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Nickelless
Administrator
USA
5580 Posts |
 Posted - 05/30/2008 : 03:03:13
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Just wondering, are purchases using a Visa, Mastercard, etc., for less than $1,000 subject to any sort of regulatory "review" by federal authorities? I plan to start purchasing from APMEX as it looks like a more reliable source than eBay, and while I prefer the relative anonymity of eBay, I'm a bit curious to know if using my Capital One Mastercard for weekly silver purchases on APMEX (paying off the purchases via my checking account as I make them) will show up on any federal radars. I'm just a small buyer as far as precious metals goes, but the rest of you here also have a healthy dose of suspicion about the gubmint. Will federal brownshirts come knocking on my door to ask me why I'm charging $500 a week on my Mastercard with purchases from APMEX?
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Neckro
1000+ Penny Miser Member
Saudi Arabia
2080 Posts |
Posted - 05/30/2008 : 05:37:54
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So far I've bought several thousands worth of coins and bars from them, Never got any questionable responses from them.
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Trolling is an art. |
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NotABigDeal
1000+ Penny Miser Member
USA
3890 Posts |
Posted - 05/30/2008 : 06:38:44
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I buy mostly local. Always with cash. Safest way, but I have not heard anything bad about APMEX. $500 a week is relative small in the "Brown Shirts" eyes. I say do it.
Deal |
Live free or die.
Plain and simple.
"If you love wealth more than liberty, the tranquility of servitude better than the animating contest of freedom, depart from us in peace. We ask not your council or your arms. Crouch down and lick the hand that feeds you. May your chains rest lightly upon you and may posterity forget that you were our countrymen."
- Samuel Adams |
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Ardent Listener
Administrator
USA
4841 Posts |
Posted - 05/30/2008 : 07:32:24
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| Me too, it's cash and carry when I buy. I can get better deals local than I see online. Still, I would worry more about a default of such sellers more than the goverment in such transactions. |
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Think positive. |
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natsb88
Administrator
USA
1850 Posts |
Posted - 05/30/2008 : 08:07:25
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| Most of my metals have come from eBay, but my parents have ordered from APMEX. Actually got some really cool stuff buying the "generic 999 silver." Be aware though that you'll pay an extra 3% if you pay with a credit card. When you go through the check-out the shipping cost is dependent upon your payment method, and credit card shipping is 3% of your order total higher than check/money order shipping. |
Nate
The Copper Cave
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tmaring
Penny Collector Member
USA
302 Posts |
Posted - 05/30/2008 : 09:52:22
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quote:
Originally posted by natsb88
... Be aware though that you'll pay an extra 3% if you pay with a credit card...
... which sounds bad, but if you have ever set up a merchant account to accept credit cards then you know that the merchant gets hit that percentage (or more) for accepting the card. So they're not ripping you, they're just charging the going rate for the service. That doesn't mean you have to LIKE it... just so you understand why. Each credit card company is different. If you want to accept American Express, be prepared to pay TEN PERCENT for the freakin' priveledge! That's why very few places accept them.... only the ones with a high enough margin to absorb that percentage.
And also... you're aware that if your card gets stolen the card ompany will reimburse your account for fraudulent purchases. But you may not be aware that the card company DOES NOT PAY for that... it comes out of the pocket of the merchant. This is why I no longer accept credit cards, I was hit by a stolen card scam, and as the merchant I had to eat an ounce of gold. The scammer got the gold, the person who had their number stolen got reimbursed,THE COMPANY MADE THEIR PERCENTAGE and I took the hit. Consider that in this scenario there is NO INCENTIVE WHATSOEVER for the card company to be diligent in monitoring the authenticity of cards. THEY approved the card before I shipped the gold!
I still use credit cards... almost impossible to get a motel or plane ticket without one... but I no longer accept them. |
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misteroman
Administrator
USA
2565 Posts |
Posted - 05/30/2008 : 10:49:48
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| I wouldn't take C.C at the pizzeria either.With the sales I was doing it would've been about $6-700 a month.You know how many pizzas you have to make to PROFIT that much money?Even if you lost a $50 everyday you would still be better off.I bet I only lost 2 or 3 orders a week and they weren't $50 either.If you have a good pizza they will come and pay cash.That's what I told everyone. |
Buying CU cents!!!! Paying 1.2 unlimited amounts wanted. Can pick up if near Ohio area. |
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natsb88
Administrator
USA
1850 Posts |
Posted - 05/30/2008 : 10:52:04
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quote:
...which sounds bad, but if you have ever set up a merchant account to accept credit cards then you know that the merchant gets hit that percentage (or more) for accepting the card. So they're not ripping you...
Yep, I've had a merchant account for a couple years. Costs me $30 a month, plus $0.35 + 2.9% per transaction. I barely do enough business to make it worthwhile and I'd love to close it out, but I still have backorders to fill and it's just so darn convenient. Maybe I'll offer a 3% discount for customers paying with money orders (or metal)... |
Nate
The Copper Cave
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tmaring
Penny Collector Member
USA
302 Posts |
Posted - 05/30/2008 : 15:11:19
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quote:
Originally posted by natsb88..... I barely do enough business to make it worthwhile and I'd love to close it out, but I still have backorders to fill and it's just so darn convenient. Maybe I'll offer a 3% discount for customers paying with money orders (or metal)...
Great idea! Offering a discount for cash is one way I have seen people deal with the issue. But I still have not seen anything on dealing with fraud. I think you just have to be hardnosed about some things...
Call in every card unless the seller is known to you. Set your online store security settings at their highest level.
Shipping ONLY to the address registered to the card (may be difficult to get this).
Absolutely NO gift shipments
Get the CCV number
Absolutely no shipping to Spain, Africa, or Asia
Absolutely NO overnight shipping.
Watch out for people ordering a large amount of expensive items and asking you to FedEx it because they "really need that item". (How bad can you need a coin for crying out loud???) Be especially on your guard if they agree instantly to an increase in price.
If all of this sounds like a pain in the patoot... IT IS! And genuine customers get miffed over the high security level because sometimes their cards are rejected. But getting scammed is worse! |
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natsb88
Administrator
USA
1850 Posts |
Posted - 05/30/2008 : 17:57:43
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| I don't ship to Africa and most of Asia (have a customer or two in Japan), but what's the problem with Spain? First time I've heard Spain mentioned as a problem area... |
Nate
The Copper Cave
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tmaring
Penny Collector Member
USA
302 Posts |
Posted - 05/30/2008 : 22:34:21
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| I had an attempted scam run on me that was asking for shipment to Spain. I heard from others that there is a lot of scamming originating there. You're right about Japan... I was thinking in terms of Singapore, Phillipines, Thailand, Maylasia etc. Those were the guys that "got" me before I wised up. |
Edited by - tmaring on 05/30/2008 22:36:21 |
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JSutter
Penny Pincher Member
214 Posts |
Posted - 05/31/2008 : 16:53:05
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Will federal brownshirts come knocking on my door
Those are the UPS guys, calm down. |
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Cody8404
Penny Hoarding Member
USA
602 Posts |
Posted - 05/31/2008 : 17:53:52
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| I wonder just how much they really do track what each of us does. They are able to track every credit card transaction and keep them forever. I wonder if they really do look them over, or is it just for the crazy people who they are afraid might be terrorists like you know, Christians, Republicans, Strait White Males, people who use cash, people who vote, or anyone outside of thier circle. |
Awake, O kings of the earth! Come ye, O, come ye, with your gold and your silver, to the help of my people, to the house of the daughters of Zion, to the help of the people of the God of this Land even Jesus Christ. |
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Nickelless
Administrator
USA
5580 Posts |
Posted - 05/31/2008 : 18:26:42
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quote:
Originally posted by Cody8404
I wonder just how much they really do track what each of us does. They are able to track every credit card transaction and keep them forever. I wonder if they really do look them over, or is it just for the crazy people who they are afraid might be terrorists like you know, Christians, Republicans, Strait White Males, people who use cash, people who vote, or anyone outside of thier circle.
No, we're not paranoid...people really ARE out to get us!  |
Visit my new preparedness site: Preparedness.cc/SurvivalPrep.net
--Latest article: Stocking up on spices to keep food preps lively
---------------
Be prepared...and prepared to help: http://www.survivalblog.com/charity.html
Are you ready spiritually for hard times? http://www.jesusfreak.com/rapture.asp |
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Using credit cards to pay for APMEX orders
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