Facebook Marketplace allows users to buy and sell items directly through Facebook. It provides a convenient platform for individuals and small businesses to reach a wide audience. Once an item is sold on Marketplace, receiving payment can be done in a few different ways. This article will explain the payment options, fees, and process for getting paid on Facebook Marketplace.
Payment Methods
There are three main ways buyers can pay sellers on Facebook Marketplace:
Facebook Pay
Facebook Pay is the preferred payment method for Marketplace transactions. It allows for fast and secure payments directly through Facebook, without any additional fees.
To use Facebook Pay, buyers and sellers both need a Facebook account and Facebook Pay set up. The buyer initiates the payment which gets deposited into the seller’s Facebook Pay account balance. Sellers can then transfer the money to their bank account.
Facebook Pay keeps all financial information private. Buyers don’t see the seller’s banking or credit card details.
Cash
For in-person transactions, paying in cash is a simple option. Once buyer and seller meet to exchange the item, the buyer hands over cash payment.
Cash transactions don’t incur any fees. They also provide more anonymity compared to electronic payments that require financial account information. However, cash payments pose some risks related to carrying large amounts of cash. Meetups should happen in public, busy locations for safety.
Other Electronic Payments
Although not built into Marketplace, buyers and sellers can agree to use other electronic payment apps and services. Common options include:
- PayPal
- Venmo
- Zelle
- CashApp
- Apple Pay
- Google Pay
These may involve small transfer fees but are convenient for long distance transactions. Both parties should verify they have accounts set up before finalizing the sale.
Facebook Marketplace Fees
Facebook does not charge any fees for purchases made through Facebook Pay. It’s a free payment processing system.
However, the other electronic payment apps often charge a small per transaction fee. For example:
- PayPal charges 2.9% plus $0.30 per transaction
- Venmo charges 1.9% plus $0.10 for instant transfer to bank account
These fees get deducted from the amount the seller receives. Make sure to account for these when negotiating price with buyers.
There are no Facebook Marketplace fees for local cash transactions.
How To Receive Payment
Here are step-by-step instructions for getting paid for items sold on Facebook Marketplace:
Facebook Pay
1. Buyer sends a payment request through Facebook Pay.
2. Seller receives a notification and confirms the payment request.
3. Facebook processes the payment, depositing funds in the seller’s Facebook Pay account.
4. Seller transfers money from Facebook Pay balance to their bank account within 1-3 business days.
Cash Payment
1. Buyer and seller agree on a public meetup location.
2. Buyer brings cash in agreed upon amount.
3. Seller gives the item to buyer and receives cash payment.
4. Seller counts cash to confirm full payment amount.
Other Electronic Payments
The exact steps will vary by app or service. But the general process is:
1. Buyer initiates payment through the agreed upon app.
2. Seller receives notification and confirms receipt.
3. Funds deposit into the seller’s account with the app.
4. Seller transfers funds from that account to their bank account.
Be sure you understand the specific procedures for your payment app before finalizing the transaction.
Payment Best Practices
Here are some tips for seamlessly receiving payment for Marketplace sales:
– Communicate with buyer ahead of time to confirm payment method and details. Don’t assume.
– Double check spelling of names/accounts when sending or receiving funds.
– Transfer electronic payments to bank account quickly to avoid any holds.
– Meet cash buyers in a safe, public place like a bank lobby.
– Count cash payment before handing over the item.
– Bring a friend when meeting unfamiliar buyers for extra safety.
– Keep records of payment confirmations and buyer information.
– Follow up if payment is not received as expected.
Troubleshooting Issues
Although most transactions go smoothly, here are some remedies for potential payment problems:
– If payment transfer is taking longer than expected, check for typos or errors in account details entered.
– Contact the buyer and firmly request payment if it has not been sent as agreed.
– Use Marketplace Resolution Center to report issue and get support if buyer is unresponsive.
– Meet again in public place to return item and receive cash payment if electronic transfer fails.
– If scammed, report buyer to Facebook and authorities; document evidence. But expect to lose funds.
– Consult bank/payment app about failed or fraudulent transactions and recovery options.
Conclusion
Facebook Marketplace makes selling items online quick and convenient. Getting paid securely shouldn’t be a hassle with various options like Facebook Pay, cash, and other electronic payments. Focus on agreeing on payment method upfront with buyer, confirming receipt before delivering item, and transferring funds from payment app to bank swiftly. Follow best practices, and act promptly if any issues come up. With a few precautions, you can successfully use Marketplace to exchange your items for cash.