High risk merchant accounts can be a big headache, and rightly so. In any case, what if there is a huge loss? Does the merchant account services provider get to bear some of the risk? This is why most conventional account providers such as banks generally turn away high risk merchants.
Trade in online firearms is one of the businesses considered to be high risk. In the United States, the sale of guns and ammunitions, both for recreational activities such as hunting and for self defense, is at an all-time high. So, it’s not a surprise that more and more merchants are considering trading in the firearms. However, before you can start your firearms business, there are several hoops to jump through. For instance, you need licensing at both the federal and state level not to mention that you will need the approval of the community in which you want to establish the gun dealer store.
The next step – finding a reliable gun and ammo merchant services provider – is even more complicated. Unless you can find a trustworthy merchant services provider, you may struggle to take off.
Why firearm merchant accounts are considered high-risk
The first thing is that guns are dangerous; no one can deny that. Therefore, you need to sell only to the right people. It is possible for a gun purchased from your store to be used in the commission of a crime and when that happens, there is a possibility that you may be questioned.
Also, with the high crime rates within the country – especially credit card fraud – there have been several cases of people using stolen credit cards to purchase guns both online and offline. This makes guns sales even more high-risk. Such fraud may result in unforeseen chargebacks that may badly hurt your businesses.
Solution? Work with a high-risk merchant account provider
It is for the aforementioned reasons that you need a high-risk merchant account provider. E-Merchant Broker is one such provider that allows firearms merchants to open high risk accounts. Once you have the account, you’ll be able to accept payments online as you expand your business.
Not being able to accept online payments has been an Achilles heel for most merchants. As the digital revolution gets into full gear, more and more consumers are using their cards rather than hard cash to pay for goods and services. Don’t miss out on such a big opportunity.