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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Need a 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, 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.
Credit Card Processing for your Coins and Collectables Merchant Account
You set up your rare coin business, whether it be a brick and mortar or an ecommerce based establishment. Then you start shopping around for payment processing solution, but you come up empty handed. No processor will approve your application. Is it hopeless? Or are you just looking for payment processing in all the wrong places? To further complicate matters, 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. But when you enter the underwriting phase, the bank determines 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 process payments with them for 1-3 weeks before your account is finally reviewed and your capital is suspended.
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 each 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 collectables 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 collectables businesses, as a general rule, get more than an ordinary business in terms of chargebacks.
The reasons are below:
Coins and collectables are high ticket items
Fraudsters consistently attempt to get money for free target high ticket items. Also, legitimate clients with a valid criticism often allow small tickets to 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 that aren’t always generous, customers resort to filing a chargeback in an effort to circumvent the return policy.
Coins and collectables’ worth is subjective
On occasion, a customer may believe that they were overcharged for an item and therefore feel justified to start a chargeback claim. Not to mention that, in some cases, antiques, coins, and collectible 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. Therefore, when a dissatisfied customer calls, they stand by their coin shop’s policies instead of being extra lenient to prevent the chargeback.
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 occuring metallic chemical element that has high economic value. The status and worth of these rare metals are determined by market value and high demand. Historiaclly, 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 collectables 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 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 collectable 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