A coins and collectibles merchant account is specialized for handling customer debit and credit card payments. It is an intermediary between the business, its customers, and payment processors, managing transactions securely and effectively. Such an account supports electronic payment options, enhancing sales prospects and accommodating varied customer preferences. This is especially advantageous in the collectibles market, where transactions frequently involve higher values.

Merchant accounts enhance customer convenience and offer crucial security features to protect against fraud and chargebacks. They also assist in financial management by separating sales revenue from the main business account, making it easier to track income and manage finances. Many merchant accounts integrate seamlessly with point-of-sale systems, streamlining online and in-store checkout processes. When choosing a merchant account provider, it’s essential to consider various fees, including transaction, monthly, and setup fees, to ensure cost-effectiveness.

As a business owner, preparing to apply for a coin merchant account involves navigating a lot of paperwork and forms. Beyond these rigorous requirements, you will also face challenges during assessments by financial institutions as most mainstream merchant account providers, banks, and payment processors such as PayPal, Stripe, and Square typically avoid high-risk industries, including coins and collectibles. Engaging with these services may pose risks of account suspension, transaction errors, and frozen funds.

Inherently, a coins & collectibles merchant account is classified as high risk for several reasons, including:

• Subjective Value: The value of coins and collectibles is inherently subjective. Customers may sometimes feel that they have been overcharged and, therefore, see a chargeback as a justified recourse. Furthermore, dealers in antiques, coins, and collectibles may need help due to the high-risk nature of their business, which is exacerbated by frequent chargebacks. This high-risk status complicates their ability to accept credit card payments. As a result, when faced with complaints, many business owners in the numismatic and collectibles industry adhere strictly to their shop’s policies rather than adopting a more lenient approach to prevent chargebacks.
• Rarity: All numismatists agree that a coin's value is significantly increased when it is rare. Beyond age, rarity takes into account a number of additional characteristics. These variables include the length of time the currency was in use, any mistakes made during minting, and unique coin designs. These qualities have prompted multiple significant attempts to take a piece of the lucrative rare coin market.
• High-ticket Item: Coins and collectibles, often high-value items, are frequently targeted by fraudsters looking to exploit their worth. Additionally, while customers might overlook minor discrepancies in lower-value purchases, they are more likely to pursue a chargeback for more expensive items if they have valid complaints. The nature of the high costs associated with coins and collectibles, coupled with often stringent return policies, can lead customers to initiate chargebacks as a way to bypass these policies when they regret a purchase.
• Precious Metals: The classification of metals as precious also depends on their rarity. Traditionally, metals like gold, silver, and platinum have served as currency but are now regarded primarily as investment assets. Traditional banks perceive dealing with precious metals as high risk due to the industry's association with criminal activities and the potential for money laundering. Criminals may purchase silver or gold coins to conceal their illicit gains, complicating the accounting processes for these transactions.

Consider Host Merchant Services if you are looking for a trustworthy partner for coins and precious metals merchant accounts. Being a full-service payment processing company, we guarantee quick, simple, and safe online transactions.  Our strong relationships with various banks enable us to offer secure transactions, transparent pricing, and hassle-free account setup.

As a merchant approved for a high-risk account in the coins and collectibles industry, you should be able to accept various forms of payment.

This extends beyond just handling cash transactions. It includes accepting debit and credit cards, eChecks, and other digital payment methods. For some businesses, adapting to market trends might also involve accepting emerging payment forms like cryptocurrencies.

Host Merchant Services provides a comprehensive range of services as well–these can include eCommerce virtual payment gateways, mobile processing capabilities, ACH processing, in-store terminals, and various POS system integrations to ensure efficient and seamless operations. Here are some key features of a high-risk merchant account by HMS:

1. Expanding Customer Access

The primary benefit of setting up a high-risk merchant account with HMS for your coins and collectibles business is the ability to expand your customer base significantly. This is crucial because billions of customers use credit and debit cards daily.

With the capability to accept these prevalent payment methods, your business can gain substantial revenue. By accommodating these common payment options, you can readily welcome customers eager to purchase your products.

2. International Payments

Host Merchant Services's payment gateway partners, like Auhorize.Net and Transaction Express, streamline international transactions for the coins and collectibles business. These gateways provide global customers with easy access to your products, minimizing the complexities often associated with international payments.

3. Account Stability

Different from standard payment processors, having a high-risk merchant account with Host Merchant Services means that high volumes of transactions or an increase in chargebacks will not jeopardize your account with potential terminations. These accounts are designed to manage higher thresholds for transactions and chargebacks, accommodating your business's unique needs.

4. Seamless Integration

Efficient integration of payment systems is vital for quickly expanding access to your business. Modern high-risk merchant accounts from HMS are designed for easy setup and integration, allowing your business to start accepting credit and debit card payments promptly. The simpler and quicker the integration process, the faster you'll see an increase in revenue.

5. Enhanced Security

Host Merchant Services’s high-risk merchant accounts come equipped with advanced 3D security features to protect sensitive data:

• Advanced encryption technology ensures that credit card information and other sensitive data are safeguarded against interception and misuse.
• Military-grade encryption provides an additional layer of security, protecting both business and customer data.

These high-risk merchant accounts are indispensable for coins and collectibles businesses that need to process credit card payments but face a higher risk of fraud or chargebacks. When customers pay by card, funds are initially held in the merchant account before being transferred to the business’s bank account, enhancing transaction security.

Here are just some of the examples of businesses we serve:

●      Numismatic and rare coin dealers ●      Vintage stamp collections ●      Sports memorabilia stores ●      Comic book shops ●      Antique furniture vendors ●      Art galleries dealing in rare and collectible pieces ●      Vintage clothing and accessories stores ●      Toy and action figure collectible shops

●      Music memorabilia stores, including vinyl records ●      Autograph and manuscript dealers ●      Trading card shops (e.g., baseball cards, trading card games) ●      Military memorabilia and antique arms dealers ●      Rare book shops ●      Vintage electronics and camera stores

Opening a merchant account for collectibles involves submitting documentation to verify your business and ensure compliance. You will need to prepare:

Basic Business Information:

• Contact information such as a phone number or email address.
• Your company's official legal name and logo.
• A privacy policy, terms and conditions, and return and refund policies are prominently displayed on your website.

Proof of Identity and Operations:

• Recent bank processing statements (last three to six months).
• A government-issued photo ID for identity verification.
• Corporate documentation to establish the legality of your business.
• A filled-out and signed merchant application.
• Documents for address verification, like a recent utility bill.
• A voided check or a bank letter for bank account verification.
• A list of your suppliers.
• Sales tax certificates and other relevant financial records.

Website Requirements:

• Ensure your collectibles business website is secure and features an SSL certificate.
• The website should utilize HTTPS to secure user data.
• Important pages like your privacy policy, terms and conditions, and refund policy should be accessible, typically included in the site's footer alongside your company name.

Host Merchant Services is a recognized leader in providing high-risk merchant account solutions, catering to coins and collectibles businesses with secure and reliable services. We understand the financial challenges of business ownership, which is why our partnership comes with transparent pricing and is free of long-term contracts and hidden fees. Whether you're just starting or an established enterprise, Host Merchant Services is equipped to offer a tailored merchant service solution. We use the latest hardware and software tools to effectively meet your retail payment needs.

Customer satisfaction is our top priority, and to support this, we provide continuous assistance to all our clients. Our customer support team is available 24/7 to address your inquiries and ensure your needs are met promptly and efficiently.

Simplify payments for your coins and collectibles business with Host Merchant Services. Our high-risk merchant accounts ensure safe transactions with easy setup, zero cancellation fees, and 24/7 customer support. With a lifetime standard rate and a free equipment program, Host Merchant Services offers reliability and convenience. Apply now to streamline your payment processing and focus on growing your business hassle-free.