Experience Seamless Financial Services!Navigating Payment Solutions for Jewellery Dealers and Precious Metal Traders
The jewellery and precious metals market is a growing industry driven by several factors, like increasing global demand and industrial use of precious metals. Moreover, high-net-worth individuals often treat precious metals like gold and silver and jewellery made of them as investment assets for lucrative advantages. With the surge in the market, the challenges of jewellery dealers have also increased as the market is expanding globally, and managing payments is becoming increasingly difficult. But why is that so? This blog explores the challenges for this industry and it also highlights the benefits of having business accounts for jewellery dealers that help them easily navigate the challenges of local and global payments.
Challenges for Jewellery & Precious Metal Dealers
Let’s break down the prevalent challenges for jewellery and precious metal dealers.
• High-Risk Sector
The jewellery and precious metal trading sector is classified as a high-risk industry due to its heightened vulnerability to money laundering and financial fraud. Here comes a real problem. When your business operates in a sector flagged as ‘high-risk,’ banks become reluctant to offer business accounts, making it difficult to secure payment solutions.
• Higher Transaction Volumes
It is evident that jewellery and precious metal dealing involve large sums of money, sometimes in millions, emphasising the need for business accounts for jewellery dealers. However, standard business accounts are not designed to cater to the needs of this industry. Most business accounts impose transaction limits that are often way below the industry’s daily requirements, resulting in extensive verifications and extra compliance, which leads to delays and operational inefficiencies.
• Rate Fluctuations
In addition, the jewellery and precious metal business is not confined by borders, which brings about more opportunities in the global market but also makes matters more complex for the dealers. Jewellery and precious metal dealers often deal with international buyers and get precious metal imported from overseas suppliers, but the issue arises when the market fluctuates and affects buying and selling prices. To deal with this issue, you need to look for business accounts for jewellery dealers that support multi-currency transactions and real-time conversions.
Traditional banking services struggle to offer suitable payment solutions and business accounts for jewellery dealers because they are not designed to handle unique requirements such as high-volume transactions, multi-currency transfers, cross-border payments, and strict compliance challenges associated with precious metal transactions. This is where Wirewand comes in!
What Makes Wirewand Business Accounts for Jewellery Dealers the Best Payment Solution?
• Seamless International Payments
Unlike traditional banks that don’t support high-risk businesses like precious metal dealers, Wirewand offers tailored financial solutions with our business accounts for jewellery dealers. We understand complex industry needs, so we have created solutions that cater to all the intricacies of this sector, providing seamless international payment transfers and robust security for complete peace of mind.
• Supports Multi-Currency Transfers
Multi-currency transactions are an unavoidable need for jewellery and precious metal dealers. Therefore, Wirewand offers business accounts for jewellery dealers that handle multi-currency transfers without any extra charges, transaction delays, or excessive conversion fees. Moreover, we provide the most competitive and favourable currency rates, so you get the best value for your money and make the most profit from it.
• Higher & Flexible Transaction Limits
Whether you need to receive millions for the jewellery you sell or send thousands of pounds to the supplier for the precious metal you imported, you can manage it all through one platform. Wirewand streamlines your financial management and daily transactions with flexible transaction limits so you can run your business operations without delays or rejections.
• Meet the Security & Compliance Standards
It is obvious that a large sum of money requires heightened security, but with Wirewand, you don’t have to worry about that. We offer robust security, real-time fraud detection, and full compliance with regulations to ensure all your transactions are secure and compliant.
• Meet the Security & Compliance Standards
It is obvious that a large sum of money requires heightened security, but with Wirewand, you don’t have to worry about that. We offer robust security, real-time fraud detection, and full compliance with regulations to ensure all your transactions are secure and compliant.
• Lower Fee & Faster Processing
Where traditional banks delay high-risk payments due to due diligence and stricter scrutiny, we offer a quicker settlement. With lower fees for cross-border transactions and high-risk transfers, we help businesses maintain liquidity and reinvest in their businesses.
So, if you are a jewellery or precious metal dealer struggling with higher fees, limited transactions, unexpected delays, or compliance issues, we’ve got you covered. Wirewand offers the most reliable payment solutions for high-risk sectors. Overcome banking challenges that are holding you back, and get our high-risk financial services to support your business growth.
Contact us today and get started with specialised services tailored to your unique needs!