Coin Dealer Merchant Accounts

May 05, 2020

Coin dealer merchant accounts alleviate complexity and facilitate payments .

Investing in gold and silver has proven throughout the ages to be highly profitable. However, it is also highly risky. The market is always volatile and laws and regulations are in constant change as well. This constant change gives rise to instability. Luckily, gold and silver do not fluctuate in value like shares. However, they do change daily and that adds another level of complication in your business.

If you are in the business of buying and selling gold and silver coins you have to have the agility of moving along with the market. Brace yourself for changes in prices. When prices do change, you will experience an explosion of transactions. Investors like to pour a lot of money into precious metals, and for good reason. However, this translates into huge transactions with every price change and every change in regulation.

In order to make this volatility easier to manage, you will need to get a coin dealer merchant account. Merchant accounts provide a suite of useful services that allows you to receive your customer’s payments via their debit or credit cards. 

Acquiring a coin dealer merchant account provider is not an easy task, especially for this industry. Many credit card processors will automatically reject these types of businesses, as they deem them to be highly risky. They will not pass the strict guidelines laid by many underwriters. This is due to the high probability of scams, which then translates to an equally high number of chargebacks. These factors usually spell trouble for banks and underwriters.

What To Look For In A Coin Dealer Merchant Account

Finding the perfect merchant account for your business will increase your sales, improve your cash flow, and will facilitate the control of your finances. 

To get started, make sure that, for all your e-Commerce transactions, you have a virtual terminal in place. This will save time as you are not required to ask your customer for their signature for every single purchase. 

The merchant account provider also must be equipped to accept all types and forms of payment outside just the major credit cards. This will ensure that more customers will be reached and can also translate into repeat customers. 

Another valuable aspect to a good merchant account provider is having access to a professional, well-trained, and knowledgeable customer service staff to offer assistance at any time. It is without a doubt that emergencies can and will happen in this industry. 

Good merchant account providers will always offer both domestic and offshore accounts. However, some providers do not offer domestic accounts for high risk businesses. If this happens, you will need to look at offshore solutions. Offshore solutions mean that you will not be able to take advantage of both the low rates and security provided by domestic accounts.

A Good Coin Dealer Merchant Account Provider Is Worth The Investment

When you are dealing with precious metals and commodities, having a qualified and competent merchant account provider will alleviate a lot of the complexities, volatility, and stresses involved with the industry. 

The goal of any good merchant account provider is to help your coin dealer business operate legally, alleviate the financial burden on your business, and help you grow and expand your business to reach more customers. The aforementioned features are a great foundation to begin your search for the right merchant account provider for your business.

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Having a merchant account allows an account holder to take advantage of merchant cash advances. When a merchant is approved for an advance, the business agrees to receive a lump sum of cash in exchange for an agreed-upon percentage of future credit card sales.

Pricing varies depending on the merchant’s industry, past credit card processing history, the type of business seeking the account, average ticket sales, and average transaction volumes.

Yes, EMB works with merchants who are building their credit, as well as those who have poor credit. EMB also approves merchants that have no credit card processing history and businesses that have lost their merchant accounts due to high chargebacks.

Several factors influence a merchant’s risk level. Though only one factor likely will not get a merchant classified as high risk, a combination of these may: business size, location, and industry, credit score, credit card processing history, a industry’s reputation for excessive chargebacks, a prior history of high chargeback ratios, and whether a merchant exclusively sells online.

Virtual terminals are stationed on a merchant’s website, making it easy for customers to make a payment or purchase online. Merchants or a payment processor can easily set up virtual terminals, so online businesses can accept credit and debit card and e-check transactions.

A merchant account is a business account with an acquiring bank. Without this business account, which actually works more like a line of credit, a merchant cannot accept and process credit and debit card transactions. Businesses need a merchant account to accept major credit cards via a static point-of-sale terminal, mobile card reader, or through a virtual payment gateway.

After filling out EMB’s simple online application and submitting any necessary, requested documents, many merchants get approved within 24 and 48 hours.

EMB specializes in working with high-risk merchants. EMB works with many merchants, including but not limited to businesses in these industries: gambling and gaming, adult entertainment, nutraceuticals, vaping and e-cigarettes, electronics, tech support, travel, high-end furniture, weight loss programs, calling cards, e-books and software, and telecommunications.

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