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credit card vs. bank wire - safety question

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munch

Rough_Rock
Joined
May 5, 2003
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2
I know that many vendors offer a discount for bank wire payment vs. credit card payment. Are there any safety concerns with doing a bank wire? I''d like to save the money by paying via bank wire but am concerned about any safety issues. Please let me know your experiences. Thanks!
 

jlim

Shiny_Rock
Joined
Apr 29, 2003
Messages
250
With credit card, you get some protection if you cannot resolve any problems you have with the vendor.

With bankwire, it is as good as gone. So, make sure you trust the vendor.

The reason for the discount (I think you asked the question in another thread) is because the vendors do not have to pay a service fee to the credit card company. I believe Visa/MC are around 2%. AMEX charges more. That's why you do not see too many stores (not just here) accepting AMEX.
 

pqcollectibles

Ideal_Rock
Joined
Feb 22, 2003
Messages
3,441
Jlim is right. The vendors pay a fee, sometimes as much as 3.5%, to the CC companies. That is why they offer a discount for cash transactions.

From the many posts I've seen here, if you deal with one of the biggie PS vendors (White Flash, Good Old Gold, Superb Cert, USA Certed, Nice Ice, etc.) you won't have a problem getting a refund. I previewed 2 diamonds from White Flash, which meant paying for both up front. Once I selected the one I wanted and shipped the other one back, White Flash promptly refunded the purchase price of the second diamond. Just be sure to check the return time period the vendor allows prior to purchase.

Another way to go is use a vendor that will ship directly to David Atlas for independent evaluation and appraisal prior to you having to pay. Mr. Atlas reports directly to you can decide if you want to proceed with the purchase.

 

jlim

Shiny_Rock
Joined
Apr 29, 2003
Messages
250
diamondexpert/gary - But a cheapskate like me would say you are charging the CC fee right into the cash price as well
Just another way of looking at things.

Don't mean to give you a hard time but someone is bound to say it.
 

barry

Shiny_Rock
Joined
Mar 21, 2001
Messages
441
Ditto that, Garry;

SuperbCert has one and the same price for
CC or Bank Wire. We pick up the CC fees.
You choose which is most
comfortable for you.

Barry
www.superbcert.com
 

munch

Rough_Rock
Joined
May 5, 2003
Messages
2
Thanks PQ and Jlim! So has anyone had a negative experience with bank wiring money to a vendor?
 

NJDave

Rough_Rock
Joined
Mar 20, 2003
Messages
2
Munch,

I too was rather leery of doing a wire transfer for the diamond, but after much consideration, I opted to wire money to Robin & Todd at NiceIce.com and I couldn't be happier with the buying process or the results. Robin & Todd kept me informed during every step of the process and made me feel totally at ease even though it was a rather large purchase.

I don't believe that you have anything to worry about as long as you do your research in advance, not only on the diamond, but also on the company you buy from. In the end, I'm happy I purchased from NiceIce, and I'm happy I opted to do the wire transfer...every penny counts.

Just my two cents,
Dave
 

dimonbob

Brilliant_Rock
Trade
Joined
Dec 12, 2000
Messages
670
munch
Most of the internet vendors here on pricescope have been around for at least as long as pricescope. We depend on good recommendations here on this site and a couple of others. If any of us cheats a customer, the whole world will know and that company would go down the tubes.
Your bank has a record of the wire transfer and they know when your money hits the receiving bank. You should notify the vendor when you have completed your wire transfer on your end and they should call or e-mail you as soon as they have it which is usually less than 2 hours. As far as taking your money and running, that won't happen. You would not be the only one after the runner. We would join you because that persons actions would reflect on all of us and have a negative effect on all of us.
 

MarLinda

Rough_Rock
Joined
Apr 22, 2003
Messages
12
I went on your site this weekend and had a problem gaining access. I'll try again.
 

DiamondExpert

Brilliant_Rock
Joined
Jan 15, 2003
Messages
1,245
Jlim, we do NOT jack up normal cash prices so we can charge the same for both CC and cash transactions...we do exactly as I said, we EAT the CC charges...


Another thing consumers need to be aware of - the incidence of CC theft, not to mention identity theft, is tremendous! As a consumer you are protected from any loss by your CC company and this is good and why I, when I am a consumer, like to use my CC. HOWEVER, we vendors are totally unprotected from CC fraud...TOTALLY! We must exercise a certain level of vigilance in accepting them, sometimes at the inconvenience of the client.

Diamonbob has a good point...we vendors who hang out on this and other forums, and have done so even before PriceScope started, would be INSANE not to be straight forward with our clients. Just think of the vast $$ we have invested in education, and building our businesses...it would take only ONE negative incident to reduce the entire thing to rubble...it's not like we are working for some large Co. and don't give a damn...in most cases we have personally "hand built" or are an intimate and major feature of the businesses we represent.

Client caution is good and one always has to protect one's interests...after all substantial sums are involved...educate yourself...knowledge is power...


Now...what was the question??
Oh, ya...it's about wire transfers...wire transfers are good! As a vendor or sender, I have never had a bad wire transfer, but fraud with bank checks is becoming more common! Bank checks we now treat only as we would a personal check - wait long and look hard!
 

Abazias

Rough_Rock
Joined
Nov 19, 2002
Messages
46
If you are still weary of wiring the money and want the added security of placing the purchase on your credit card, you would initially put the full amount on your credit card. After you decide to keep the diamond, you could wire the money to the internet company and they will cancel the credit card charge. You will save the credit card charge; up to 3.5% of the total purchase

Hope this helps!
Felicia
 

Caratz

Shiny_Rock
Joined
Jun 4, 2002
Messages
222
The risk that you run with a wire transfer is that the recipient might not be a legitimate business, and might take the money and run.

That's not an issue for established businesses with established reputations.
 
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