You’ve reached the end of the boat-selling process, and it’s time to get paid. Unfortunately, traditional methods of payment are risky, slow, expensive, inconvenient, or all of the above.
Let’s navigate the rough seas of boat payment methods and show you an option that gets you paid securely and quickly.
Bank wire transfers provide a high degree of security and finality. When you receive a wire transfer, the funds are yours—no chargebacks, no disputes. This peace of mind is why wired funds are frequently accepted for boats.
Even though they’re safer and more convenient than checks and cash, wire transfers still have the following points of friction:
The most secure method for receiving a wire transfer is to confirm the buyer’s identity and meet them at their bank early in the day to start the transfer. If you want to avoid transacting around banking hours and sharing sensitive information—but still want the finality and certainty of a bank wire—keep reading to learn about a better alternative.
Cashier’s checks are a fairly secure way to get paid for a boat. Even though they’re not foolproof (skilled forgers can create convincing fake bank checks), they’re safe if you confirm their authenticity. This type of check is backed by the bank’s funds instead of the buyer’s, so it can’t bounce.
To verify a cashier’s check and avoid forgeries, meet the buyer at their bank for confirmation and have the bank confirm the check’s validity.
Note: Credit unions and small regional banks often have transaction limits on cashier’s checks.
Just like wire transfers, you’re tied to banking hours and bank visits. If you’d rather avoid this inconvenience, we’ve got a solution that lets you receive the buyer’s money, anywhere, anytime.
Cash transactions are immediate, but for high-value boat sales, they’re tricky:
Cash might work for a small dinghy or a kayak, but for a $100k cabin cruiser, avoid the risk and inconvenience..
Unless you’re running a marina, you probably don’t have a card reader. And even if you do have one, mixing your personal boat sale with your company’s finances is a recipe for an accounting nightmare.
You could use a third-party processor such as Stripe, but brace yourself. Let’s crunch the numbers on your $50,000 pontoon boat:
Buyer pays: $50,000
Stripe takes: $1,450.30 (2.9% + $0.30)
Your take-home: $48,549.70
Are you willing to say goodbye to fifteen hundred dollars? We didn’t think so. Oh, and credit card companies become a legal nightmare if your counterparty gets buyer’s remorse and decides to dispute the transaction. You don’t want that stress in your life.
Peer-to-peer payment apps are great for splitting a restaurant bill, but not for getting paid for a boat. Here’s why they fall short for large transactions:
Let’s take a closer look at why these apps aren’t the way to go.
If the buyer has a verified account, they can send them up to $60,000 in one go. That’s great for a Scarab 21, but not so much for your luxury yacht. Oh, and don’t forget the fees!
PayPal’s 2.9% + $0.30 fee on a $60,000 boat? That’s a whopping $1,800. Plus, buyers can dispute transactions for 180 days.
Cash App caps out at $7,500 per transaction. That might cover a small sailboat, but not much else.
Venmo lets verified users send up to $4,999.99 per transaction. Good if you’re selling a used WaveRunner. For anything fancier, the buyer will need to pay you over multiple months.
Zelle’s limits vary, but they’re usually between $2,000 to $5,000 per day. At that rate, you’ll be retired before you finish getting paid for your boat.
Picture a payment solution that combines the best aspects of every method we’ve discussed—without any of their downsides. That’s why we’ve built DealNow, the ultimate transaction platform for high-value boat sales.
Say goodbye to delays, hassles, and data sharing—and hello to swift, secure funds in your account. DealNow gives you:
DealNow isn’t just another payment app—it’s a comprehensive solution for private boat sales. We keep you and the buyer safe throughout our step-by-step dealflow:
It’s that easy. Once you’ve experienced DealNow, you’ll wonder how you ever sold a boat any other way.
If you’re looking to sell your boat fast, price it competitively, clean it thoroughly, and list it on as many marketplaces as possible.
Once you’ve got a potential buyer, finish the deal with the fastest payment method out there: DealNow. We make it easy for both parties to sign up, verify identities, and link bank accounts. Once the buyer moves funds to their DealNow account, they can pay you instantly and you can finish the deal anytime, anywhere.
To avoid getting scammed when selling your boat, verify buyers, avoid personal checks and sketchy transactions, and never hand over the boat before confirming payment. Use DealNow for built-in security.
Boats depreciate fairly quickly. Expect an average of 10–15% depreciation in the first year, and 20–30% by the fifth year. Depreciation rates vary by the type of boat and depending on how well you maintain the boat.
For small transactions, cash is pretty safe and convenient (as long as you check for counterfeit bills). For larger sales, wired funds are secure but slow. DealNow offers the best of both worlds—instant transfers with bank-level security.
Traditional escrow services use a neutral escrow company and an escrow agent to hold funds. While this offers some protection, it’s slow, expensive, and vulnerable to scams.
DealNow provides a better solution:
With DealNow, you get the safety of escrow with modern speed and convenience.
Spring and early summer are the best times to sell a boat. As the weather warms, more people plan boat trips and water adventures. This increased interest leads to higher demand and potentially better prices for sellers.
The market typically slows down in late fall and winter in most regions, as fewer buyers are looking to make purchases during the off-season. However, in warmer climates, the selling season can extend through fall.
If you’re in a colder area, consider listing your boat in late winter. This gives potential buyers time to shop and complete the purchase just as the boating season begins.
You don’t need a separate receipt—a properly completed bill of sale (purchase agreement) serves this purpose. Include the date, boat buyer and seller details, boat information (make, model, year, HIN), purchase price, and condition. DealNow includes a comprehensive digital bill of sale, covering all bases for your boat transaction.
DealNow is the easiest way to close your own vehicle deal, anytime. It’s the safe and simple way to avoid fraud, sign documents, and instantly transact, all in one app.
