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How common is it for breeders/sellers these days...

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  • How common is it for breeders/sellers these days...

    ...To take PayPal or credit cards for the purchase of a horse or pony? And what I'd like to really know, especially, is why aren't some people willing to take PayPal if the buyer offers to cover the 3% fee? It's exactly like getting a check or cash, it's actually more secure than common payment forms... so why aren't more people willing to take it?

    I admit, I can see two shortcomings for CCs-- chargebacks, and, of course, the monthly expense incurred by the merchant processer you need to have. But what's wrong with PayPal?

  • #2
    Probably the concern that if you can't afford to pay for the animal outright (as in not on credit), you can't afford the care involved.
    "Are you yawning? You don't ride well enough to yawn. I can yawn, because I ride better than you. Meredith Michael Beerbaum can yawn. But you? Not so much..."
    -George Morris

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    • #3
      Someone could put a paypal claim in and from the standpoint of a person that manages the paypal complaints of a multi million dollar company I work for, it's a real pain to fight those. I'd do it if the person paid board and the horse stayed here for 45 days (past the time you could put a paypal claim in. There would still be chargebacks to worry about though.

      I figure if they are going to pay over time (credit card) why not get a loan out?
      Maria Hayes-Frosty Oak Stables
      Home to All Eyez On Me, 1998 16.2 Cleveland Bay Sporthorse Stallion
      & FrostyOak Hampton 2008 Pure Cleveland Bay Colt
      www.frostyoaks.com

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      • #4
        A person at my old barn did this- bought a mid-five figure horse and put it on a credit card, because "we couldn't afford him otherwise".
        I would never let someone buy my horse who couldn't afford him outright, because what happens next month when board is due? or if he colics?

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        • #5
          Originally posted by Sparkling_Sunset View Post
          It's exactly like getting a check or cash, it's actually more secure than common payment forms... so why aren't more people willing to take it?
          Nope -- if someone pays me cash, and then decides they were cheated, they have to take me to court and prove to the court's satisfaction that they were in fact cheated.

          For Paypal -- what AspenLucas said. The seller can end up having to "prove" they didn't do anything wrong.

          Why not do a bank transfer?
          ...somewhere between the talent and the potato....

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          • #6
            Because if you have to put a horse on a credit card, you're probably not the most financially stable person.

            If you can't afford to pay for a horse NOW and want to do payments, then you probably can't afford any emergencies that come up.

            People that pay on PayPal can easily try to get out of it.

            Wire Transfer/Cash/Cashiers Checks don't have any extra charges.

            And, while this is a more personal thing, you aren't buying a curry comb online! For goodness sakes don't be so lazy as to not want to write out a check. We actually just had someone wanting to pay for a horse via PayPal, and they were the most thoroughly ignorant person I've ever met, so it's just kind of soured my idea of the whole thing even more.

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            • #7
              They might not like to share this but, My parents took out a loan to buy one of my horses. They simply did not have that large sum of money sitting around at the time we found the horse. Of course it wasnt an issue of paying board or other things, I was able to show her all the time. So dont assume b/c the person cant afford the outright purchase of the horse, that they couldnt afford to keep the horse and pay vet bills.
              I think PayPal is a great idea, but do agree a loan takes the "fraud" chance out of the equation for hte seller
              ---^v---^v---^v----------------------^v---^v---^v---
              For a moment there, you bored me to death

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              • #8
                Originally posted by pinkme View Post
                They might not like to share this but, My parents took out a loan to buy one of my horses. They simply did not have that large sum of money sitting around at the time we found the horse. Of course it wasnt an issue of paying board or other things, I was able to show her all the time. So dont assume b/c the person cant afford the outright purchase of the horse, that they couldnt afford to keep the horse and pay vet bills.I think PayPal is a great idea, but do agree a loan takes the "fraud" chance out of the equation for hte seller
                I agree.

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                • #9
                  I have a few out of state customers, so many of them pay via paypal. They MUST pay the fees that paypal charges, I put it in their invoice. I have a paypal debit card, so I have access to my money immediately. I have not sold a horse using this service, but I probably would. A sound, solid bill of sale with noth signatures should prevent any disputes that come up on charge backs, etc.. I don't believe if someone pays for a horse on credit that the necessarily don't have the money. I've had local boarding customers use a credit back when we had a machine for our import business to get sky miles.
                  www.hilltopfarmva.com

                  Facebook: Hilltop Farm VA

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                  • #10
                    In defense of using credit cards, I did use a cc to purchase my OTTB?. Why, for the mileage/points/cruise credits. I'm sure there are alot of people who do or would do this. I see nothing wrong in it.

                    Inso far as the seller, if I were the seller, I could care less how I got my funds, as long as I GOT my funds.

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                    • #11
                      Venturing over from dressage land here...

                      Paypal is firmly in the corner of the buyer. Sellers have almost no rights with paypal. If someone puts in a claim against the seller, it's insanely hard to fight it, and paypal will tie up your money for weeks if not steal it outright. Too many stories out there about people getting screwed to the wall by paypal.

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                      • #12
                        I agree with gooselover. A lot of people are trying to collect reward points with their cards. My brother owns mobile home parks and pays every single bill (e.g., community power, water, repairs, whatever, even the property taxes) on his Southwest Airlines card. He gets 6-8 free tickets every month. He can't possibly hope to use them all over the course of the year. Is he willing to share with his sister? Of course not, but that's another story......

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                        • #13
                          Why is there a lot of assumptions on here that if someone wants to pay for a horse with a credit card they can't afford it to take care of it? I know a couple of people who are well-off and have used credit cards to make big purchases (like horses and vehicles) and they are far from being poor or unable to care for a horse.

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                          • #14
                            I have had only 1 buyer do PayPal and I took the 3%, but that is my fault since I completley forgot about the 3%. DUH! I'd say 99% of the time its done by check or cash. Just the old ways of horse dealin I guess.

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                            • #15
                              Originally posted by ThatScaryChick View Post
                              Why is there a lot of assumptions on here that if someone wants to pay for a horse with a credit card they can't afford it to take care of it? I know a couple of people who are well-off and have used credit cards to make big purchases (like horses and vehicles) and they are far from being poor or unable to care for a horse.
                              I hate to say it, but you can tell who's got the money and looking for sky miles, and who doesn't. And the ones with the big money aren't the ones asking to pay via credit card, for the most part.

                              We don't mind paypal when people pay for the stud fee, board (we have one with a horse in training from Georgia), and one left a deposit on a horse once because they had already left the state when someone else wanted to schedule a vetting. But we've recently had people asking if they could do payments or pay for the horse on a card on $3,000 horses straight off the track. When they drive a worse car than I (and I drove a '99, POS Neon), and show up in jeans with a $20 Troxel helmet, it's pretty obvious it's not because of the sky miles. Sounds awful, but that's the truth.

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                              • #16
                                Originally posted by gooselover View Post
                                In defense of using credit cards, I did use a cc to purchase my OTTB?. Why, for the mileage/points/cruise credits. I'm sure there are alot of people who do or would do this. I see nothing wrong in it.

                                Inso far as the seller, if I were the seller, I could care less how I got my funds, as long as I GOT my funds.
                                Haven't bought a horse this way simply because I haven't bought a horse in quite awhile, but, I use my CC for everything that I do purchase for the above reasons.
                                And I did purchase my barn on a credit card! Back when the card co,s were offering 2.99% for the life of the loan. I paid the card off in 4 years. If I had had to refinance my home to get the same money it would have been a 15 year loan at compound interest. I saved a bundle!!

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                                • Original Poster

                                  #17
                                  Originally posted by Coppers mom View Post
                                  I hate to say it, but you can tell who's got the money and looking for sky miles, and who doesn't. And the ones with the big money aren't the ones asking to pay via credit card, for the most part.

                                  We don't mind paypal when people pay for the stud fee, board (we have one with a horse in training from Georgia), and one left a deposit on a horse once because they had already left the state when someone else wanted to schedule a vetting. But we've recently had people asking if they could do payments or pay for the horse on a card on $3,000 horses straight off the track. When they drive a worse car than I (and I drove a '99, POS Neon), and show up in jeans with a $20 Troxel helmet, it's pretty obvious it's not because of the sky miles. Sounds awful, but that's the truth.

                                  Yeah, well, I hardly think not being able to afford a sub-ten thousand horse is the issue when possible buyer shows up in a new Lexus with a GPA helmet, immaculate dress boots and white breeches, and a KN saddle fitted with Prestige leathers and Sprenger stirrups, if one wants to make assumptions solely on appearances.

                                  I don't mean to be snarky, but I really think that if some people are in a bad enough mood to take it out on a bunch of faceless people they don't even know, they should stay off a forum until they can behave themselves and act civil.

                                  Comment


                                  • #18
                                    Originally posted by Sparkling_Sunset View Post
                                    Yeah, well, I hardly think not being able to afford a sub-ten thousand horse is the issue when possible buyer shows up in a new Lexus with a GPA helmet, immaculate dress boots and white breeches, and a KN saddle fitted with Prestige leathers and Sprenger stirrups, if one wants to make assumptions solely on appearances.

                                    I don't mean to be snarky, but I really think that if some people are in a bad enough mood to take it out on a bunch of faceless people they don't even know, they should stay off a forum until they can behave themselves and act civil.
                                    I don't really understand what you're talking about.

                                    First of all, I don't think anyone's being nasty or uncivil. Paypal isn't a super secure form of payment (for the seller anyways), and there are ligitimate concerns with people who need to buy a horse on credit.

                                    Secondly, I'm not sure what you're talking about by talking about someone well dressed. Are you saying you'd allow that person to buy a horse (In which case I don't really care)? Trying to say they can afford the horse because of the way they're dressed? What?

                                    Comment


                                    • #19
                                      Originally posted by Coppers mom View Post

                                      We don't mind paypal when people pay for the stud fee, board (we have one with a horse in training from Georgia), and one left a deposit on a horse once because they had already left the state when someone else wanted to schedule a vetting. But we've recently had people asking if they could do payments or pay for the horse on a card on $3,000 horses straight off the track. When they drive a worse car than I (and I drove a '99, POS Neon), and show up in jeans with a $20 Troxel helmet, it's pretty obvious it's not because of the sky miles. Sounds awful, but that's the truth.

                                      I respectfully disagree. I had a designer woman's clothing store for 20 years. I always told my employees not to judge by the way a person appears.....it can get you in big trouble.
                                      One of my best customers came into the store looking like a bag lady and mispronounced every designer name...and paid me with rolls of cash. Then there was the customer who drove a mercedes and was well dressed, and while i was in the garment center buying, my employee handed her a thousand dollars worth of clothes and she forgot her checkbook she said.
                                      Guess what....I never got paid.

                                      I am not rich by any means, and I paid for a horse with my home equity line of credit....why....because I was advised not to pay cash when rates are low. And I can afford the board.

                                      Gosh, I also buy the 38.00 oncourse breeches too....
                                      does that mean I cannot afford to care for my horses, LOL

                                      PS: I do agree that Paypal can be a problem....I accept it in my business so I know
                                      Adriane
                                      Happily retired but used to be:
                                      www.ParrotNutz.com

                                      Comment


                                      • #20
                                        I agree about not making assumptions about how much money a person has, based on appearances. But if someone shows up and appears to have limited resources AND asks to pay by credit, on a payment plan, or by PayPal -- I think it's entirely reasonable for a seller to consider all the clues about ability to pay/ability to keep the horse, in deciding whether to agree to the deal.

                                        Going by appearance alone is a bad idea. So is completely ignoring appearance when that's pretty much all you have to go on. IMHO
                                        ...somewhere between the talent and the potato....

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