Keiser University Flagship Campus professor Timothy Gilbert recently sat down with WPTV anchor Ashleigh Walters to share insight for an NBC sweeps week story titled “Trade, Barter and Swap: A Modern Look At An Old Option.”

While sharing that both goods and services can be bartered, Gilbert, a professor of business stated, ‘There’s a tremendous amount of opportunity that can be done through bartering.” He also advised viewers to ensure they protect themselves in a number of ways while conducting such transactions. His advice included:

  • Do not sell to or buy from any person outside your area
  • Do not take a cashier’s check or a money order
  • Ask for proof of identification and verify it is real
  • Require a formal, signed Bill of Sale
  • Have a Notary validate the person’s signature
  • Use PayPal or similar payment system to guarantee the funds are there
  • Never accept payment in excess of the purchase price.  A major red flag is if they want the excess sent to a third party
  • If possible, investigate the person on the other end of the exchange.  Verify the address, verify the bank is legitimate, and contact the bank to verify the account is registered to the same party and if the bank has had issues with the customer in the past.  Even if the bank does not cooperate completely, it may be interested to know the customer is doing business from a private account.
  • As for references if the person has done business in the past.  Call the references.  Look for reviews on eBay.
  • Have a knowledgeable expert appraise your item for value if you do not know what it is worth.  Do not take less than what it’s worth unless you need to make a quick sale.
  • Ask for proof of purchase to verify the person actually owns the item.
  • Beware of giving your mobile number and other personal information within an advertisement, and even once you’ve started to get to know the person you might trade.  If a person can track down where you live, while they know details of the expensive item you own, you could be setting yourself up to be a victim.  Gilbert suggests you turn off the location tracking settings on your cell phone if you give the number to a potential barter.
  • Be aware of tax considerations.
  • Verify serial numbers on items to make sure they’re not stolen.  Local law enforcement agencies should be able to assist in the process. Criminals will appeal to your greed.  “A $500 TV from Best Buy and I’m going to give it to you for $200.  Wow, that’s a deal.  So, where did you get the TV from?” Gilbert said.
  • Think about warranties.  If you trade or buy something from a person on Craiglist, there is no warranty.  If you purchase it from the store, it should come with a warranty.  In some cases, Gilbert says it’s worth it to purchase from a store versus a person you don’t know.

Keiser University experts regularly share their expertise with the media, and their ability and willingness to comment on a variety of meaningful subjects serves as a valuable community resource.

To review the entire segment, please click here.

Timothy Gilbert NBC May 2016