Coins and Collectables Merchant Account
A coins and collectables merchant account is classified as high risk for a variety of reasons making it difficult to find a reliable processing partner. PayKings specializes in working with high risk merchants. We have multiple acquiring banking partners that offer coins and collectables merchant accounts.
Getting a coins and collectables merchant account is as straightforward as applying for payment processing with a high risk merchant account provider. Unfortunately, the coins and collectables industry is categorized as high risk by the payments industry, because of the higher than average sale amount, the likelihood of fraudulent or fake goods, and the probability of excessive chargebacks, historically, as a ratio for the industry. Because of this, neither your traditional regional banks, as well as PayPal, Square or any other low risk merchant account supplier will not take your business type for payment processing.
Here’s a Common Scenario
You set up your business, whether it be a brick and mortar or an eCommerce based establishment, and you start shopping around for payment processing solutions – but you come up empty handed – nobody will approve your application. Is it hopeless? Or are you just looking for payment processing in all the wrong places?
To further complicating things, however, is that many times the merchants themselves don’t know that the coins and collectables businesses are even categorized as high risk.
The bigger, more traditional banks as well as payment aggregate companies will initially collect your information and process your application to only when entering the underwriting phase determine that they are unable to provide payment processing to your business type.
In the same way, PayPal and Square don’t conduct their underwriting on the front end – this means that it’s quite typical to be accepted to take payments with them for 1-3 weeks before your account is finally reviewed and your capital is suspended.
How Does Being High Risk Affect Your Chances of Getting a Coins and Collectables Merchant Account?
The coins and collectables industry typically come with high average tickets, that’s to say, most of the items sold are priced in the hundreds or thousands. This simple fact alone makes your accounts especially risky for merchant providers, so the credit card processor will typically try to place a cap on the amount of each single purchase.
You, probably won’t want that, though, because it will indicate that if a significant sale prefers to pay via credit card, you won’t have the ability to take it.
So, when it comes to applying for a coins and collectables merchant account, be certain that you discuss your highest ticket and convey how important it is for retailers in your business to be able to process single payments at their greatest ticket price.
Additionally, coins and collectables businesses, as a general rule, get more than the ordinary business in terms of chargebacks.
The reasons are below:
Coins and collectables are high ticket items, and fraudsters attempting to get something for free target high ticket items. Also, legitimate clients with a valid criticism often allow small tickets go, but they will certainly follow through on a chargeback for larger ticket items.
Clients purchasing coins and collectables can at times regret their purchase, because of the nature of the high costs, and return policies aren’t always very generous – therefore the customer resorts to filing a chargeback in an effort to circumvent the return policy.
Coins and collectables are subject to differing views about their worth, and on occasion a customer may believe that they were overcharged for an item and therefore feel justified starting a chargeback claim. That is not to mention that in some cases, antiques, coins, and collectibles dealers have sold the goods.
Many coins and collectables business owners don’t appreciate how being high risk affects their ability to accept credit cards due to excessive chargebacks, and thus when a dissatisfied customer calls, they stand by their shop’s policies instead of being extra lenient – simply to prevent the chargeback.
Why Does this Matter and How Can PayKings Help with my Coins and Collectables Merchant Account?
When seeking an adequate payment processor for your coins and collectables merchant account for an industry, as outlined above there can be some major hoops you might have to jump through before being approved and it can be a tedious process to successfully accepting debit and credit cards.
In some industries, such as those who need coins and collectables merchant accounts, the first obstacle is to find a sponsor bank who is allowed in their underwriting guidelines to serve the coins and collectables industry, and many of the larger institutions like Wells Fargo and Chase, do not allow this type of underwriting for coins and collectables merchant accounts.
What does this mean for the success of your coins and collectables merchant account? The only real option you have if you want to accept debit and credit cards is to work with a high risk payment processor, like PayKings, who can set you up to begin processing payments in as little as 3 business days.
PayKings understands the unique needs of the different coins and collectables related businesses and has established 24+ acquiring banking relationships to become experts in getting your coins and collectables merchant account set up and accepting online payments.
Coins & Collectables Merchant Account Experts
- 20+ Proven Bank Relationships
- Medium/High Risk Accounts
- Fast Coins & Collectables Account Approval
- Large Merchant Case Studies
- E-Commerce and Retail Options
- B2B Vendors Supported
Multiple Payment Solutions
- Multiple E-Commerce Gateway
- Chargeback Prevention
- Credit Cards
- B2B-Level II/III Data Discounts
- 3D Secure Frictionless Checkout
- Mobile Payment
- EMV Readers
Intuitive Compatibility & Support
- Gateway Recurring Billing
- E-Commerce Cart Plugins
- Developer API / Docs
- International Merchant Accounts
- Dedicated Account Managers