Here is our second safety tip for buying and selling. This tip is all about the topic of cash only transactions when buying and selling goods in person whether you are the buyer or seller.
Large amounts of cash (only) in person
This is one of the biggest risks one can take as a buyer or seller, especially in South Africa. If you do decide on a cash only transaction you should take the necessary precautions. You should preferably meet in a public place or somewhere where the buyer and seller both feel comfortable, as was mentioned in our safety tip for buying selling number one which cover your safety in general. Our second tip concerns cash only transactions with large amount of money involved.
Another precaution you as the buyer and or seller should take is to have someone you know present when and if the transaction happens in person. This person should be well known to you and you should trust them with absolutely. Try asking a trustworthy friend or family member.
Quite a drastic precaution one can also take is to hire an armed body guard or personal security service. But be sure not to divulge too much information (like the exact amount of money) to such a person or company and be sure to do research on them beforehand if you’re making use of their services for the first time. If they really have to know the amount of money that will be exchanging hands so they can determine what level of security to provide to you, rather give a rough estimation.
Have you considered digital payments?
With the digital technology that is publicly available today, it’s far simpler and safer to make transactions with large amounts of money involved over the internet. The two parties can easily meet at a bank (more security) of their choice and make use of their internet banking kiosks. These are always free to use if you already have internet banking enabled on your account at that particular bank. A proof of payment can subsequently be printed out at the same kiosks and authorized (stamped) at the bank as even more official proof.
Safety people! Safety! No amount of money is worth sacrificing your life for. So please take the necessary precautions when dealing in large sums of cash.