Credit Card Processing for the Precious Metal Startup

In three years, Tarek Saab built a $180 million a year business buying and selling gold and silver. His startup, Texas Precious Metals, offered existing gold and silver investors a sophisticated ecommerce and payments platform and real-time access to other precious metals. It is now one of the fastest growing companies in the industry.

It goes without saying that gold and silver have been recognized as valuable since the beginning of time. Precious metals today still have a place in investor’s portfolios. That being said, it doesn’t come as a surprise that many entrepreneurs are attracted to this industry.

2017 Industry Forecast

  • Gold – Gold prices have continued to improve from the near-term lows in 2015. Experts are predicting prices will stay under $1,600 per ounce through 2017.
  • Silver – Silver prices have been under pressure from demand in the developing world and unfavorable business cycles. Even so, the expectation is that they will continue to trade within their recent $16-$18 per ounce price range.
  • Platinum – More encouraging, platinum appears to be positioned for a favorable year in 2017. Thanks to some central banks and sovereign wealth funds revealing their intentions to up platinum and gold investments (hedging against equity market volatility).
  • Palladium – Not as well-known as other precious metals, it still plays a key role in a variety of industrial parts and equipment and jewelry. Forecasters have shared that palladium prices will be stronger than silver this year.

Risky Industry

While lucrative, the precious metal industry is considered risky by many providers. Entrepreneurs seeking credit card processing capabilities often encounter problems when trying to secure merchant services. The industry instability, war or political crises and inflation concerns are among the many reasons why providers are hesitant to work with these merchants.

Without a merchant account, businesses are unable to accept and process ecommerce transactions. Merchant accounts provide safe and secure credit card processing options. Many of these entrepreneurs spend countless hours compiling financials, filling out the lengthy application and wait week (even months) to hear a response, only to find out they’ve been declined.

An alternative provider like – like high risk specialist eMerchantBroker – offers merchant accounts specifically tailored to the needs of each industry it works with. If your trying to launch a business in this industry, EMB offers secure credit card processing for precious metal merchants. Unlike a traditional provider, high risk providers have experience in dealing with this business type. You can also take advantage of business funding options and chargeback protection programs. Setting up your business venture doesn’t have to be complicated and time consuming; you can have your merchant account setup in as little as 24 hours.

 

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