High-risk merchant account for precious metals and bullion dealers with a UK limited company

We arrange stable, long-term merchant accounts for UK-based bullion dealers by preparing a file that meets the underwriting requirements of specialist acquirers. Our process begins with a detailed review of your business, including processing history, chargeback data, supplier contracts and AML policies. We then build a comprehensive underwriting submission that presents your UK Ltd in the best possible light.

This file is introduced to acquirers, typically EEA-licensed, who are comfortable with the risks of high-value, low-volume processing associated with precious metals. We manage the underwriting dialogue, clarifying any questions on your behalf to streamline the application and demonstrate that your business is a credible, compliant partner.

Underwriters focus on risk management and business legitimacy. For a UK bullion dealer, they will analyse at least six months of processing statements to verify turnover, chargeback ratios (typically low, but high-value), and refund rates. They scrutinise your website for compliance, clear pricing, and secure checkout processes. Evidence of fulfilment, like insured shipping receipts, is vital.

Your supplier and refinery contracts will be checked to ensure the metals' origin is legitimate. We will not work with businesses dealing in unverified-origin metals. Finally, standard Know Your Business (KYB) checks are performed on the company, its directors and ultimate beneficial owners to ensure transparency.

Using a UK limited company is a strong choice for a bullion business. The entity is credible, transparent, and supervised by respected authorities like Companies House. Acquirers can easily verify your company's registration, director details, and Persons with Significant Control (PSC) register. You will need to provide your certificate of incorporation and proof of a UK registered office.

While UK high street banks are often conservative, the UK's strong EMI market provides good options for settlement accounts in GBP, EUR and USD. Acquirers will, however, look closely at management and control, expecting substance to align with the jurisdiction of incorporation.

Accounts for bullion dealers are often declined due to inadequate risk disclosure or a poor match with the acquirer's risk appetite. Mainstream providers may initially approve an account, only to terminate it later when they detect high-value transactions characteristic of MCC 5094, viewing them as outside their tolerance.

Another common reason for failure is a weak AML policy or inability to prove the provenance of the precious metals. Our file preparation anticipates these concerns directly. By documenting your supply chain, demonstrating robust website compliance, and approaching only suitable high-risk acquirers, we minimise the risk of decline or sudden termination.

For a well-prepared UK bullion dealer, the typical timeline from submitting a complete file to receiving approval for a live merchant account is between two and six weeks. The key is the quality of the initial file; incomplete documentation or unclear KYB is the most common cause of delay. Once approved, we assist with configuring settlement instructions and understanding your reserve requirements and any transaction-level caps.

To keep your account in good standing, you must maintain low chargeback ratios, process within the agreed sales volumes, and promptly respond to any compliance or transaction-monitoring queries from the acquirer. Consistent, predictable processing is key.