Payment Method Options for Precious Metal Sales

Jun 27, 2017

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.

  1. 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.

  1. 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.

  1. 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.

  1. 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.

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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 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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