How a Firearm Merchant Account Can Help You Grow Your Gun Business

Jul 31, 2017

Like any other enterprise, the success of a firearms dealership hinges on its ability to make its customers as comfortable as possible before, during and after a sale. This includes ensuring they have the freedom to make payments in any form they want.

If you wish to be able to accept credit and debit card payments from your clients, you will need to sign up for a merchant account. Unfortunately, mainstream processing companies regard the firearms industry as a high-risk sector, primarily due to its many federal and state regulations, which makes acquiring payment services next to impossible.

Thankfully, banks aren’t the only card on your table. Although relatively hard to come by, a high-risk merchant account will get your gun business the payment processing services it needs.

Benefits of a firearm merchant account

Cash and checks are steadily losing their ground to newer methods like credit and debit cards, as customers embrace better modes of making payments. The ability to process card transactions can, therefore, help you a great deal in achieving your goals.

  1. Better sales

Accepting multiple forms of payment, both in-store and online always translates to more sales. Customers that were only visiting to see what you have will be more inclined to make a purchase if they can pay with their credit cards.

  1. Improved productivity

A gun shop may not be considered a fast-paced business, but that doesn’t mean you can tolerate slow transactions. With a credit card payment system, your customers will be swiping and entering their PIN without handing over their card. Checkout lines will, therefore, run more efficiently, more so for gun dealers who also operate shooting ranges.

  1. Customer satisfaction

Customers, even firearm buyers, enjoy flexibility. By providing several options for payment, including cards, checks, gift cards, coupons and cash, you will be giving them full control over how they spend their money. Ensure your customers remain satisfied at all times by offering the freedom and flexibility they want.

  1. Financial protection

With the ability to process multiple forms of payment comes the additional risk of fraud and chargebacks. However, partnering with a high-risk specialist will offer your gun business protection from these critical issues. EMB, for example, will equip your firearm merchant account with Verifi and Ethoca, both which work behind the scenes to prevent chargebacks and fraud, without affecting your sales in any way.

  1. Online payments

Because of the challenges that brick-and-mortar gun shops have to deal with, including compliance with strict laws and frequent visits from regulatory boards, many new merchants are going online. A reliable merchant processing service will enable you to provide online invoicing, create payment reminders, receive payments securely and take your operation with you wherever you go.

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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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