Acquiring a gun merchant account equips you to take advantage of processing online sales.
According to the National Shooting Sports Foundation, the firearms and ammunition industry was attributed to bringing in $52.09 billion in total economic activity in the US in 2018. The manufacture of firearms, ammunition, and supplies as well as the companies that are distributing and selling these products create high paying jobs in the US. They also pay a sizable amount in taxes to state and Federal governments.
With all the positive cashflow benefitting citizens, state and Federal government alike, you would think that securing a merchant account for a gun, firearm, and ammunition business would be in the bag.
In fact, there are basically two reasons why credit card processors refuse to work with firearms merchants. First, the sale of firearms is heavily regulated by the federal government and therefore it demands extra underwriting by the credit card processor. Second, in this country firearms are categorized as a “political” issue. Therefore, many merchant account service providers and acquiring banks made a decision to take on an anti-Second Amendment position, thereby refusing to service otherwise legal firearms-related businesses.
How Can I Get a Gun Merchant Account?
Securing a gun merchant account requires some crucial steps to ensure you are in compliance with all state and federal regulations. The most important step is to get a Federal Firearms License. An FFL is a license issued by the government that grants permission to both sell and trade firearms. It is critical to note that you cannot legally sell firearms or obtain a gun merchant account until you get your FFL.
In order to find the right processor to take you on, you must seek the services of a high-risk payment processor. With the laws governing the sale of firearms constantly changing, you also need a high-risk processor that specializes in this industry.
If you are overwhelmed with searching endlessly for a reputable high-risk merchant account provider, only to come up empty, look no further than eMerchantBroker.com (EMB).
EMB has been specializing in serving merchants throughout a vast array of high risk industries, especially the firearm industry. It offers a tailor-made payment processing solution for both new and more established businesses, no matter the size.
What Do I Need To Apply For A Gun Merchant Account?
Applying for a gun merchant account is easy. Simply fill out EMB’s online application to begin the process. Along with the completed application and a safe, fully-functional website, merchants must provide the following documentation for the processors and underwriters:
- A valid, government-issued ID, such as a driver’s license or a passport
- A bank letter or a pre-printed voided check
- 3 months of the most recent bank statements
- 3 months of the most recent processing statements, if applicable
- A SSN (Social Security Number) or EIN (Employer Identification Number)
- Chargeback ratios must be under 2%
Although EMB does not guarantee that your application will be approved, the application process is guaranteed to be quick and easy. Merchant accounts that are qualified are expected to receive their approval in as little as 24 to 48 hours.
Don’t Be Left Out
Even though the firearm industry has come “under fire” in recent years due to a collision of political opinion and growing regulation, gun merchants continue to enjoy profitable businesses, especially when offering customers the ability to purchase firearms online. The key is to secure a high risk processor that is well-versed in the industry and all its complexities.