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Handling The Money

In an ideal world, you’ll be paid cash during normal office hours and be able to pay it in immediately (checking for forgeries, of course), but this won’t always be the case.

If you do receive cash, try to get it handed over to you in a bank, so you can pay it in straight away and the cashier can check for fake notes. If your buyer gives you cash outside of banking hours, pay it in as soon as possible.

A far better way is electronic transfer. It allows you to transfer funds online, but it can take a few days, so don’t release the watch until the bank tells you the funds have been successfully transferred.

Cheques and bank or building society cheques can cause problems. Personal cheques can be cancelled or issued without the available funds in the account, meaning that if you’ve handed the watch over, it could be the last you see of it.

Despite common belief, bank or building society cheques aren’t as good as cash. With quality forgeries changing hands, don’t release the watch until the money has cleared.

You should ask the bank if you can draw funds against the cheque. Don’t ask the bank if the cheque has cleared as this can mean something different. If possible, go with the buyer to the bank to draw the cheque.

Ask the buyer for ID with an address and landline telephone number. If something goes wrong, you’ll know where to find them. If they are reluctant to give this information, you should be wary.

Write a receipt for both you and the buyer, stating the watch is being sold and make sure you both sign it.

Handling The Money

Rado Silver Strape