A gold and silver coin dealer merchant account will satisfy all your credit card processing needs.
Finding a reputable coin dealer merchant is no small task. Customers want to ensure that they are purchasing products that are genuine and from legitimate dealers. In order for businesses to process payments, whether it’s by phone, online or in-person, they need to ensure that their way of accepting these payments is quick, easy, and seamless.
Unfortunately, if coin dealers only accept cash or checks, this can translate into a delay in funding, late payments, even bounced checks that could also mean no payment at all. The benefits of accepting credit cards are endless. When you accept credit cards, you are communicating to your customers that you are a business that is trustworthy and are in the business for the long-haul. Therefore, customers can purchase your products with confidence, knowing that they can also trust in the quality of your products.
Credit cards also remove the barriers of the high-ticket price. They are more likely to make this purchase with a credit card than with a debit card or just cash. Another advantage of accepting credit cards is that the “risk of nonpayment” is tied to the card-issuing bank, not the coin dealer’s business.
Finally, when you allow your customers to pay in their preferred method, you are widening your customer base. This translates into accelerating your cash flow. It also increases the customer’s likelihood to repeat purchases in the future. Once you secure a customer’s trust with their first positive experience, they are less likely to go anywhere else.
Searching For The Perfect Gold and Silver Coin Dealer Merchant Account Provider
Before you go on the hunt for a reputable and capable merchant account provider, you need to know which type of provider you need to search for. Due to the nature of the gold and silver industry, your business is automatically considered a high risk business. Why? When a collector decides to sell their gold and silver coins, there is no guarantee that the seller or the buyer is authentic. There are scammers that will attempt to sell counterfeits to make a quick buck. In turn, these actions will eventually lead to chargebacks from customers, thereby increasing risk for your business. This affects the entire industry, even those who are selling legitimate products.
Now you have determined that you will need a reputable, high risk merchant. Next, if you are online trading, you need to have virtual terminals for all your ecommerce transactions. That way, you don’t need the customer’s card or signature.
Another important aspect to look for is to ensure that this merchant account provider accepts most credit cards, including: Visa, MasterCard, American Express, and Discover.
Most importantly, as is the nature of the business, you will have to deal with chargebacks. Make sure your account provider has some sort of resource or platform to mitigate your chargebacks without having to raise your fees or rates.
Good, friendly customer support is also something to search for. As a gold and silver coin dealer, you will have lots of questions that require quick answers. Ideally, your customer service staff will be in-house and local to provide immediate assistance.
To Wrap Up
Having a solid, experienced gold and silver coin dealer merchant account will be the most important decision you will ever make in your business. As your greatest advocate, your provider will help you stay on track with the trends, the regulations, and navigate any challenges along the way.