What Are The Requirements For A Coins and Collectibles Merchant Account?
As a business owner, you must prepare the typical mountain of paperwork and forms necessary when applying for a coin merchant account. However, aside from the strict requirements, you will also encounter difficulties with financial institution assessments.
By their very nature, a coins & collectibles merchant account fall under the classification of high risk due to a myriad of different reasons. As a result, finding suitable payment processing partners that you can rely on is a difficult task. Fortunately, eMerchant Authority excels at working with merchants that have a high-risk potential.
Thanks to their connections with multiple banking partners that facilitate coins and collectibles merchant accounts, opening an account is super straightforward. It’s the same process as applying for payment processing with any organization that works with high-risk merchant accounts.
One of the most significant issues that numismatics encounter is the coins and collectibles industry itself falls under the category of high-risk payments. One of the most significant contributors to this classification is the sale amount, which is usually significantly higher than the average. Additionally, factors such as the sale of fraudulent goods, high chargeback costs, and others also contribute to this classification.
As a result, most traditional banks and payment processing services tend to avoid facilitating these payments. These services tend to operate strictly with low-risk payments and will not support any high-risk payments.
Use our fast application to get a custom tailored merchant account that fits your needs.
What Factors Contribute Towards The High-Risk Nature?
Big Ticket Items
Whether business owners like it or not, coins and collectibles are big-ticket items that sell for hundreds and thousands of dollars. As a result, businesses are sure to encounter fraudulent individuals that attempt to get money for free big-ticket items.
While certain clients may allow the occasional small ticket item to go, they’ll certainly apply for a chargeback on large ticket items. Due to the high-risk nature of the business and business-friendly return policies, clients often attempt to filing chargeback claims to avoid dealing with the return policy.
Disagreement on Worth
A lot of the time, collectors will disagree on the worth of certain items. There’s a possibility that the view on the price might even change after the initial purchase. In these circumstances, the client feels like their completely valid in applying for a chargeback.
A lot of numismatic businesses fail to realize the high-risk nature of the business and often retain their stance when they encounter dissatisfied clients. By being lenient with their return policies, these businesses can altogether avoid the often-excessive chargeback costs that they encounter.
One thing that all numismatics agree upon is that the rarity of a coin will greatly increase its price. Rarity isn’t just dependent on the time as well; it takes into consideration a lot of other factors. These include the length of time the specific currency has spent in circulation, any potential minting error, or extravagant coin designs. Numismatics see the opportunity, and there have been several significant attempts at capturing market share in the lucrative rare coin market.
Metals fall under the category of precious depending upon their rarity as well. Traditionally, metals like gold, silver, and platinum are used as currency. Now these fall under the category of investment items.
Dealing with precious metals is considered high risk by traditional banks because it is an industry that is fraught with criminals and illegal activities. Crooks can easily launder their money by purchasing silver coins or gold coins to hide their ill-gotten wealth. Coins accounting is, therefore, not as simple as it seems.
We Offer Top Rated Merchant Account Solutions
Any numismatic that’s looking to start a business needs to find an adequate payment processor. When going to the wrong people, they have to jump through a number of different loopholes before they finally get payment approval. Traditional banks and payment processing services will only make things more difficult.
That’s where eMerchant Authority comes in with our merchant account solutions. Any potential numismatics need to seek out their services and set up their payment processing in 3-5 business days!
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WHY USE eMERCHANT AUTHORITY?
eMerchant Authority is the leader in merchant processing for businesses of all sizes. We cater from medium to large establishments that would like to include POS systems and cashless payment transactions for their client's convenience. We also support new businesses, start-ups, and even high-risk merchants, so they can provide their customers with a secure and seamless shopping experience. Because customer satisfaction is also what we aim for.
Our services come at competitive rates, and we offer flexible payment solutions that are easy on the budget. Because we understand how financially difficult it is to be a business owner.
No cost surcharge and low-cost processing options. Latest hardware including Clover systems at unbeatable prices. We offer the perfect solution to all your retail payment system needs. Here are the unmatched benefits that you will receive when you apply for a retail merchant account with eMerchant Authority:
Merchant Account Experts
20+ Proven Bank Relationships
Medium/High Risk Accounts
Fast Merchant Account Approval
E-Commerce & Retail Options
B2B Vendors Supported
Multiple Payment Solutions
Multiple E-Commerce Gateways
ACH, E-Check, Credit Cards
B2B Level 2/3 Data Discounts
3D Secure Frictionless Checkout
Intuitive Technology & Support
Gateway Recurring Billing
E-Commerce Cart Plugins
International Merchant Accounts
Dedicated Account Managers