Even in today’s increasingly digital economy, antique shops can be excellent businesses. Today, with Baby Boomers looking to downsize in retirement, and with the economy re-aligning, many people may be looking to cash in older possessions. And at the same time, antique and “throwback” looks are very popular with younger people today. It’s not uncommon for antique collectors to have very specific needs. If your shop has what they’re looking for, you can stand to make a great profit.
You’ve likely noticed that sites like Etsy and eBay are hotspots for selling vintage items, but many people genuinely enjoy shopping in person. They love the “hunt” and driving to a tiny town to find the perfect addition to their collection. This is just one of the reasons antique shops have continued to persist even as more business moves online. Everyone just loves them too much!
Places like Village Antique Mall in Florida make it easy to find multiple vendors in one place, but the vendor that has the easiest payment option is often going to stand out. Even if someone loves what you have, cash just isn’t as common these days – you need the ability to accept credit cards if you want your company to thrive.
Why Antique Shops Are Considered High-Risk
While many banks offer merchant accounts to a range of companies, they’re more likely to turn down businesses they identify as “high-risk”. Antique shops tend to fall into this category.
One of the biggest reasons banks refuse merchant accounts to antique businesses is due to chargebacks. If you sell a vintage sofa and then the customer discovers something they don’t like, or finds a flaw they didn’t notice before purchasing, they can come back to return the item. When a return occurs on an item that was purchased with a credit card, it means the bank has to return that money. While it happens in every line of business, antique purchases tend to be higher ticket items and are more likely to be returned. It’s enough to make most financial institutions wary of offering merchant accounts to these high-risk companies. Even if they do, the fees are often ridiculously high.
How to Lower Your Risk
If you’re in the antique business, you can lower your risk by taking basic steps to support your customer interactions:
- Build personal relationships with your customers through touchpoints like email newsletters, postcards and direct mail – so they’ll be more likely to call you with a problem rather than charge back a purchase
- Wherever possible, try to offer the fairest and most transparent pricing and return policies possible
- Post these policies clearly, and communicate them to customers
- Ensure as much as possible the authenticity, quality and condition of items you’re selling
NMA Provides High-Risk Merchant Services for Antique Shops
The solution? You’ll need to find high-risk merchant services for antique shops if you want to provide the best possible service for your customers. Ideally, you need a payment gateway that is specifically designed for your type of business.
NMA is an expert in the high-risk space and we offer solutions for shops like yours. Every one of our employees is highly experienced in their area, making it easy for us to assess the risks in your particular case. Once assessed, we offer you the best solution from a range of financial institutions that we partner with around the globe.
If you’re looking for a better payment processing solution for your high-risk business, we can help save you money and get your funds moving faster than other processors. Your money will be in the bank before you know it!
Contact NMA today to learn more about our expert solutions.