[APPROVED] Traders buying/selling gold without sufficient stock/capital

Seems to be a common trend nowadays, that many traders/established websites* will buy/sell a large/any amount of gold, however, will delay payment until either A) they have a buyer for said gold, and or B) have sold some of their other stock, and can now safely make the required payment - and the inverse as required based on whether they are buying/selling (i.e, providing the customer said gold 24 hours after payment has been made).

As per my understanding, this is done to avoid/minimise any loss of capital via RWT bans.

It's unacceptable however, to enter into a trade, where the customer expects payment upon delivery, but they are then told they have to wait, until the circumstances better suit the buyer.

There should definitely be consequences for repeated offences, if not straight of the bat. It's unethical, and disingenuous.

I propose adding some official rule, that clearly outlines payment must be made upon delivery/gold must be delivered upon payment - This is once said payment has passed the relevant fraud checks and what not, that each trader/website has in place.

To clarify, traders/websites that inform customers BEFORE a trade takes place that there may be a delay etc, are okay - the customer can then decide how to proceed.

My post is in reference to those that do not.



*does not refer to everyone

 

Support, payment and gold delivery should be done within a reasonable time frame after delivery or purchase.

Especially if the payment method is instant (Cryptos) or after 1-2 confirmations for BTC.

Why can they advertise that they have gold for sale, take your money, and in some circumstances make you wait hours? Obviously this is NOT the case most of the time. But practices such as these shouldn't be allowed.

 

I can happily say I support this, seen many cases of drop shipping and actually done some myself for sites in the past. Although I have no problem with doing it in order to receive my payment, there are some cases of which you have to wait until all of your stock is sold before they send payments etc.
So if you had sold 100m and you had 200m for sale, 8 hours later you finally have someone to drop the other 100 to, you still have to wait for the whole amount to be sold.

 

I don't have any problem with people using suppliers; however, this needs to be established BEFORE payment is sent. Punishment should only be given to those who FAIL to INFORM their customers.

 

Support. I also believe this can be easily reportable - there won't be much discrepancy between the buyer and the seller; was the gold delivered on time? No? Valid report --> TWC. I hear too often that somebudy orders 200m and now has to wait to receive it because the seller did not want to hold that 200m on them. To me it seems like a TWC'able offense. Now, though, we need to figure out how much time is too much? Did the seller deliver it in 5 minutes? 20 minutes? 2 hours?

 

The companies that tend to have this issue usually have multiple workers that need to have a manager to approve large transactions (or transactions in general). This happens from time to time and its usually resolved fairly quickly with a couple outliers.

However, I do agree this can be problematic and it turns a customers funds into a temporary credit for the business. I'm on the fence this suggestion, I am interested in what others think, preferably gold sites

 

I support, this should work same as outsourcing osrs services - owner/worker have to inform his customer if any questing/skilling etc will be outsourced. Same in that case if trader won't be able to deliver gold instantly he have to inform the customer

 

As long as you inform your customer then it should should be fine. They can always go elsewhere.

Some customers wouldn't mind waiting a little longer for better rates, so I don't think it should be entirely against the rules. As long as there is clarity, its okay imo.

 

To clarify, traders/websites that inform customers BEFORE a trade takes place that there may be a delay etc, are okay - the customer can then decide how to proceed.

My post is in reference to those that do not.

 

Currently we have this in our TOS, which is located on the bottom of the website.
Even tho we haven't had this issue so far we are working on moving it up to right before the person pays so they have a better view of this.

I haven't had an instance where I see people sell via discord/sythe and have problems with supplying gold.

If this is a big issue this should be approved and the proper report methods should be presented to a buyer so they know where to report this.

This is the second report we see about gold selling websites their TOS not being clearly displayed for buyers, this in the supplying method as in this suggestion but also in a previous one where somebody reported that it wasn't clear they had to give their ID.
This all should be noted in the TOS and I'm nearly 100% sure every single website has this in theirs but most websites don't place their TOS on a good place for the buyers to see it.


A good solution would be if websites don't put their TOS on good visible location or right before the purchasing of gold they should receive a TOS.

This is already done for nearly every application you sign or something you download, checking a mark that you agree to these terms before continuing. (soon on yetigp.com, checkout for the new design made by @JayiARTS and @Ademolished <3 )

 

This is dumb as well

 

Support. This goes both ways too. I've been in multiple situations where I'm the buyer at a website and I'll pay for my gold, pass the security checks, then be waiting 40 minutes for delivery because they're waiting for some supplier to give them stock.
If you can't complete the transaction immediately, you should state that before the transaction happens.

 

Yes I support, I sold chicksgold.com and it took a VERY long time to get paid because another "department" had to send the payment

 

Same opinion as QBD here. Needs to be established before hand, otherwise there should be thread locks for the first two or so offenses and then a TWC for a third. Common courtesy to let your customer know

 

As far as I was aware, if someone was advertising sales and didn't have stock it was listed as false advertisement was it not? Which is already punishable.. I personally don't like when people bump threads with no stock, even if the mention they will use a supplier you sorta expect a fast service that really can't be provided.

 

exactly this, support.

 

I agree this is an issue and I've run into it personally and it has been very frustrating.

We keep running into these less than honest trading practices that our users employ to get the edge over their competition. I think to solve them all would be a nightmare of staff combing through and hounding people though so I can't see it working out time management wise, but I don't disagree with the sentiment.

 

Common sense is if you don't have the capital, you shouldn't advertise. Period. Support.

 

We've always expected gold shops to maintain a certain standard of trading but we've never defined what this standard is. In the next few days we'll be defining and publishing our expectations - video.