Has your bank closed your account, due to your high risk online firearm business?

Nov 04, 2013

Some banks are jittery over anyone that runs a firearms business and today is your not-so-lucky day. They decided to close your account and you have little to no time to find a new one.

This is also your lucky day

By doing so they have sent you on a challenging hunt; one that will take you online in search of an online firearms merchant account. You are going to need to type in the search words for ‘high risk’. Don’t be dismayed by this new title. Although a firearms business is not necessarily a high-risk business fraught with a high volume of returns, it is deemed risky purely because it is a business dealing with guns and ammunition. For some reason, it makes people nervous.

For every

For every honest merchant account servicer, you will find a lot that is not honest. Check around to see who has the best reputation. Visit some forum sights to verify that they are indeed the real Macoy.

Get down to business

Once you have chosen your merchant account servicer, fill out their application. If they are high-risk specialists, then they are not afraid of you or your firearms sales. They will verify a few things to expedite the paperwork. They will be after your FFL, your business license, your driver’s license, and likely a few other tidbits. Be prepared and it will all go smoothly.

New Account

As a new account owner with an online firearm merchant account, you will be subject to a trial period. Do not be alarmed, and be prepared to work with this. A reserve account will be set up as you work your way through the trial period. A small percentage will be removed from your daily credit and debit account purchases and placed into that reserve account.

10-20% of the money is placed into this Escrow type account for the three to the six-month trial period. Once that is over, the money is returned to you in its entirety, to an account that you have designated. So, with this heads up, you can be prepared. It’s harsh enough that the bank shut you down, the few surprises you have the better prepared you can be.

Little to none

Chargebacks are something you need to worry about. Although, with firearms, after going through all the background checks and registrations of guns, people don’t normally return them. But if there is some issue with the item, be prepared for a chargeback.

Banks don’t enjoy them, and they scare merchant account servicers. The reason is, that the merchant account services are held accountable for the amount if the business cannot cover the chargeback. That is the reason for the Escrow account and the trial period. That is the amount of time you get to prove you are an established, honest business. So please handle it, accordingly.

So easy

It’s really very simple to find a merchant account servicer. There are thousands online. Just make certain they are real and read the dotted line. If you are not comfortable with it, you don’t have to go into business with them.


Let us help you get a high risk merchant account today!

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Having a merchant account allows an account holder to take advantage of merchant cash advances. When a merchant is approved for an advance, the business agrees to receive a lump sum of cash in exchange for an agreed-upon percentage of future credit card sales.

Pricing varies depending on the merchant’s industry, past credit card processing history, the type of business seeking the account, average ticket sales, and average transaction volumes.

Yes, EMB works with merchants who are building their credit, as well as those who have poor credit. EMB also approves merchants that have no credit card processing history and businesses that have lost their merchant accounts due to high chargebacks.

Several factors influence a merchant’s risk level. Though only one factor likely will not get a merchant classified as high risk, a combination of these may: business size, location, and industry, credit score, credit card processing history, a industry’s reputation for excessive chargebacks, a prior history of high chargeback ratios, and whether a merchant exclusively sells online.

Virtual terminals are stationed on a merchant’s website, making it easy for customers to make a payment or purchase online. Merchants or a payment processor can easily set up virtual terminals, so online businesses can accept credit and debit card and e-check transactions.

A merchant account is a business account with an acquiring bank. Without this business account, which actually works more like a line of credit, a merchant cannot accept and process credit and debit card transactions. Businesses need a merchant account to accept major credit cards via a static point-of-sale terminal, mobile card reader, or through a virtual payment gateway.

After filling out EMB’s simple online application and submitting any necessary, requested documents, many merchants get approved within 24 and 48 hours.

EMB specializes in working with high-risk merchants. EMB works with many merchants, including but not limited to businesses in these industries: gambling and gaming, adult entertainment, nutraceuticals, vaping and e-cigarettes, electronics, tech support, travel, high-end furniture, weight loss programs, calling cards, e-books and software, and telecommunications.

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