ago).

[Home_Again_Farm]

I do not let horses leave the premises until they have been paid for in full. If a buyer is in a hurry, a wire transfer is the best method of getting that done.

Digital xrays can easily be put online for a buyer’s vet to see across the country on the same day that they are taken. Most vets have password protected websites that enable that.

Bottom line, no money in bankee, no horsey leavee. :winkgrin::yes:

[S_A_McKee]

Wire Transfer.

Certified checks do have to clear as stops can be placed.
Some banks issue cashiers checks instead of certified checks.
They are safer but like any paper document they can be forged.

Your bank will let you know when the wire has been received and when you will have use of the funds, usually immediately.

[Holly_Jeanne]

I sold one

I sold one that was exported. Our time line, once they decided on my horse, was quick in order to ship with a group of horses. Once they decided they wanted my horse, the vetting was set up for the next week (couldn’t get the vets they wanted right away). After that came a national holiday so banks were closed. So, they arranged for shipping and, wire transferred the money directly into my account the morning she was to be picked up. I called my bank and confirmed it and they picked up the horse an hour or two later. Of course, had the money not been in my account I wouldn’t have released the horse. After that, I went in the house and bawled my eyes out. I had bred her to be my next horse but I wanted to do dressage and she wanted to jump. Honestly, I’m glad things went quickly as it would have been even harder had she been here waiting for shipping. Oh, and there was a wire transfer fee. I think my bank charged $10.

[everafterfarm]

Agree with others. NOTHING EVER leaves here until paid in full and money is cleared in my account. I prefer wire transfers as they take a day or possibly overnight at most.

My vet has all xrays on his computer, it takes him all of 5 mins to send them to anywhere. Or you can have him give you a CD that you can overnight to the buyer’s vet.

[TaliaCristianna]

Wire transfer. Make sure that the seller covers ALL the fees too. Usually there is a fee for them to send it and a fee for you to receive it. Every bank is different so talk to them first and get the specifics of that. Make sure the seller’s bank is aware that you are to receive a specific net amount after fees.

International wire instructions are different than domestic so make sure you are clear about that when you talk to your bank’s wire department.

[Sunnydays]

Anyone used Paypal?

[Daventry]

@Sunnydays;6090844

Anyone used Paypal?

:no::no::no: I’ve heard many horror stories in regards to using PayPal to pay for horses, stud services, etc., as the buyer can log a complaint with PayPal and dispute the charges…and possibly get their money refunded…and keep your horse.

The only safe way to accept a payment is via wire transfer…and I’m not talking about Western Union. Like others have mentioned, you need to give the buyer your bank account number, transit number and institution number. They can put money in, but can’t take money out. We do this all the time between Canada and the U.S. If the money is deposited before noon, we often have the money in our bank account 10 minutes later. Otherwise, it is usually a 24 hour transaction before the funds show up in our account. We also require an ABA Routing number when going from Canada to the U.S. and vice versa. It is very easy to do and the bank can easily walk you through it. :yes:

[Home_Again_Farm]

@TaliaCristianna;6090726

Wire transfer. Make sure that the seller covers ALL the fees too. Usually there is a fee for them to send it and a fee for you to receive it. Every bank is different so talk to them first and get the specifics of that. Make sure the seller’s bank is aware that you are to receive a specific net amount after fees.

International wire instructions are different than domestic so make sure you are clear about that when you talk to your bank’s wire department.

:yes::yes::yes:

[ShannonD]

[QUOTE=Daventry;6090961]
:no::no::no: I’ve heard many horror stories in regards to using PayPal to pay for horses, stud services, etc., as the buyer can log a complaint with PayPal and dispute the charges…and possibly get their money refunded…and keep your horse. :([/QUOTE]

I think there is a way around this… Accept the payment through PayPal, but do not let the horse leave you care until it has CLEARED your bank. Or, have PayPal issue you a check and deposit into an account not linked to PayPal. I’m not entirely sure what happens if PayPal tries to reclaim your payment and there is no money available in the linked account. I’ve heard of many people attaching savings accounts to PayPal, ones used specifically for PayPal simply so they can’t repo the money. I personally do not ship items paid for via PayPal until the payment has cleared my bank. It ticks people off sometimes, but I feel more comfortable that way.

Plus, I don’t know what a wire transfer typically runs, but I bet for pricier horses the PayPal fee is more than it is. It’s easier to ask a payer to cover wire transfer fees than to cover PayPal fees, as I don’t think you’re allowed to request/require that.

[Cindy_s_Warmbloods]

I have sold quite a few a long ways away and it has always been a wire transfer.

[misita]

Like others, with the short time frame I would use wire transfer. I sold one horse cross country and by the time the check bounced the 2nd time the horse was gone. I had to haul him back 3,000 miles. No kidding. And the buyer was mad at me for getting him!

I’ve used paypal for stallion fees with no problems. Knocking on wood.

[columbus]

More and more vets do digital xrays but you should check if your vet does have the ability to do them and also check that her vet has the ability to recieve them. Then change vets if your or their vet hasn’t gone digital yet. PatO

[EqTrainer]

Bank wires can now be done on your PC. So easy.

Have her wire the deposit and fax her the deposit contract.

Be sure she gives the vet a credit card number and have them verify it.

Have her bank wire funds BEFORE shipping and be sure it is confimed in your account.

[dbts]

Definitely use wire transfer for the full amount of purchase price. Do not let the horse leave until the wire transfer for the full amount is in your account. Wire transfers are completed usually within a 24 hour period. Digital xrays are the way to go. Also the vet doing the prepurchase exam needs the buyer’s credit card number (and confirm it). Be sure you are using a Purchase Contract stating all conditions of sale and make it as thorough as possible. Email/fax it to the buyer and get it back signed by them before horse is released. Good luck!

[horsetales]

I’ve sold several and it was done with a wire transfer. Checks require the horse stay until the payment clear and are in the bank

[Chall]

Some poster here (male), said he opened an account for every horse he sold. Funds were wired into the account, then after everything was settled he closed the account.
I don’t remember the reason, but I expect one benefit is you dont give some stranger your personal account number.
Anyway, it seemed clever and prudent to me.

[Joanne]

[QUOTE=Spectrum;6090625]
We have a gal interested in my friend’s horse who is in a big hurry to get him vetted and shipped. It makes me slightly uncomfortable how quickly she wants to get everything going (vet the horse immediately and ship early next week).[/QUOTE]

Just curious. How is she shipping the horse? Commercial shipper or private? It just raises a big red flag that she is in a such a rush.

[Prime_Time_Rider]

[QUOTE=Joanne;6091309]
Just curious. How is she shipping the horse? Commercial shipper or private? It just raises a big red flag that she is in a such a rush.[/QUOTE]

If the buyer is willing to wire trasfer the money, it shouldn’t raise a big red flag. Hoe does the method of shipping matter?