SoarPay Is The #1 Choice For Precious Metals Merchant Services.
- Instant Online Quote. When you submit your application, you’ll get an instant price quote to DocuSign. No offline paperwork, no faxes, no waiting.
- Industry Minimum Pricing. You will automatically receive Industry Minimum Pricing in your online quote. No more frustrating haggling with sales reps.
- USA-Based Customer Support. When you call or email, you’ll always speak to our friendly support team, based in Houston, TX.
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.
Questions? Call Our Team: 1 (888) 225-9405
Types Of Credit Repair Merchant Accounts
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.
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.
Frequently Asked Questions
- 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 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.
- What chargeback and fraud protection technology do you offer to protect my business?
All Soar Payments businesses are offed a wide array of fraud and chargeback protection tools. For precious metals businesses in particular, however, due to their unique risk exposure, we offer industry specific solutions.
Precious metals businesses need a system for determining the identity of purchasers to ensure that stolen credit cards aren’t being used or a chargeback scheme isn’t targeting their business, as these can financially devastate a business. This is particularly true for precious metals companies that accept virtual terminal phone or eCommerce sales. To combat this risk, we offer precious metals businesses a specialized payment gateway that uses a number of metrics to identify the purchaser and ensure that they match the identity of the credit card holder. This not only reduces fraud, but also helps precious metals businesses avoid and win any chargeback disputes which may arise.
How Does The Application Process Work?
Step 1. Apply Online
Complete the online application process (it takes 5 minutes). Click here to begin.
Step 2. Get An Instant Quote
You’ll instantly receive a quote with Industry Minimum Pricing to DocuSign.
Step 3. Start Accepting Payments
Our Houston based Customer Support Team will help you get set up, fast and easily.
Click Here to Apply Online Now. It takes about five minutes, and you’ll receive an instant price quote to DocuSign.