Hooray - It's Pay Day!
Saturday 07 November 2009
by SaleHoo.com
In these times of longer working hours and less quality time to spend with our family and friends, it’s become increasingly important to look at other streams of income to enable a better lifestyle. Wholesale purchasing is something I have only recently become aware of as something viable to achieve this secondary income. I have tried several methods to obtain wholesale lists over the past year or so, with, up to this point, poor results. I have purchased the usual list of ‘dead’ or outdated links to websites for hugely inflated price with little quality information as a result. SaleHoo has changed this with a dedicated resource to multiple suppliers with some fantastic deals suitable to the market I am looking to supply. Living in New Zealand it seems that people are ever-eager to pay a realistic price for products not immediately available here. The forum has proved to be a fantastic resource, even at this early stage, for running ideas by a like-minded community of people, all with the same goal. It has helped to identify which suppliers are reputable and those which are not, which is sadly all too common. Thanks to SaleHoo and the team for helping me in this endeavor!
Want to be the next SaleHoo success story?
Hello!
Two months ago, I got stung... badly. My mom asked me to post an old oak dresser that she didn't have room for anymore on eBay. The auction ended with a good price - really good actually. But the buyer never paid. I contacted her several times, twice by email, and once by phone. But nothing eventuated. I couldn't get hold of her by phone, and she didn't respond to my emails. What a waste of time!
Sometimes there just isn't a lot you can do to prevent a non-paying bidder. But to minimize the risk I've got a few techniques that usually work for me!
In this newsletter, I'll be giving you my very own checklist. These are the procedures I carry out for every item I sell, and I recommend that you follow these tips too.
Have you included an invoice?
There's nothing more exciting that having your money arrive - whether it's by mail or from PayPal. Money in the bank marks the culmination of all your efforts so far.
When your auction ends, eBay automatically sends the lucky buyer an email congratulating them on their purchase and giving them payment details. If you've chosen eBay's checkout, or PayPal, then the email will contain a link so that they can pay immediately.
As the seller, you also receive an email containing your buyer's email address, as well as a link that lets you send an invoice through eBay's invoicing system.
On the Send Invoice to Buyer page, the shipping, insurance, and tax terms you specified when creating the auction appear . If you aren't charging a flat rate for shipping, you can click on the calculator icon to calculate shipping costs.
You can also elect the more personal option and send your own invoices out.
Invoice checklist
If you choose to create your own invoices, then make sure they include the following:
- Thank the buyer for their purchase and reminds them of what they purchased.
E.g. 'Congratulations on your purchase! You are the winning bidder for the silver engraved brooch with two inset diamonds, item #1089394.'
- Give the payment and shipping information from your auction. If you
didn't charge a flat fee for shipping, you'll need to calculate the final shipping
cost.
'Your winning bid was $109.00. Shipping and handling will be $8.95, bring the total to $117.95. I recommend also purchasing insurance - an extra $3.50 - giving a total of $121.45'.
- Give your address if you are accepting checks or money orders.
- Let the buyer know when you expect payment and how you will ship the item once you've been paid.
- If you are being paid by money order, ask your buyer to include a print out of your email to make your accounting easier.
- If you require any more information from your buyer, then request it at the end of the email.
Risk avoidance - how to ensure you get paid
- Send an invoice as soon as the auction ends.
Encourage prompt, friendly communication by sending an invoice as soon as the auction ends. Whatever you do, don't let days go by without sending off your invoice! It's quite likely your buyer is eagerly awaiting the item and will be chomping at the bit to pay. - Never EVER ship before you are paid. This is a sure fire way to lose money.
- Send a reminder email if your buyer hasn't responded to your email within three or four days. Keep the tone friendly, after all, three days isn't a very long time. People occasionally do have other distractions that keep them from being as prompt as you would prefer!
- Time for a warning email if your buyer hasn't responded at all a week after you sent your first email.
- Consider modifying your PayPal settings so that you can only accept payment from a confirmed address. A confirmed address is one that has been checked by PayPal against the billing address for the buyer's credit card.
Workbook
- Purchase a couple of small items (or large if you want!) off eBay. What contact does the seller
make with you? Do they send personalized invoices or just use the stock eBay one?
Note the impression the sellers's end-of-sale communication made on you. Was it positive and friendly? Why? If it could be improved, list the ways in which you felt unhappy with the seller's communication. - Create your own invoice template. If you are using Word, click Save As Document Template. You will also need to include fields for information such as customer name, address, and purchase number. Go Insert, Field, and type a name for the field.
Here's what you need to include in your invoice:
- Thank you for purchase
- Payment and shipping information
- Your contact details
- When you expect the money to be paid
- A request for more information if you need it
Helpful Links
Is shipping part of the sales process? Yes or no? Join me next week when we look at how to ship, who to ship with, what it costs, managing risk...and much, much more! See you then.
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