Advice on payment issue...

Scott, I see no need for you to add any 'policies' to your site. You sold the piece to a guy and only received half the payment. Give him a dead-line for the rest of the funds, if not met refund first payment and move on.

Agree, just dont make it harder than it is.

The hope is he's being honest and you've been more than fair, thing is he's tied you up on this transaction for 6-8 weeks, that makes it hard to trust your buyer. I would simply give a absolute date for him to complete payment and explain that in business a transaction Must be FAIR to all partys invovled.
Now would it be fair for you to keep a tranaction fee since hes delayed your income and affecting bottom line?
 
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