The Devil's in the Details #4: Beware the Money Order!

(An expression of the concept that many things seem straightforward on the surface, but difficulties, problems, and obstacles are later discovered while trying to implement or execute a task or plan)

It goes without saying that the online auction has had a significant impact on the collectibles marketplace (Which begs the question "Why did I say it?" But I digress...). Not only has it allowed greater access to new and older product alike, while also broadening the scope of available product, it has fostered a new breed of business person: the part-time entrepreneur. This is the individual hobbyist who, from the comfort of their own home, is able to peddle their wares on whatever scope they wish (single item to an ongoing rotation of seemingly endless items) in an attempt to either put a little coin in their pocket or even supplement their income. I would estimate that these individuals comprise the majority of sellers on auction sites such as eBay and the like.

I, like many others, have an affinity for the online auction. Not only are they entertaining for me (viewing all the unique items available, the rush of a last minute bidding war), they have also been a source of some fantastic buys at obscenely low prices. That being said, the latter must be qualified! The age old saying "If it seems too good to be true, it probably is" applies here. If you think I'm about to launch into a tirade about shipping costs you're mistaken, although are right to recognize the importance of checking this out! No folks, I'm going for something that people oftentimes overlook in their assessment of a price. I'm taking payment method, specifically the money order.

Picture this: you're perusing a page of auctions with less than five minutes left on them until closing when card X catches your eye. Knowing this card books for approximately $10 you're surprised to see no bids on it. Aha! Must be a nasty shipping and handling charge on it! But you check the description and note that it’s only $1.50. So for a minimum bid of 0.99 cents plus the $1.50 ($2.49 total) you can get this sweet card for a quarter of book price. You make that minimum bid and 2 minutes later you've won it! Being the prompt buyer you are you immediately go to pay it through Pay Pal, except......there's no option to pay this way. This seller only accepts money orders! The value of your deal just decreased. How much is going to depend on where you are, where the seller is and where you're getting the money order from.

Generally, no matter where you live, there are 2 main places you can get a money order: a post office or a bank. Now, these places charge a fee on top of the payment amount for money orders. If you get your money order from a bank in either Canada or the US you're looking at a fee of anywhere from $5 to $10 for the money order. Even at the low end your $2.49 bargain has just gone up to $7.49. So how about the post office? If you're in the US, you're in luck as the fee for a domestic money order is only $1.10 while an international one is about $1.50. Us Canucks, not so lucky with Canada Post charging $4.95 for North America, $5.50 for the UK and $6.00 for anywhere else. Not such a bargain anymore is it?

Are there other options? Well, there is the Western Union/Money Mart option but they have their hang ups also. The fee is one, albeit comparable to what a US Post money order costs at around $1.50ish a pop. Here’s the problem in the Great White North, however: they no longer sell US Money Orders in Canada! This poses a problem for those buying from someone in the US, as if they are asking for a money order they are likely to insist on it being a US money order if you're buying from Canada.

On top of the money and access issues is the fact that getting a money order in and of itself is just inconvenient! Where with Pay Pal you simply click, log on, specify payment and click again, getting the money order involves leaving the house, tracking down a place to buy it, waiting in line, coming home, mailing it off to the seller and waiting for them to receive the payment before they even send the item off. This is assuming of course that nothing happens in the mail causing it not to arrive. Bottom line, in todays automated lifestyles the money order moves at an antiquated speed!

Take all this together and here's what you've got:

The Devil in this detail: Money orders are a more expensive and inconvenient way of paying when you’ve won an online auction. Always check the seller’s preferred payment method before bidding or that deal you thought you had might cost a lot more than you thought!.


Shawn Gates
[email protected]
Twitter: ShawnHockeybuzz
Facebook: Shawn Gates
BBM: 311A4F7D

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