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Are You in Need of a Coins and Collectables Merchant Account?

A coins and collectables merchant account has been classified as high risk by banks for a variety of reasons making it difficult to find a stable processing partner. Double Helix Processing specializes in working with high risk merchants. We have multiple acquiring banking partners that offer coins and collectables merchant accounts. Getting a coins and collectables merchant account is as straightforward as applying for payment processing with a high risk merchant account provider.

Unfortunately, the coins and collectables industry is categorized as high risk by the payments industry, because of the higher than average sale amount, the likelihood of fraudulent or fake goods, and the probability of excessive chargebacks, historically. Because of this, neither your traditional regional banks, as well as PayPal, Square or any other low risk merchant account supplier will not take your business type for payment processing or will shut you down once they realize that you are high risk.

Have You Lost Your Existing Credit Card Processing for your Coins and Collectables Merchant Account?

You started your business, whether it be a retail store or an eCommerce-based website, and you start shopping around for payment processing solutions. This is where it gets tricky, especially since traditional banks and payment facilitators like PayPal will not approve your application. Is it hopeless, or are you just looking for payment processing in all the wrong places? To further complicate things many times the merchants themselves don’t know that the coins and collectables businesses are even categorized as high risk.

The bigger, more traditional banks as well as payment aggregate companies will initially collect your information and process your application to only when entering the underwriting phase determine that they are unable to provide payment processing to your industry. In the same way, PayPal and Square don’t conduct their underwriting on the front end – this means that it’s quite typical to be accepted to take payments with them for a few weeks or even days before your account is finally reviewed, and your capital is suspended. This means that your funds can be held for several months and directly impacting your cash flow. It can be very challenging to stay in business with these obstacles.

How Does Being High Risk Affect Your Chances of Getting a Coins and Collectables Merchant Account?

The coins and collectables industry typically come with high average tickets, that’s to say, most of the items sold are priced in the hundreds or even thousands. This simple fact alone makes your accounts especially risky for merchant provider and banks, so the credit card processor will typically try to place a cap on the amount of each single purchase.

That is an absolute obstacle, though, because it will indicate that if a significant sale prefers to pay via credit card, you won’t have the ability to process it. So, when it comes to applying for a coins and collectables merchant account, be certain that you discuss your highest ticket and convey how important it is for retailers in your industry type to be able to process single payments at their greatest ticket price for your business. Additionally, coins and collectables businesses, as a general rule, get more than the normal volume in terms of chargebacks.

The reasons are typically:

Coins and collectables are usually high-ticket items

Fraudsters attempting to get something for free target high ticket items. Also, legitimate clients with a valid criticism often let small ticket items go, but they will certainly follow through on a chargeback for much larger ticket items.

Customers purchasing coins and collectables can at times regret their purchase, because of the nature of the high costs, and return policies aren’t always very favorable. Therefore, customers resort to filing a chargeback in an effort to circumvent the return policy they may not like.

Coins and collectables’ worth are often subjective

On occasion a customer may believe that they were overcharged for an item and therefore feel justified starting a chargeback claim. That is not to mention that in some cases, antiques, coins, and collectibles dealers have sold the goods.

Many coins and collectables business owners don’t appreciate how being high risk affects their ability to accept credit cards due to excessive chargebacks, and thus when a dissatisfied customer calls, they stand by their shop’s policies instead of being understanding of their complex processing type ad that it is better to refund than to simply allow the chargeback.

Why Does this Matter and How Can Double Helix Processing Help with my Coins and Collectables Merchant Account?

When seeking an adequate payment processor for your coins and collectables merchant account for an industry, as outlined above there can be some major obstacles you might have to go through before being approved and it can be a taxing process to successfully accept debit and credit cards.

In some industries, such as those who need coins and collectables merchant accounts, the first obstacle is to find a sponsor bank who is allowed in their underwriting guidelines to serve the coins and collectables industry, and many of the larger institutions, do not allow this type of underwriting for coins and collectables merchant accounts.

What does this mean for the success of your coins and collectables merchant account? The only real option you have if you want to accept debit and credit cards is to work with a high risk payment processor, like Double Helix Processing, who can set you up to begin processing payments with a stable solution that will keep your business open and accepting payments via credit and debit card for years to come.

Why Should You Choose Double Helix Processing?

We understand the unique needs of the different coins and collectibles related business types and have established numerous acquiring banking relationships to become your best resource in getting coins and collectibles merchant accounts set up and accepting online payments. Our expertise is your ticket to getting the stable processing you need to further your business.