Selling on Reverb oddity

Discussion in 'Sidewinders Bar & Grille' started by Seamus OReally, Jul 24, 2021.

  1. Seamus OReally

    Seamus OReally Mr. Serious Gold Supporting Member

    Age:
    65
    Messages:
    5,181
    Joined:
    Feb 11, 2019
    Location:
    Santa Rosa, CA
    I just sold some stuff on Reverb, and I don’t think I’m entirely thrilled with the process. Here’s the thing: a buyer pays them with a credit card, the payment is instantly approved, and Reverb sends instant email saying, payment is approved, you can ship, and we’ll get your cash to you in a couple of days.

    So what they doing with my money for a couple of days?? Overnight certificates? Some other scheme? I am curious as to why Reverb gets the money and I get to wait.
     
    ukoldgit likes this.
  2. chiltonesque

    chiltonesque Strat-Talk Member

    Age:
    49
    Messages:
    14
    Joined:
    Jun 19, 2021
    Location:
    Calgary, AB, Canada
    They take their percentage of the sale and remit any taxes required based on the location of the buyer. Once you ship the item, you get your cut within one or two business days. I've never had any issues with their process.
     
    3bolt79 likes this.
  3. ukoldgit

    ukoldgit Most Honored Senior Member

    Age:
    70
    Messages:
    9,489
    Joined:
    Feb 20, 2018
    Location:
    Wiltshire UK
    Ebay's the same now, it's nano particle interest rate on a global scale.
     
  4. Seamus OReally

    Seamus OReally Mr. Serious Gold Supporting Member

    Age:
    65
    Messages:
    5,181
    Joined:
    Feb 11, 2019
    Location:
    Santa Rosa, CA
    it’s not an issue. Id just like to know what they do with the money.
     
    3bolt79 likes this.
  5. thomquietwolf

    thomquietwolf Dr. Stratster Silver Member

    Age:
    80
    Messages:
    18,868
    Joined:
    Dec 2, 2010
    Location:
    Peardale CA
    Never thought of it...
    Was just glad i didn't have to pony up 25% on a consignment sale
    Or
    the tenuous nature of a CL transaction
     
    3bolt79 likes this.
  6. Dadocaster

    Dadocaster Dr. Stratster

    Messages:
    25,180
    Joined:
    Mar 15, 2015
    Location:
    Sachse TX behind the cemetary
    They pile it up in a warehouse and swim naked in all that cash. Just like Wall Street.
     
    Chipss36, West44th, cranky and 5 others like this.
  7. Stormy Monday

    Stormy Monday Blooze daddy Silver Member

    Messages:
    13,793
    Joined:
    Jan 19, 2011
    Location:
    almost gone
    buying cuban cigars and french cognac.....
     
  8. cranky

    cranky Senior Stratmaster

    Messages:
    2,946
    Joined:
    Jul 9, 2020
    Location:
    USA
    I think of them as a neutral third party, an arbiter.

    They'll hold the money and make sure the seller has shipped in a timely manner. That way, the buyer doesn't need to worry about forking over the dough directly to an unknown seller for an unshipped item.

    Really, Reverb holding the money temporarily staves off a lot of potential headaches.
     
    3bolt79 and Guitarmageddon like this.
  9. Guitarmageddon

    Guitarmageddon Dr. Stratster

    Age:
    45
    Messages:
    24,960
    Joined:
    Apr 19, 2014
    Location:
    Canada
    If bank interest rates were significant right now, I'd probably be on your side and wonder what's going on, they would be making money off people 2 days at a time....but the rates are so darn low it's practically nothing....I think it's just red tape.
     
  10. StratUp

    StratUp Senior Stratmaster

    Messages:
    3,170
    Joined:
    Sep 5, 2020
    Location:
    Altered States
    Paypal and Ebay also play the same game. They sit on many millions for three days and use it.

    It recalls what my Business Finance professor advised: "Always wait to pay your bills - and when you do eventually pay, use someone else's money".
     
    cranky, 3bolt79 and Slacker G like this.
  11. Mind Flayer

    Mind Flayer Strat-O-Master

    Messages:
    524
    Joined:
    Feb 29, 2012
    Location:
    Chicagoland
    They are earning interest on it. Given the huge number of sales, that’s a lot of money. Reverb didn’t used to be that way - when I sold there, the buyer would transfer money to my paypal account and it would show up right away. But recently (last year?) they got rid of that, presumably so they could do precisely this. I haven’t sold anything on reverb ever since, I now sell everything on craigslist. Takes a little longer to find a buyer, but it’s actually a lot less hassle - I just meet people at a public place near me and it’s done, don’t need to worry about shipping, insurance, etc. And, of course, craigslist doesn’t take a cut. Finally, the buyer pays less because they don’t have to pay sales taxes. Simply put, reverb sucks for sellers now.
     
  12. Seamus OReally

    Seamus OReally Mr. Serious Gold Supporting Member

    Age:
    65
    Messages:
    5,181
    Joined:
    Feb 11, 2019
    Location:
    Santa Rosa, CA
    I’ve got my stuff listed on Craigslist, too, and it has always been hassle free for me, too. I’ve got a diecast model listed on eBay, but that’s it. Maybe I’m done with the big auctioneers. The only thing I don’t hate about packing and shipping is getting to converse with the staggering girl at the UPS Store.
     
    rolandson likes this.
  13. rolandson

    rolandson Dr. Stratster

    Messages:
    10,796
    Joined:
    Jul 13, 2015
    Location:
    Foothills of the Cascades
    It's hard to "like" any of this Seamus, because of what it represents...
    Except the staggering girl...
    The ability to appreciate the attributes of intellect and conversation are most enjoyable indeed...:thumb:
     
    cranky and Seamus OReally like this.
  14. Handsome McClane

    Handsome McClane Senior Stratmaster Silver Member

    Age:
    58
    Messages:
    1,134
    Joined:
    Sep 6, 2020
    Location:
    Sacramento
    [​IMG]
     
    Seamus OReally likes this.
  15. Seamus OReally

    Seamus OReally Mr. Serious Gold Supporting Member

    Age:
    65
    Messages:
    5,181
    Joined:
    Feb 11, 2019
    Location:
    Santa Rosa, CA
    Agreed. There is little else in this life.