Most of us have made an eBay purchase at some point, or used sites like this to make a little spare cash after a good spring cleaning. But before you start hunting around for bargains or snapping photos to turn your trash into cash, have you thought about the money you’re throwing away on unnecessary fees? From listing fees to inflated shipping costs, there are a few common pitfalls associated with buying and selling online that you should be on the lookout for. With multiple online marketplaces, you should pick and choose to be sure that you’re getting the best deal.
Re-Stocking Fees
It’s not common anymore, but some online retailers will still charge a re-stocking fee if you return any items. This could be up to 20 percent of the purchase price, in an effort to discourage buyers from returning items. This fee is often tucked away into the fine print on a website, so be on the lookout when you read a store’s return policy.
Shipping Costs
You may have spotted a great deal online only to find out that its price nearly doubles when you get to the checkout portion of the site. Shipping costs can offset any savings you might have found, so take care that you’re getting a fair rate. Before you finish any transaction, be sure to check the estimated shipping fees so that you’re aware of what the final cost will be. Shop around to find online retailers who offer bulk rates or free shipping to save even more, and always check the return policy before you buy. Some retailers will make you pay shipping for returns.
Listing Fees
Most online marketplaces charge sellers some percentage of the sale or other type of fee. These will vary from site to site, so you’ll want to compare them carefully before you place a listing. Some sites, like Quicksales in Australia, don’t charge any listing fees so it’s definitely worth exploring your local alternatives to eBay to maximize your profits as a seller.
Identity Theft and Scams
Buyers and sellers alike need to be on the lookout for any emails or websites that seem fishy. Buyers should look for reputable retailers who use tools to encrypt user details. Avoid entering any personal information into a site unless you see assurance that it is encrypted, or you may end up falling prey to identity theft. Sellers should be on the lookout for scam emails from false buyers. Never provide any sensitive financial information over email, and report fishy correspondence to the listings site you’re using.
International Fees
Both buyers and sellers should be aware of the costs incurred by conducting transactions abroad. Global shopping allows you to interact with a wider selection of retailers and customers, but this can come at a cost due to differences in currency rates. Shoppers and sellers should be aware of duty fees when shipping abroad, as well as international transaction fees.
Buying and selling products online is a good way to snag an unbelievable deal or make some spare cash. It’s helpful to be on the lookout for unexpected fees such as these, in order to make sure you’re getting the most for your money.
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