With the variety of gold buyers available on the internet, you might be questioning who you should choose to do business with. The truth is, there are vast differences between the various online gold buyers.
First off, is it a legitimate business or an online scam?
The vast majority of online gold buyers are legitimate businesses, most of which are licensed in their respective states. For example, NowGold.com is a licensed second hand precious metals dealer in the state of Florida. Only use a licensed precious metal dealer and you’ll always have the law on your side.
Another way to tell if an online gold buyer is legitimate is to do a Google search for their business name. If the company is rip-off, you’ll find out pretty quickly. When it comes to looking for feedback, no news is good news. Take a look at OnlineGoldScam.com to see community feedback on some well known web sites.
How Much Cash for Gold Will You Get?
Every online gold buyer tries to distinguish themselves by claiming to pay more, but the truth is, most cash for gold web sites pay just about the same as everybody else online. However, you’ll find that the online gold buyers consistently pay more than the local gold buyers. Because online gold buyers do a higher volume, they can afford to have tighter profit margins than the local pawn shop or jewelry store.
With that said, there are a few unscrupulous companies that will payout very low amounts. For 14K gold, considering all of the operating costs, the typical online gold buyer will pay anywhere from 45% to 65% of melt value. There are however, some places that will try to pay you as little as 20% of melt value.
At NowGold.com, we pay out on the high side. Our goal is to have satisfied customers giving us great feedback in the online community. You’ll find that by doing a Google search some companies have lots of complaints about low pay outs; you’ll want to stay away from them.
What about fraud or theft?
Fraud is really not a big problem in the industry for online gold buyers. When you are ready to sell your gold, just make sure you use a licensed dealer and you’ll probably be alright. Again, there are a few bad apples spoiling the bunch. You’ll want to do a little research on the company to make sure they do not have a history of ripping off their customers.
How Fast Will I Get Paid?
When it comes to the timeline for getting cash for gold, NowGold.com really does stand head and shoulders above the rest. Here is a comparison:
Print out a shipping label.
Pack up your items according to the instructions.
Drop off your gold at the nearest FedEx or Post Office.
We process your package and you can choose to have us make a direct deposit into your bank account the very same day.
A while back we made the decision to take our local gold buying business national using the internet. It became obvious pretty quickly that we would be in competition with the eight hundred pound gorilla cash4gold.com. At first, we aspired to be like cash4gold.com, but those hopes faded quickly. Once we found out the ugly truth about their business practices, we no longer looked to cash4gold.com for inspiration, but with disgust.
We’ve long understood the principle that if you treat somebody right, they’ll tell a friend, but if you treat somebody bad, they’ll tell 100 friends. As a point, we treat our customers fairly and honestly, with the respect they deserve.
At the time of this post, NowGold.com has an A+ rating with the Better Business Bureau, with ZERO complaints.
View NowGold.com BBB Rating
On the other hand, Cash4Gold.com maintains a B- rating, with 297 complaints.
View Cash4Gold’s BBB Rating
We found out the truth about this company’s business practices when ex-employee and whistle blower Michele Liberis published an article talking about the details of the operation. According to Liberis, cash4gold.com is using a lot of dirty underhanded tactics. Read the full article
The Low-Ball Payment Scam
According to Liberis, Cash4Gold.com will make low ball payments for your gold jewelry. When you call to complain, they will negotiate the lowest possible payment with you. She says that employees are paid bonuses based on how little they pay you!
At NowGold.com, we pay you a fair price for your gold. The price we pay is generated automatically based on the weight and purity of your gold and the current market conditions. Everybody gets paid the same rate and nobody gets a bonus for cheating the customer.
The Slow Check Scam
Like us, Cash4Gold.com offers a 10 Day Satisfaction Guarantee. However, that 10 days starts from the date on the check. Liberis claims the company will intentionally hold checks for many days in order to cut into your guarantee period.
We don’t play games with your money. Our policy is to process the gold and send out your payment the very same day we receive your shipment.
The Lost Package Game
Liberis tells us that Cash4Gold.com will pretend to have lost your package and underpay you for the insurance claim. On the other hand, NowGold.com has not lost a package yet.
Bottom line, NowGold.com is not like Cash4Gold.com. We pride ourselves on treating our fairly and honestly. Our great BBB rating and customer testimonials say it all!
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