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Payment options by numismatic/precious metal dealers
logger7
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I've had major companies like Rarcoa just want a copy of a canceled check and they then wire or ach funds rather than a check. Another company was looking to get set up for this. Are there many challenges outside of paypal to send or receive funds while minimizing the risk of fraud?
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Deal with reputable companies, and you shouldn't have any problems.
What is now proved was once only imagined. - William Blake
Never heard of this before. Thanks for the information !!!
I would not do this... even reputable companies have people who will commit criminal trespasses....embezzlement, theft etc., are common. Cheers, RickO
e-Check payments have been around for a long time. Gas & Electric, telephone companies, etc. would get direct payment even before the rise of the internet. You have fraud protection from most reputable banks and companies. I hardly ever write checks. Great Collections, Heritage, Stack's etc. all get paid by me by e-check these days as do my credit card companies, utilities, insurance company, etc.
That said, if you are paranoid, they can not get more money than the balance in the account. It is not a credit charge but an electronic check. So, the easiest/safest solution is to simply set up a separate checking account that you use only for e-check payments and control the balance.
All comments reflect the opinion of the author, even when irrefutably accurate.
I'm not sure what you mean about "challenges outside of paypal".
See my response to ricko with regard to fraud. It's a cash transfer, so you can limit the exposure by limiting the balance. You might also check with your bank for their fraud protection policies.
Electronic transfers have existed forever. Paranoia is not warranted (in my opinion) as it is as safe as a paper check. The paper check has the bank routing number and account number on it. Anyone with a paper check could create an e-check.
All comments reflect the opinion of the author, even when irrefutably accurate.
You better not send a paper check either, then, since a paper check allows them (if they are criminals) to generate an electronic transfer themselves.
All comments reflect the opinion of the author, even when irrefutably accurate.
An e-check is very different then sending someone a 'copy' of a cancelled check. Five minutes with photoshop and it becomes a real check with your complete signature on it. I'm not saying that this company is doing that but there are many other payment options available that are better choices.
Joe
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