Payment processors are payment systems online.  With their service, you can send and receive payments online instantly.  They charge a certain percent when money is sent into your accounts.  That's how they do their business.  When you have money in the accounts of one of these payment processors, you can ask them to send you a cheque, or you can use a debit card issued by them.

 

The payment processors you can use to join YMMSS are egold, stormpay, and Intgold.

 

I have not used egold for many years.  Personally I don't have any problems with them but I don't use it anymore because there were many fake email letters received by many which were sent by scam artists, telling you that you have to click a fake egold link.  Please go to the 'Internet Security' page and check what I have written about 'phishing'.

 

I use Stormpay to buy positions in YMMSS.  It's free to open a Stormpay account.  You may use your credit card to fund your Stormpay account.  It's instant and free.  When you have received payments into your Stormpay account, you can ask them to mail you a cheque for free.  They also offer bank wire transfer for international members ( non US members ) for $25.  When you send money to someone using your Stormpay account, it's free for you but not for the recipient.  Stormpay will charge the recipient 6.9% of the amount plus 69 cents.  That's very expensive compared with other payment processors.  That's why many YMMSS members use Stormpay to buy YMMSS positions but receive money from YMMSS into their Intgold account.

 

There is another down side regarding Stormpay.  If you are not their certified member, they will hold your fund for 5 days before they mail you a cheque.  It usually takes me about or sometimes over two weeks to receive cheques from them. 

 

Many YMMSS members prefer to receive payments into their Intgold account.  Intgold only charges a recipient 2.25% of the amount (minimum charge of $2.25) per transaction.  If you login to the Intgold account, you will find there are many options to fund your Intgold account.  Intgold's suggested way is to mail a US-currency money order to Pool of Gold.  You will find more information about this on their website.  Unfortuantely, I have heard many unfavourable comments about funding through Pool of Gold.  For example, some people mailed their money orders to Pool of Gold and their accounts were not funded after a long time.  However, the founder of YMMSS, Kim Inman, has arranged with Intgold so that only YMMSS members can send money orders directly to Intgold and fund their Intgold accounts. 

 

I usually ask them to send me cheques with priority mail which costs $7 and it takes about 5 business days to receive cheques from Intgold. 

 

People from the following countries are not allowed to open an Intgold account: Cuba, Iran, Iraq, Libya, Afghanistan, North Korea, Sudan, Syria, and Russia.