Offline, auctions bring to mind thoughts of men whose mouths run faster than a cheetah with a caffeine addiction. The online world's a lot quieter, but there's an equally powerful image that comes to mind: the EBay logo. The Duo offer a couple of tips to make sure consumers maintain their fiscal security while bidding on the supersite.
Though EBay sellers often accept checks and money orders (and Angela, shuddering, recalls one fellow who paid her for a purchase in cash), those payment methods have their drawbacks. Steve warns that if you send a money order to pay for those velvet Elvis paintings and something goes wrong, then your money is gone, thank ya, thank-ya-very-much. The same thing can happen if you send cash through the mail. Conveniently enough, EBay owns PayPal, an online wire-transfer system that debits and credits sellers' and buyers' bank accounts (or, if they prefer, a credit card). That service leaves an easy-to-follow electronic trail behind every transaction, which is why Angela and Steve recommend using it.
If a problem does arise with an auction item, EBay suggests that buyers and sellers attempt to resolve their differences through SquareTrade, a free auction-mitigation and -negotiation service. (Amazon.com also has an issue-resolution service for its online auctions.) EBay sellers can join the SquareTrade Seal sellers' program, which means they've let the company authenticate their identities and are committed to mitigation of any auction disputes that might arise.
Angela notes that plenty of EBay transactions would be characterized as big-money purchases; for instance, the EBay Motors site is the most popular car-shopping site online. If you're picking up a vehicle on the auction circuit, it's a good idea to use an escrow service, which will act as a go-between during a transaction. If you choose to buy using Escrow.com, for instance, you'll transfer the payment to the company and, for a small fee, Escrow.com will hold onto it while conducting a 160-point inspection of your new ride. Once everything's confirmed as satisfactory, the service releases the payment to the seller. Escrow companies can even set up delivery of items or the transfer of the title for another nominal fee.
If you are buying a car online (or offline), another good idea is to have the seller send you the vehicle identification number. Call your local police and have them run the VIN to get a detailed report of the car's history--if the vehicle has been in a couple of high-speed chases, you might not want to buy it. You can also do this type of research at Carfax.
Generally speaking, EBay is so vast that it has implemented its own buyer- and seller-protection programs (since fraud can go both ways). The Duo recommend that all patrons check out the safe-shopping information at the EBay Security & Resolution Center.
But beware! Because there's a lot of money involved in the world of online auctions, EBay and PayPal patrons are ripe for phishing activity. Be extra careful with e-mails claiming to be from EBay or PayPal. This is an excellent opportunity for you to practice what Angela and Steve taught you in the last section of this show--typing in a Web address instead of clicking on a site link sent to you in an e-mail. While this may take a little more time, it could save you a lot of money (and more money means you can bid on more of those cute little Hummel figurines).
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