Are you interested in buying precious metals, but don’t know which payment method to choose? There exist a number of payment methods that you can use for precious metal sales. Below you can find these methods.
- Bank Wires
Bank wires are also known as credit transfer or wire transfer. Using a bank wire, the precious metal dealers will be required to provide their banking information. Purchasers should contact their bank so that the transfer could be initiated. By the way, it’s completed electronically. This is a fast, easy and a quite method of payment. If you submit your transfer, it can be completed the same day.
- Credit and Debit Cards
Most investors will suggest using credit cards for purchases. The majority of metal dealers use Visa, Mastercard, American Express, and Discover cards. However, this can’t be viewed as the best method to pay. The fee is 5% of the purchase price and covers the costs related to credit card transaction processing. Taking into account the fact that precious metals have a high value, the mentioned fee will suppose a significant added expense.
- Paper Checks
You may think writing out a check isn’t popular anymore, however, this is one of the better ways of paying for precious metal purchases. Paper checks often earn you a discount. Since there aren’t any transaction fees, many investors choose this very method. Unfortunately, there is a clearing period (5 to 10 business days) before your purchase will be released by the dealer.
- Payment Processing Companies Like EMB
Emerchantbroker.com is voted the #1 high risk payment processor in the US and has an A+ rating with the BBB. EMB is well aware of all the challenges associated with high risk businesses, including those in the precious metals industry.
It’s not easy for precious metal vendors to open a merchant account for their business, but with EMB, you can get the best credit card processing for precious metals. Moreover, EMB is the right option for those who are looking for a PayPal alternative merchant account for their precious metals business.
Emerchantbroker.com is rated A by Card Payment Options and is one of Inc. 500’s Fastest Growing Companies of 2016.