Looking for a Coins & Collectables Merchant Account?
Choose PayKings, the leading payment processing experts for professional numismatists buying and selling rare coins, precious metals and collectibles. Get your sustainable Coins and Collectables Merchant Account ready to accept payments.
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Credit Card Processing for your Coins and Collectables Merchant Account
Being High Risk Affects Numismatic Merchants
American numismatic businesses have massive potential. The coin collecting industry typically comes with high average tickets. That means 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 every single purchase. You probably won’t want that 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 collectibles merchant account, be certain that you discuss your highest ticket prices and convey how important it is for retailers in your business to be able to process single payments at that price. Additionally, coins and collectibles businesses, as a general rule, get more than an ordinary business in terms of chargebacks.
The reasons are below:
Coins and collectibles are high ticket items
Coins and collectibles’ worth is subjective
To collectors, coins of interest are historically valuable as well as financially lucrative. Rare coins include currency that was only circulated for a short amount of time, mint errors, beautiful coin designs, and historically significant items. Because of the high worth of rare coins, numismatists and collectors have been consistently opening ecommerce coin businesses to capture the significant rare coin collecting online market.
A metal is categorized as precious if it is rare. Precious metals are created from a naturally occurring metallic chemical element that has high economic value. The status and worth of these rare metals are determined by market value and high demand. Historically, precious metals such as gold, silver, and platinum were used as currency, but these are now considered industrial and investment items. There are many different types of precious metals and rare coins. Here is a compiled list of coinage metals, collectibles, and product types:
- Error Coins
- Bimetallic Coins
- Gold Nugget
- Pattern Coin
- Proof Coinage
- Noble Metals
PayKings Numismatic Merchant Account Solutions
When seeking an adequate payment processor for your coins and collectibles merchant account for an industry, there can be some major hoops you might have to jump through before being approved. Coin dealers buying and selling precious metals are professional numismatists. And it can be a tedious process to successfully accept debit and credit cards. In some industries, such as those who need coin collectors merchant accounts, the first obstacle is to find a sponsor bank who is allowed in their underwriting guidelines to serve the coins and collectibles industry. And many of the larger institutions, like Wells Fargo and Chase, do not allow this type of underwriting for coins and collectibles merchant accounts. What does this mean for the success of your coins and collectible 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