Merchant Accounts For Precious Metals Dealers
Precious Metals Credit Card Processing
Why We Proudly Accept Precious Metals Businesses (Even When Many Processors Don’t)
Many merchant services companies do not accept precious metals businesses, for three primary reasons:
- The first, is that precious metals and coin dealers typically sell high price items (average price above $100). High ticket transactions are particularly susceptible to so called “friendly fraud” and pose a chargeback risk to the credit card processor. Although many bullion dealers mitigate this fraud risk by requiring wire transfer or similar payment methods for transactions above a certain ceiling, it is still an issue for those orders paid by credit card.
- Second, precious metals businesses often accept payments via a payment gateway as opposed to in-person, which are subject to increased fraud and chargeback risk.
- Finally, certain types of gold bullion and hard currency sales are subject to consumer protection regulations, and reviewing an application for compliance requires extra underwriting due diligence by the precious metals company’s credit card processor.
Due to these three risks, many merchant services providers decline to accept any precious metals related business.
Soar Payments, by contrast, has consistently served the numismatic coin, silver & gold bullion, and precious metals industries since our founding. Our extensive relationships with credit card processors and sponsor banks who have the capability to underwrite regulated industries, in addition to our integration of chargeback and fraud prevention software, uniquely positions Soar Payments to provide precious metals merchants with stable, effective, long term credit card processing solutions.
Precious Metal Sales Software Integrations
Enjoy Seamless Integration With Leading Precious Metals POS Software Suites:
Soar Payments merchant accounts, either directly or via a payment gateway, are compatible and integrate with the following precious metals Point Of Sale platforms:
The Gold Tracker, Weigh Pay Solutions, PopScrap, Buy/Sell Plus Software, and Dillon Gage Point of Sale; plus popular “non-industry-specific” solutions including Shopify, WooCommerce, BigCommerce, Magento, Zoho CRM and Salesforce.
We’re Also Compatible With Many Other CRM & Software Suites.
Soar Payment’s merchant accounts can be integrated with most other ecommerce and POS platforms which are compatible with the Authorize.net, NMI, or USAePay payment gateways.
Frequently Asked Questions
Here are common questions specific to precious metals credit card processing:
What types of precious metals businesses do you accept?
Soar Payments accepts a wide range of retail, eCommerce and mobile-based businesses related to precious metals. These include gold, silver and other precious metal dealers, scrap collectors and scrap recovery businesses, bullion buying and selling, pawn shops, gold coins vendors and coin shops.
Is Soar Payments compatible with my existing POS (Point Of Sale) or shopping cart software?
Precious metals businesses typically have a preferred ecommerce or Point Of Sale (POS) software platform they use. Because Soar Payments works with most major payment gateways (including Authorize.net, USAePay and NMI), our merchant accounts integrate with most popular software suites used by businesses in the precious metals industry including: The Gold Tracker, Weigh Pay Solutions, PopScrap, Buy/Sell Plus Software, and Dillon Gage Point of Sale, as well as non-industry-specific platforms like Shopify, WooCommerce, BigCommerce, Magento, Zoho CRM and Salesforce.
Is there a maximum transaction ceiling on precious metals merchant accounts?
We know that gold and silver transactions frequently run into the thousands or tens of thousands of dollars, and being able to accept debit and credit cards for large sales is integral to your business. That is why we allow businesses to specify their own transaction ceiling on their merchant account application, which is then reviewed on an individualized basis. There is no industry-wide transaction ceiling on precious metals credit card processing.
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Types Of Precious Metals Merchant Accounts
Soar Payments offer a full-array of merchant accounts to coin shops, gold and silver dealers, and businesses in the precious metals industry. These include:
A retail merchant account for precious metals enables companies to accept face-to-face credit card payments via a traditional credit card machine or point of sale system.
Ideally suited to a retail setting with reliable internet access, retail precious metals credit card processing accounts typically have the lowest risk of chargeback and frauds and therefore are afforded the lowest merchant account pricing.
A mobile merchant account for precious metals enables your company to accept in-person payments via a swiper that plugs in to your mobile phone or iPad.
Ideal for gold and silver dealers who conduct in-person sales outside of a traditional storefront (e.g., at a numismatics or coin show), mobile precious metals merchant accounts have lower rates of chargebacks and fraud, and as such are priced similarly to retail.
Virtual Terminal Payments
Also called a precious metals payment gateway, this enables businesses to accept payments over the phone, via mail, or typed into a computer (without needing outside equipment).
A precious metals payment gateway merchant account is ideal for businesses that accept payments over the phone, or via mail order. Our virtual terminal accounts integrate with most major coin dealer software and CRM systems. Accepting payments via virtual terminal is particularly vulnerable to fraud, therefore Soar Payments offers integrated chargeback protection.
eCommerce coin & bullion merchant accounts allow your company to accept debit and credit cards via your website’s checkout page.
Our eCommerce credit card processing accounts for precious metals integrate with most leading payment gateways and shopping cart software, making setup easy. Online precious metals merchant accounts are vulnerable to fraud and chargebacks, therefore, we offer pre-integrated fraud protection.
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