Coins Merchant Account
Though not as popular as luxury furniture or art, ancient coins remain marketable. Merchants who want to sell coins online need a special coins merchant account. It allows to trade coins by accepting payments from all over the world. Check up this article to learn how to open a coins merchant account fast and hassle-free.
What is a coins merchant account
The coins merchant account is an agreement between a merchant and an acquiring bank that allows a former to receive and process payments from selling coins. To open a coins merchant account, a merchant has to find a PSP (payment system provider). After sending an application and full documents set, a former gets a payment gateway (software that allows to process payments online).
Why coins merchant account is considered high-risk
Coins suppliers face more difficulties than those who market sleepers or shampoos. The main reason why coins web-stores are being more of a risk than regular e-stores is the nature of the products sold.
The price of an ancient coin might easily exceed $10 000. What that means, such a tiny item is a quite a catch for fraudsters. They steal credit cards or bank accounts to buy coins. Then they resell them in the black market.
When the legitimate credit card owner notices the theft, chargebacks are inevitable. The high rate of chargebacks makes a business high-risk. Hence, the majority of PSPs refuse to open coins merchant accounts.
Range of documents to open a collectible merchant account
Take a look at the list of documents required to open a coins merchant account:
- Certificate of incorporation.
- Certificate of Incumbency (or similar document).
- Copies of valid passports with visible bearers signatures for all company officers and owners.
Website requirements to open a coin merchant account
To open a coins merchant account, you have to make sure that your website contains the following:
- Terms & Conditions Page;
- Name of the company in the footer;
- Contact us button with an email and phone number;
- Deposit & Refund Policy Page;
- Visa and Mastercard logos [in case you offer them as payment methods]
What payments methods are the most important for selling coins
Besides your geo-preferences based on your target-countries, don’t forget to include fundamental payment methods such as Visa, Mastercard, American Express, Discover, DSB, China Unionpay.
For 15+ years, Ikajo International provides payment processing services to global merchants. During that time, we have created effective solutions for different business types. Ikajo offers fast and hassle-free onboarding for coins merchants. We can do it due our vast network of acquiring banks. Moreover, Ikajo helps to identify fraudulent transactions and prevent chargebacks. Contact us today to get the best fitting solution!
- Coins merchant accounts solutions
- API and HPP integration
- Free recurring billing
- PCI DSS Level 1
- Chargebacks & fraud prevention
- 60+ proven banks relationships
- 100+ payment methods
- Mobile banking
- 24/7 customer support