Nov 21, 2013

Licensing Requirements for online firearm merchant Dealers, Manufacturers, Importers and exporters

firearm merchant Dealers

Before you decide that dealing in guns is the one business you would love to be in, go find all the regulations and laws that you have to abide by. The list is very long and only you know what you are after. When all your research is done and you have decided that manufacturing, importing or exporting is your thing, be sure to have a merchant account as well. This way your clients can pay for their product online, saving both of you days and hours of work, trying to get the money.

To work above board, you will need the Federal Firearms license to begin the process for your online firearm merchant account. After that, pick your specific field and locate the correct licenses you may need above and beyond the FFL.

Who can get a license?

ATF will approve the application if the applicant:

  • Is 21 years of age or older;
  • Is not prohibited from shipping, transporting, receiving or possessing firearms or ammunition;
  • Has not willfully violated the GCA or its regulations;
  • Has not willfully failed to disclose material information or willfully made false statements concerning material facts in connection with his application;
  • Has premises for conducting business or collecting; and
  • The applicant certifies that:

1. the business to be conducted under the license is not prohibited by State or local law in the place where the licensed premises is located;

2. within 30 days after the application is approved the business will comply with the requirements of State and local law applicable to the conduct of the business;

3. the business will not be conducted under the license until the requirements of State and local law applicable to the business have been met;

4. the applicant has sent or delivered a form to the chief law enforcement officer where the premises is located notifying the officer that the applicant intends to apply for a license; and

5. secure gun storage or safety devices will be available at any place in which firearms are sold under the license to persons who are not licensees (“secure gun storage or safety device” is defined in 18 U.S.C. 921(a)(34)).-

How to get a license

Submit ATF Form 7 (5310.12), Application for License, or ATF Form 7CR (5310.16), Application for License (Collector of Curios or Relics), with the appropriate fee in accordance with the instructions on the form to ATF. These forms may be obtained from the ATF Distribution Center or your local ATF office.

[18 U.S.C. 923, 27 CFR 478.44 and 478.45]

Once that is taken care of….

With your permits and licenses in place, you have every right to go after a merchant account for processing purchases online. Have all your paperwork in order for the merchant account servicer will be after you for the information as well as your financial statements. Be aware that you may be in the high risk area of the merchant accounts, but you are dealing in firearms. It’s to be expected. So, let’s go do some business.

Sources

http://1.usa.gov/18lItaQ

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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 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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