Collectible Merchant Account
As the days of dusty antique stores are gone, opening a collectible merchant account is the necessity. It allows dealers to trade antiques online by accepting payments from all over the world. Check up this article to learn how to open a collectible merchant account.
What is a collectible merchant account
The collectible merchant account is an agreement between a merchant and an acquiring bank that allows a former to receive and process payments from selling antiques. To open a collectible merchant account, an antique dealer has to find a PSP (payment system provider). After sending an application and full documents set, he/she will get a payment gateway (software that allows processing payments online).
Why collectible merchant account is considered high-risk
Antique suppliers face more difficulties than those who market clothing or beauty products. The main reason why antique stores are being riskier than regular e-stores is the nature of the products sold.
From stamps and coins to ancient paintings and ivory sculptures, the price of antique can easily exceed six number figure. What that means, these goods are often the target of fraudsters. Scammers steal credit cards to buy antiques so to resell in the black market. When the legitimate credit card owner finds out, chargebacks are inevitable. The high rate of chargebacks makes a business high-risk. Thus, the majority of PSPs refuse to open collectible merchant accounts.
Range of documents to open a collectible merchant account
Take a look at the specified range of documents one should collect to open a collectible 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 collectible merchant account
To open an essay 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 antiques
Selling collectibles and antiques is a global business. You can’t limit yourself to just one currency or a payment method. To succeed you have to offer as many payment opportunities as possible. Make sure 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 international merchants. During that time, our team has created state-of-art solutions for different business types. Ikajo offers fast and hassle-free onboarding for collectible merchants. It is possible, thanks to 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!
- 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