Precious Metals Gold Bullion CC Processor Services
Points to consider when opening a merchant account for Gold, Silver, and rare collectibles. The internet has made the world much smaller place and now all kinds of business are done online. Those trading in gold, silver and other rare collectibles are also using the internet to build their business and cater to a wider audience. So, if you are a merchant of precious metals and want to start an online business, you will need a merchant account. This will boost your sales, improve the cash flow and will give you better control over your finances. What is a high risk merchant account for Rare Metals? Online trading is done using credit and debit cards like Visa, Mastercard, Discovery, and Amex. A merchant account is a kind of bank account that accepts payments made via credit and debit cards. What happens here is that the merchant and the service provider reach an agreement wherein all the proceeds from a sale are redirected by the bank to your account.
Once you decide to open a merchant account you must get familiar with payment gateway, virtual terminal etc. If you use a payment gateway you do not need a terminal to process the credit card payments; just an internet connection will do. All credit card orders can be processed in real time. This is beneficial to the customer and the merchant as the validity of the credit card is known instantly.
GreenPay has the following for New Business & Established Companies:
- Fair, affordable rates
- Quick approval and easy set up
- Secure online PCI compliant payment gateway
- Domestic and Offshore Solutions
- Echecks and ACH payment acceptance
- Bad credit ok
- Solutions for Startup Companies
- Solutions for High Volume Companies
Options for Your Business Type
Not all businesses are the same; some are deemed high risk because of the nature of the merchandise and the risk involved. Precious metals and rare collectibles are considered to be high risk and you should not be surprised if you are denied or shut off. But sometimes some credit card processors liaise with multiple underwriting banks and offer payment processing services but at exorbitant rates and fees. This is advantageous to the merchant because there is no risk of your business been shut off if any bank refuses to underwrite the loan because there is always another option.
Being Denied, Declined, Shutoff or Closed
On the brighter side, there are high-risk processing services like ours that can open a merchant account customized exclusively to suit your requirements without causing a hole in your pocket. You may be at risk if you are currently processing with companies like First Data, Elavon, Square, Paypal, Stripe. The application process is very rudimentary with no application fees or setup fees are charged. Our competent team can also guide you and advise you on the best software virtual terminal setups and hardware like swipe machines to be used. What is the high-risk vs low-risk analysis? Banks often shy away from businesses that portend trouble – scams, high chargebacks and commodities that are financially risky. Since precious commodities fall in this category it is often challenging to open a merchant account that can be approved by underwriters. This is not the case with a restaurant or a grocery shop where the risks are practically negligible.
Despite these hiccups, you can become a successful online merchant and compete with other traders of rare collectibles on the internet. Though setting up terminals, gateways and other technical aspects are not easy on the merchant the benefits are plenty once the website is set up, the online store established and the billing platform ready.
Payment Processing Gateway for Gold, Silver, and Collectibles
Not all merchant accounts are suitable for this industry. There are certain features and services that a merchant account dealing with precious commodities must have. For all e-commerce transactions, virtual terminals are a must to avoid procuring a customer’s signature; these are the card not present transactions The credit card processor must be able to accept a wide variety of card other than just the major credit cards to reach a wider customer base The role of a supportive and well-informed customer service can never be underestimated; you can never predict when technical hitches can occur With smartphones becoming ubiquitous the presence of a mobile app becomes a necessity; right now, we have iPhone and Android mobile app
Domestic or Offshore Merchant Account
A competent service provider will always offer both domestic and offshore accounts. But usually due to the high-risk nature of the business many processors do not open domestic accounts for risky businesses. At such times, you will be forced to look at offshore solutions. Of course, the drawback in these cases is that you will not be benefited with the low rates and more security that domestic accounts offer.
Great Customer Service Fastest Response Times
A reliable and competent merchant account is a boon for any online merchant, especially for those dealing in precious commodities and collectibles. What really matters is that any service that you opt for must be legal, flexible and lessen the financial burden on your business and help you expand and reach more clientele and customers.