# Payout Policy

The following policies apply when we purchase precious metals from customers.

If you are looking for our payment policies when selling precious metals TO customers, see our [Payment Policy](https://www.floridagoldexchange.com/policies/payment).

## Payout Methods

When purchasing precious metals from customers, we offer the following payout methods.

| Method | Fees | Processing Time | Restrictions                                                                                                                                                                                                                |
|---|---|---|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Cash | None | Immediate | Coins & bullion: limited to the first $1,000. Scrap metals: typically full payment available. Not available for shipped items. Cash payouts over $10,000 may require you to file IRS Form 8300. We cannot file this form on your behalf. Consult a tax professional. |
| Zelle | None | Immediate | Your financial institution may impose receiving limits.                                                                                                                                                                     |
| Business Check | None | Immediate | May be delayed if the sale requires further processing or verification.                                                                                                                                                     |
| Cashier's Check | None | Varies | Issued from Chase Bank. May require additional processing time.                                                                                                                                                             |
| Wire Transfer | None | Immediate, up to 1 business day |                                                                                                                                                                                                                             |
| Trade-In Credit | None | Immediate | Applied as credit toward a retail purchase of gold, silver, platinum, or palladium bullion.                                                                                                                                 |

For large purchases with deferred payment terms, the payment date will be specified in the sales agreement.

## Identification Requirements

If you are selling items which are not secondhand goods, such as coins, bullion, or dental material, we will ask for your name and any other basic contact and banking information necessary to issue payment.

When selling secondhand goods, Florida law requires the presentation of a government-issued photo ID. We must also collect certain other identifying information as required by law.

## Additional Documentation

Some payment methods require additional documentation:

- **Wire Transfer:** You must complete our Wire Transfer Authorization form.
- **Business Check or Cashier's Check:** You must sign our Check Payment Acknowledgement form.

## Third-Party Payments

Payment will generally be made only to the person selling the Covered Goods. The Company may also issue payment to: (a) a limited liability company or trust if the seller is verifiable as a member or trustee of that entity; (b) the executor or administrator of an estate; (c) a person holding a valid power of attorney on behalf of the seller; or (d) a spouse or joint account holder, provided the relationship is reasonably verified.

The Company will document the relationship between the seller and the payee in any such transaction. The Company will not issue payment to other third parties.

## Tax Reporting

We are only required to file IRS form 1099-B if you sell bullion in a quantity and of a form which meet current [Commodity Futures Trading Commission](https://www.cmegroup.com/rulebook/COMEX/) (CFTC) precious metal futures contract requirements.

This exempts all jewelry and other scrap precious metals, coins, bars of most sizes from COMEX approved brands, and bars of any size from brands which are not COMEX approved. Trade-ins are exempt from 1099-B reporting.

For more, see [Understanding Reportable Items](https://www.floridagoldexchange.com/documents/ncba-understanding-reportable-items).