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Bobpay

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Seeds for Africa

Hi

 

I wonder if some users could give me some input here.

 

1) I Offer bobpay as one of my payment options. I am thinking of droping it in favour of direct transfers to me. I work on a tight cashflow, and it doesnt make sense to me to have cash held up with bob. Dont get me wrong, I think its a great system when it works, but it just doesnt work for me. Apart from that, it will save me in bank charges. Does anyone think that by dropping bobpay as a method of payment, that I will lose potential business. Thats basically the only reason that I have persevered with it for so long, as I have been concerned that if I dont offer it, that I will lose business.

2) The final straw was today when I was chastised by a customer for asking them to deposit cash in MY bank account (which acct details are there on checkout). I was asked if I was trying to do something funny!!!:sneaky: On a R55 sale.... I dont think so!!! The customer was under the impression that there money is safer if paid to bob. That takes me back to my point 1, where I wonder if I would lose business as people think by offering bob pay they are safer.

 

Would appreciate some comment.

 

Thanks

 

Grant

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Vinyl Lady Decals

Hi Grant

 

I avoided using BoBpay for a long time and then when I decided to give it a try, I found that my sales increased significantly.

My deduction from this is that, yes, buyers feel it is safer if they give the money to BoB first.

I withdraw my BoBpay funds about once a week as I'm also on a tight cashflow.

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Seeds for Africa

Thanks Angela. I will keep it in place, as I suspected that was the case.

 

Much appreciated.

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Libertas Computers

Thanks for this thread Grant..

 

I've also been inbetween 2 minds about this. I'm considering maybe adding both methods to my listings. If a client wants to use BobPay he/she can and if the client wants not to, then they EFT.

 

My question, call it nr3:

 

If you add both BobPay as well as EFT, will it really confuse the buyer?

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SProducts

Apart from helping increase sales, it also makes it easier to manage your sales. I dont have to check my bank account, I only check on my sales to see if an order has been paid. I once had an order I updated as paid and only realised when I was about to email the tracking ifnromation that it hadnt been paid and if it wasnt for BobPay I wouldnt have know. Worse the buyer didnt pay at the end, so I doubt they would have returned the parcel or paid after receiving it.

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Seeds for Africa
Apart from helping increase sales, it also makes it easier to manage your sales. I dont have to check my bank account, I only check on my sales to see if an order has been paid. I once had an order I updated as paid and only realised when I was about to email the tracking ifnromation that it hadnt been paid and if it wasnt for BobPay I wouldnt have know. Worse the buyer didnt pay at the end, so I doubt they would have returned the parcel or paid after receiving it.

 

You have a valid point.... it's very easy to see what is what on the sales page, and saves a heap of time checking on bank accts. Thanks

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dstorm

Hello Grant

I do not think that it is wise to ask a person to deposit cash into your bank account.

BidorBuy is an online site. It is so easy to buy and then pay electronically. To go to the bank could be a real hassle for some people. Not to think about the cash deposit fees!

Regards

Jacques

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Seeds for Africa
Hello Grant

I do not think that it is wise to ask a person to deposit cash into your bank account.

BidorBuy is an online site. It is so easy to buy and then pay electronically. To go to the bank could be a real hassle for some people. Not to think about the cash deposit fees!

Regards

Jacques

 

An error there - I asked them to do an eft.

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RAG Auctioneers
Hi

 

I wonder if some users could give me some input here.

 

1) I Offer bobpay as one of my payment options. I am thinking of droping it in favour of direct transfers to me. I work on a tight cashflow, and it doesnt make sense to me to have cash held up with bob. Dont get me wrong, I think its a great system when it works, but it just doesnt work for me. Apart from that, it will save me in bank charges. Does anyone think that by dropping bobpay as a method of payment, that I will lose potential business. Thats basically the only reason that I have persevered with it for so long, as I have been concerned that if I dont offer it, that I will lose business.

2) The final straw was today when I was chastised by a customer for asking them to deposit cash in MY bank account (which acct details are there on checkout). I was asked if I was trying to do something funny!!!:sneaky: On a R55 sale.... I dont think so!!! The customer was under the impression that there money is safer if paid to bob. That takes me back to my point 1, where I wonder if I would lose business as people think by offering bob pay they are safer.

 

Would appreciate some comment.

 

Thanks

 

Grant

 

We are also on a very very tight cash flow.

But make a payout once a week, and you will see it works out nicely once you get into it.

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Reynet Trading

I don't think buyers really care how they pay for their goods purchased, especially new users. In my listings I say that I only accept bobpay and paypal, but many times after an sale I get a email from buyers asking for my banking details:blink1: replying that I unfortunately only accept payments as stated. I even had buyers refusing to do a bobpay and insisting on an EFT to my personal account.

 

I personally prefer bobpay because it is a good 'savings plan' and it stop me from spending my cashflow :smile1:

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Cheetah10

As a primary buyer, I prefer to use the convenience of bobpay..... Saves me from creating a new benificiary with every purchase..... (it may even contrubute to my decision of weather I'm buying or not).....

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dstorm

Something that I (from a selling view point) never thought about.

Thanks for this.

Regards

Jacques

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lilythepink

I think that BoB eft is much easier for most buyers - they only have to set this up once on their banking systems whereas with individual buyers they have to go through the rigmarole of listing each buyer's bank, bank code and account number as a "once only" payment.

 

I, too, have found my sales have increased now that I am giving buyers the option of using BoB eft or direct into my bank account.

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AManAPlan

BobPay is effective but for how long will it remain free? It has to cost Bob transaction fees to transfer the funds? I assume the interest and higher than normal bank balance is beneficial to Bob.

 

Watch this space. I predict that Boppay will not stay free for long.

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Seeds for Africa

Thanks everyone for the feedback. The one thing that is crystal clear to me is that Bobpay is a necessity from both buyers / sellers perspectives. I will be making that my primary method of payment.

 

Thanks

 

Grant

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Libertas Computers

I'll then do the same, seems like it is a bit of a mixed feeling though, so I'll keep my normal EFT as well...

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kebs

While it is technically free, there is a nominal fee of R5 per payout I think?

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SProducts
While it is technically free, there is a nominal fee of R5 per payout I think?

 

This they only charge when you make a second payout in a month and its less than R3000.00. If you make a payout of more than R3000.00 you dont get charged anything regardless of how many times you do a payout in a month.

 

I wouldnt mind if BoB charged us for payouts request, but if they were to charge for receiving payments then it would be bad and I think most sellers would stop using BobPay EFT.

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lilythepink

Another point of interest with BoBpay is that BoB do not do refunds to buyers! I've just had a buyer who only decided to appeal a SNC a day before it was due to expire and the following day he paid in cash to BoBpay - almost two weeks late, and when I had just sold the item to another bidder who was really keen on the item. So, now I have to repay the buyer directly myself - if and when he deigns to give me his account number!

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Vegar
BobPay is effective but for how long will it remain free? It has to cost Bob transaction fees to transfer the funds? I assume the interest and higher than normal bank balance is beneficial to Bob.

 

Watch this space. I predict that Boppay will not stay free for long.

Have you thought of the large amount of money flowing into the BobPay account and the interest they earn on that ?

 

Once upon a time, when the world a bit more honest, you would deposit your money in the bank and earn INTEREST - that was how banks originally got people to deposit: We will keep your money safe, you earn interest and the bank USES your money to make MORE money by investing it.

 

When you put your salary into the bank YOU ARE LENDING THEM your money and they WORK with it EARNING big bucks. A bank only has to guarantee they can pay out 30% of the funds they are holding.

 

The way banks are working today is essentially illegal. BobPay is not a bank ...

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SProducts
Another point of interest with BoBpay is that BoB do not do refunds to buyers! I've just had a buyer who only decided to appeal a SNC a day before it was due to expire and the following day he paid in cash to BoBpay - almost two weeks late, and when I had just sold the item to another bidder who was really keen on the item. So, now I have to repay the buyer directly myself - if and when he deigns to give me his account number!

 

Also have those buyers who decides to whenever they feel like ignoring the note on the SNC that the item has been relisted. Then you will spend days to months trying to get their banking details to pay them back.

 

It would be nice feautre to be able to refund buyers from BobPay, the funds can be transferred into the buyer's account and they can do a payout whenever they feel like.

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lilythepink
It would be nice feautre to be able to refund buyers from BobPay, the funds can be transferred into the buyer's account and they can do a payout whenever they feel like.

 

Hear, hear!! I second that proposal but I think with our strict SA banking regulations, BoB wouldn't really be able to just refund buyers from our accounts.

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Seeds for Africa

Have you thought of the large amount of money flowing into the BobPay account and the interest they earn on that ?

 

Once upon a time, when the world a bit more honest, you would deposit your money in the bank and earn INTEREST - that was how banks originally got people to deposit: We will keep your money safe, you earn interest and the bank USES your money to make MORE money by investing it.

 

When you put your salary into the bank YOU ARE LENDING THEM your money and they WORK with it EARNING big bucks. A bank only has to guarantee they can pay out 30% of the funds they are holding.

 

The way banks are working today is essentially illegal. BobPay is not a bank ...

 

I guess thats how bob can afford to do bobpay for free - interest covers the bank charges.

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dominiquesonline

I used BOB pay for a brief while and hated it. I dislike the continual taking of BOB fees off the sum in the account in particular. This way I easily loose track of what I exactly pay to BOB. I MUCH prefer to have a sum withdrawn from my account once a month so I can simply log X paid to BOB into my accounting records once a month. I am a bit of a perfectionist with my accounts, and literally log down every cent and where it's come from and where it goes.

 

So, I stopped using BOB pay and I haven't lost any sales due to it that I'm aware off! I might still go back onto the system... if I do it'll be purely for the buyers convenience.

 

One thing I think is very, very unfair though is that when a buyer buys from someone who is not using BOBpay (eg: myself) they get a red ink message on their order email stating "Be very wary of sellers not using BOBpay" (or words to that effect.)

Now what gives BOB the right to say that? Why on earth is it more secure to pay BOB and not myself directly? If I were a fraud I bet you anything BOB wouldn't refund the money from their accounts, so what difference does it make in security. I do see a difference is ease of use, but not security, and I think it is very unfair to implant an idea of fraud in a buyers mind for no valid reason!

It makes it sound like we are being forced to use BOBpay...

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admin
I used BOB pay for a brief while and hated it. I dislike the continual taking of BOB fees off the sum in the account in particular. This way I easily loose track of what I exactly pay to BOB. I MUCH prefer to have a sum withdrawn from my account once a month so I can simply log X paid to BOB into my accounting records once a month. I am a bit of a perfectionist with my accounts, and literally log down every cent and where it's come from and where it goes.

 

So, I stopped using BOB pay and I haven't lost any sales due to it that I'm aware off! I might still go back onto the system... if I do it'll be purely for the buyers convenience.

 

One thing I think is very, very unfair though is that when a buyer buys from someone who is not using BOBpay (eg: myself) they get a red ink message on their order email stating "Be very wary of sellers not using BOBpay" (or words to that effect.)

Now what gives BOB the right to say that? Why on earth is it more secure to pay BOB and not myself directly? If I were a fraud I bet you anything BOB wouldn't refund the money from their accounts, so what difference does it make in security. I do see a difference is ease of use, but not security, and I think it is very unfair to implant an idea of fraud in a buyers mind for no valid reason!

It makes it sound like we are being forced to use BOBpay...

 

Hi VictoryPuzzle,

 

The actual message to winning bidders read : Buyers are advised to proceed with extra caution if the seller requests payment other than through bobPay.

 

This message is in ALL winning notifications. Scammers are active on every website where trading is involved and rather than pretending it does not happen, we try and assist users not to loose their hard earned money by "educating" them on safe internet trading. Money paid into BobPay has to be requested with a pay-out request from the seller and security measures are taken before the money is paid out.

 

Clearly this a much safer way for people to pay over their hard earned money than to deposit it into the sellers own bank account. This does not mean that every no rating seller is considered a scammer, but as I said, fraud is thriving on the web and we would rather be proactive about it. Apologies if the message offends you, but there is a need for it.

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