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Buying Silver and Gold Online With Paypal

July 23, 2014 2 Comments

With the advent of online shopping, the manner in which consumers traditionally shop has fundamentally shifted – if not changed completely. Instead of getting in their car and driving down to the mall or even the grocery store, consumers are overwhelmingly choosing to shop from the comfort of their own homes. In years past this meant sacrificing 3-5 days (and sometimes longer) before your purchases would show up at your door. However, with companies pushing the envelope and operations getting streamlined, you can regularly receive your orders 1-2 days after you purchase them. None of this would be possible though without the rise of online payments. The proliferation of credit cards has fueled the online shopping trend and companies have sprouted up to piggy-back off of online credit card payments. The most notable and reputable of this bunch would be Paypal.

Our fastest-growing payment method usage in the past couple of years has clearly been Paypal. People are in a big way choosing to buy gold and silver online with Paypal. And because of the added security features for both the consumer AND the merchant, we encourage it.

Paypal Infographic

Where to Buy Gold and Silver With Paypal

Investing in gold and silver has never been easier, and with many consumers choosing to purchase physical precious metals instead of paper, gold and silver bullion dealers are popping up left and right. When it comes time to buy your metals, make sure to do the research about the company you are purchasing from. Although many dealers accept various forms of electronic payment (credit card, Paypal, e-check), the wise shopper would do well to check with the Better Business Bureau, research dealer reviews, and weigh how long that particular dealer has been in business.

When you purchase gold and silver with Paypal from Golden Eagle Coins, you are getting the added protection that Paypal provides you, exceptional transaction and processing speed (we ship Paypal orders within 2 business days), as well as our 40 years of industry experience (how many companies have been in business that long?).

Keep Your Personal Information Protected

You can link your Paypal account to any major credit card or directly to your bank account. But when you place an order on a website and pay with Paypal, your personal information is protected and kept private from the merchant. The merchant cannot see your credit card number or your bank account number. This is different than paying a merchant with your credit card. When you pay for an order with your credit card straight up, you have to type in your credit card number on the merchant’s site which has 2 stages of vulnerability: 1. If the site is not encrypted, hackers can pull your credit card number through transmission. 2. Your credit card number is now stored on the merchant’s website. If they are not using PCI-compliant software, then your credit card number could possibly be hacked on their end. By using Paypal you minimize your risk of your information leaking out.

Speedy and Secure Transactions

Back when precious metals first became available to be purchased online, personal checks were the only method of payment accepted. By placing your check in the mail, orders frequently took long periods of time before they were shipped out. In addition to the long processing time, dealers had no method of “locking in” the customer’s gold or silver price so they often added higher premiums to make up for the possible movement in the price of the metals during the mailing period.

Conversely, Paypal transactions happen immediately and securely. Once you send a Paypal payment for your gold or silver, the merchant receives that payment within seconds and can begin to process your order. This means that your precious metals will be shipped faster than if you ordered with a personal check.

When purchasing silver online with Paypal, another advantage is the ability to use Paypal’s one-click checkout. If you already have a Paypal account, you can login directly and have your address preloaded so that checkout will be a breeze.

Paypal Buyer Protection

Yet another advantage of buying gold and silver with Paypal is Paypal’s Purchase Protection. Because Paypal has stringent address verification processes, Paypal can offer a better protection program than most credit card companies. This Purchase Protection program protects buyers from fraudulent merchants who don’t complete their end of the purchase. If your online gold and silver dealer fails to ship you your item, or ships you an incorrect item, Paypal’s Purchase Protection allows you to receive full reimbursement of your funds.

Paypal Buyer Protection

Because of the buyer protection as well as the fact that merchant’s can see if a buyer has a verified address, Paypal is quickly becoming the payment method of choice when buying gold and silver online.

Paypal Transaction Fees For Gold and Silver Purchases

Paypal does not charge buyers any fee for purchasing gold or silver or anything online, but they do charge a transaction fee to the person or party that is selling the goods. In the case of buying silver online, Paypal charges the bullion dealer a roughly 3% fee. And since the markup on gold and silver is so little, often times only 2-3%, merchants would actually lose money if they were to absorb the Paypal fees.

Because of this, almost all online silver and gold dealers pass the Paypal fee on to the buyer of the metals. This is similar to credit/debit card purchases of gold and silver where the dealer passes the charge on to the customer. However, if you prefer the speed, convenience and security that Paypal offers, many people consider the fee to be worth it.

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Comments (2)

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  1. Dennis Kelley says:

    I stil do not understand how paypal works or how to get strated.Also what protecs you or your presonal infromation??

    • Chris B says:

      When you pay online with just your credit card, you have to send your credit card number and all of your billing information to that website. When you pay with Paypal, none of that information is viewable by the merchant. This way, the merchant never has your credit card number.

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