Merchant Account for Gold and Silver Coins and Collectibles
If you're a merchant of gold and silver coins and rare collectibles, you'd want to get a merchant account. Why? Because merchant accounts make business much easier and simpler. These days, a lot of business is done online. The sale and purchase of rare collectibles on the internet are nothing new, and the same goes for gold and silver coins. Online trade, however, requires merchant accounts.
So what exactly does a merchant account do? It offers a complete set of services that lets you receive payments via the customer's credit or debit card directly. It simply automates the entire process of online transactions so that the funds end up in your account directly.
Denied by Other Credit Card Processors?
Getting a merchant account for a high-risk business such as rare collectibles and gold & silver coin trade isn't easy. Many businesses face rejection from credit card processors and aren't offered processing services because the underwriters deem the business too risky. However, there are several specialized services that deal with high-risk accounts such as this one. Many people end up paying over the top to get a merchant account, and that hurts their finances in the short term as well as the long term.
To avoid paying extra, you need to reach out to a high-risk processing service that will provide you with a merchant account. These services will take care of your credit card processing needs and provide you with extra features that are ideal for your business.
Risk Analysis of the Rare Collectibles Trade
Banks reject or accept your applications for merchant accounts based on the low-risk vs. high-risk analysis. This is why low-risk businesses such as restaurants and grocery stores are able to get a merchant account easily. However, high-risk businesses such as online stores and rare collectible traders are not able to pass the strict guidelines made by underwriters.
The task to get a merchant account is made difficult due to the high-risk status of your trade, but there are services that are willing to work with your business. Since the chances of scam are higher in this trade and so is the number of chargebacks, these factors make for a really bad reputation with the banks and underwriters.
The trade of rare collectibles has been going on for a while now, but since the invention of the internet, it has been made much easier. An entire online market is present where you can easily find rare collectibles as well as gold and silver coins.
This online trade means people can easily fulfill their love for rare items and coins. However, it's important to provide these people with multiple payment options and other facilities so that you can beat the competition.
Online trade is easy for the customers, but for the merchants to make it happen, they need credit card processing services. Sometimes getting these services can be very strenuous.
Type of Merchant Account Required
Once you start looking for credit processing services for high-risk businesses and trades, you'll find that there are several merchant accounts available for you to pick from. Different trades require different types of merchant accounts. This is because every business requires a particular set of services and features suited for their business.
Hereâ€™s what you should be looking for in a merchant account if your trade is of rare collectibles or gold & silver coins.
If you're conducting an online trade, which you should be, you'll want to have virtual terminals so that you can easily conduct all ecommerce transactions easily without requiring the customer's card or signature.
You should go for a processor that accepts the most number of credit cards including MasterCard, Visa, American Express and Discover. The more credit cards you can accept, the more customers you can reach.
Dealing with chargebacks will be routine in your rare collectible trade. A good credit processor will realize this fact and still provide you services without raising fees or rates.
A friendly customer support service is also important if you're searching for a merchant account. Communication with the customer support will be frequent, and it's important to get a service that offers good customer support.
Multiple underwriting banks will be able to alleviate the risk of your business going offline completely if a bank decides to shut down your services. Multiple banks will ensure that your business is always online, and a good merchant account will provide you that.
Not all services offer this feature, but every day more and more processors are moving towards mobile apps for customers to conduct business on the go. This feature is the most valuable, and if you want to break a tie between two services offering similar features, this could help.
Domestic and Offshore Options
One choice that you'll have to make while picking a merchant account is between domestic and offshore accounts. A good merchant provider will offer you both options because in some businesses, having an offshore account is unavoidable. Some processors don't allow the business to have a domestic account even with lenient guidelines, in which case they have no choice but to get an offshore one.
Domestic accounts are more feasible than offshore ones because they offer better rates and more security. If you have to make the choice between a domestic and an offshore account, domestic is the better option.
If you're a startup in rare collectible and gold coin trading, things will be very difficult for you, but having a good merchant account can solve half of your problems. You'll also need the right online marketing tools which are also a service that a credit processor can provide.
In the end, it's all about picking a service that is ideally suited for your trade and rest assured that this service is perfect for your rare collectible and silver and gold coins business because we have the experience of working with your industry.