Online Firearm Merchants Use Credit Card Financing to Stay in Business

May 23, 2016

The online firearms industry is booming. In the last few years, gun sales have ballooned with the ability to sell and buy guns on the internet. Websites like Armslist host ads to buy and sell the gun of their choice without undergoing any type of background checks. The opportunities to build a successful online firearms business are endless. Unfortunately, firearms merchants often have a difficult time finding funding for their online firearm merchant accounts. But many merchants use credit card financing to become operational or stay in business.

Ever since the last financial crisis, many larger financial institutions are hesitant to underwrite small business loans. A popular alternative for many has been to finance a part of their business with credit cards. Here are a few major benefits to use credit cards.

Savings from Rewards

Some studies show that the average small business spends approximately $26,940 annually. Companies that use credit cards can increase cash flow through rewards. If you are offered a standard 2% cash back card, you can get over $530 back in rewards. That’s extra cash to pay for business expenses like utility bills and supplies.

Stay on Top of Spending

By having all your bills coming out of the same account, and putting miscellaneous purchases onto a credit card, will help organize your spending. Being able to track every transaction will give you a better understanding of cash flow and prevent overspending. Plus most small business credit cards are compatible with programs like QuickBooks or Excel, which track and display financial information

Take Advantage of Deferred Interest Promotions. If your business needs some flexibility, take advantage of business credit cards that offer 0% introductory APR periods that last 12 months or more. This is especially helpful if your company is making large purchases that cannot be paid off immediately.

Using credit card financing is a valid option for online firearm merchants who need a little assistance getting their business off the ground. In addition to credit cards, online firearm merchants can also use online lenders like EMB to acquire monies with little to no restrictions. eMerchantBroker is a leading online payment processor that can help expand your online business with flexible and business friendly terms. Start your application 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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