Due to the advancement of modern technology, many of the products we had to purchase at a store are now readily available through online retail sites. Precious metals, specifically silver, are not exempt to this technological advancement and are now able to be purchased, in any quantity, from the comfort of your own home.
Where to Buy Silver with PayPal
For customers looking to make an online silver purchase using PayPal, read our review of JMBullion.com - the only major online dealer who accepts PayPal payments.
Investing in silver has never been easier, and with more and more people turning to investments in physical metals, an increasing number of online gold and silver dealers are being created all the time. Retail purchases as we know them are changing, and so too are the methods of paying for these sales.
One of the newest, easiest ways of paying for a silver purchase online is through the world’s most popular e-wallet, PayPal. In the following few sections we will discuss why PayPal is a good way of paying for purchases of bullion online and how it works to protect your personal information while simultaneously allowing you to complete transactions with impressive speed.
Protect Your Personal Information
PayPal works by seamlessly linking your bank account to the seller of a product all without relinquishing any of your personal information to the seller. This service is known as an e-wallet because you can literally fund your PayPal account and retain this money safely and securely for as long as you would like, much like an actual wallet. In this digital age, online shoppers are urged to be careful when giving out personal banking information, and because of this are constantly looking for the safest ways of transferring money online.
Because PayPal does not give out your banking information when you are completing a transaction, you can be rest-assured that your privacy and information is just as safe after a silver bullion purchase online as it was beforehand.
Faster and Safer Transactions
When the purchase of precious metals online first came into existence, the primary way of paying for your purchase was by mailing a personal check. This was a secure way of paying for your silver, though sending a letter in the mail could take up to a week or longer to be received, and once the check arrived it could take any number of days before it is processed and approved.
PayPal transactions, on the other hand, happen immediately, and only moments after you send money to the online retailer it is received and processed. This means that your silver bullion will be shipped out considerably quicker than a similar order that was paid for via paper check.
Another advantage of purchasing silver online with PayPal is the fact that existing PayPal users can take advantage of one-click checkout. Instead of making a new account with your online silver dealer, you can log in directly with your PayPal account, preload your shipping address in, and checkout immediately, without having to input billing/shipping details, credit card information, phone numbers, etc. This one-click checkout makes PayPal the most seamless payment method online.
Another advantage PayPal offers over paper check or bank wire payments is the fact that PayPal customers can take advantage of “Buyer Protection“, which protects customers from fraudulent merchants. If the online silver retailer you choose fails to ship the correct merchandise, or fails to ship anything at all, you can utilize Buyer Protection to receive a full reimbursement of your funds. This is similar to the protection that credit/debit cards offer to gold and silver customers.
Because PayPal is both safer and faster than other conventional methods of making payments online, it is becoming the most popular choice for those buying silver online.
PayPal Fees for Silver Purchases
Although PayPal will never charge you a penny for making an online purchase using their service, that doesn’t mean you will avoid fees entirely. In the precious metals markets, retail premiums are so razor-thin that retailers would actually lose money if they absorbed the PayPal fees themselves (PayPal typically charges 3-4% to the seller for accepting the payment type).
As a result of this, most online retailers in the silver market who accept PayPal are forced to pass these fees on in the form of a 4% transaction fee. This works the same as credit/debit card payments for silver purchases, where the retailer is forced to pass this on to the customer. If customers prefer the speed and convenience of PayPal, 4% may be worth it.