Introduction
There are several high-risk industries that are there, including the firearms industry – which is one of the most challenging one and it becomes tedious to look for a reliable credit processing. So, a firearms merchant account with the right payment service provider is mandatory for your business, be it the e-commerce or the old pattern brick-&-mortar. Besides all of that, there are many platforms which specializes in firearms payment processing & understand the industry very well. Be it a gun shop or an FFL dealer. Besides all of that, the financial institutions and regulators or lawmakers have made stringent with restrictions the firearm merchant accounts or processing over the years whereas the consumer demand has progressively grown.
Status of America
Besides all of that, it has been estimated that there are more than 42% of the Americans who own firearm or they live with someone who owns a gun. Then, another study found that, there are more than 395 million civilian-owned guns in the USA. Moreover, the sales of firearms and ammo accessories are also highly on rise. Just like retail clothing, the sales of firearm are highly increasing through the different online platforms. Besides all of that, it is 100% legal to purchase a firearm online, the gun or the firearm should be shipped to a licensed FFL dealer. If you are in the business of guns and ammo and firearms and want to grow your business, then continue reading to know more. Also, you will have to look for a trustworthy high-risk payment processing from a processor who knows everything about your industry.
How to Apply for a Firearms or Guns Merchant Account
As the firearm industry is at a high-risk and moreover, it always has the public eye – it becomes more tedious and challenging to get an approval for the merchant account. However, one of the most important things that you should know is that, with the assistance of right high-risk payment processing provider, you will be able to get you company approved. And, another thing you ought to know is that applying for a firearms merchant account is pretty distinct in the sense that you will also need a federal firearms license. You will require the following documents and IDs when you apply for a merchant account for firearm or gun club – federal firearms license, EIN, business address, personal fiscal history, business financial history, articles of incorporation, business license, sixth months of processing statements if it is possible & a compliant website which lays down the T&C, including the refund policy.
Platforms Providing Best Options
There are some of the platforms that offers the best regarding your firearms related business and they are firstly, they provide you with extremely competitive rates, next, they provide you with a customer service which is reliable. Also, there is high-volume processing for high-ticket companies, waived set up, application and annual fee. Then, there is anti-fraud check and quick approvals and 24×7 security.