Firearms retailers, gunsmiths, and other businesses in the firearms industry work hard to provide sufficient supply to meet these high levels of demand, helping customers obtain the firearms, ammunition, and accessories they need to defend themselves, their families, and their homes, as well as for hunting and recreational use.
There’s a lot of money to be made in the firearms industry, which is why so many entrepreneurs are drawn to it. However, setting up a firearms business like a retailer or gunsmith can be immensely challenging, for several reasons. For example, dealing with the ever-changing rules and regulations on the sale of firearms can cause a lot of chaos for retailers.
It can also be very difficult to get your own firearms merchant account as a firearms business. Indeed, many firearms business owners have to deal with multiple rejections and denials when applying for their own firearms merchant accounts. Shark Processing can help, and this guide will cover all you need to know about merchant accounts for firearms businesses.
Statistics show that the firearms industry produces tens of billions of dollars for the US economy every single year, and the valuation of the industry has been increasing at an impressive rate over the course of the last few decades. This has led to more and more jobs in the firearms industry – estimated at close to 350,000 – as well as many more firearms businesses being set up.
It’s clear to see why the firearms industry has remained such a big player in the US economy, as many people across the country are eager to exercise their right to keep and bear arms for various reasons, such as personal safety, defending their property, hunting, or other recreational sports involving the use of weapons like rifles and handguns.
Firearms businesses like gun shops and gunsmiths are the heartbeat of the industry, keeping it alive and supplying people with firearms and related items like holsters, ammo, sights, and scopes. But in order to operate and carry out business effectively, firearms businesses of all kinds need to have firearms merchant accounts.
In order to understand what is a firearms merchant account and why do you need a firearms merchant account, you have to first understand the basic definition of merchant account. In the simplest of terms, a merchant account is a special type of business account that allows a business to receive electronic debit and credit card payments.
Merchant accounts work pretty simply. If a customer comes to your firearms website or contacts you over the phone to make a credit card payment, the money they send is first processed and entered into the merchant account. Only after that does it travel on and enter your main business account. In a way, the firearms merchant account is like the “middleman” of the whole process.
So, if you want to be able to take a credit card payment over the phone or online from a customer to your firearms business, you have to have a firearms merchant account. Without it, it’s impossible to receive these sorts of payments, and it is therefore almost impossible to carry out any kind of real business in the modern world.
Clearly, firearms merchant accounts are hugely important for those in the firearms industry. These days, a lot of payments are done online or over the phone in the form of card-not-present transactions, and you have to have your own firearms merchant account to accept those kinds of payments.
However, if you try to apply for firearms merchant accounts at a local bank, you may have some problems. Many banks and merchant services outright refuse to work with firearms businesses and won’t be willing to offer you a merchant account for payments related to the sales of firearms or firearm-related products and services.
Why is this? Well, it’s basically because the firearms industry is regarded as a high risk industry and associated with high risk credit card processing. There are a few reasons behind this. One of them is the fact that there are a lot of strict rules and regulations regarding the sale and servicing of firearms, which can be off-putting to banks and financial institutions that prefer to keep things simple and avoid complicated industries that could cause problems for them.
There’s also the fact that firearms businesses often involve high dollar transactions, with the average transaction at a gunsmith or firearms retailer working out at hundreds or even thousands apiece. When so much money is changing hands, there’s a higher-than-average risk of fraud, chargebacks, and other issues that banks and payment processors simply do not want to deal with.
So, if you’re in the firearms industry and want to set up a firearms merchant account, you may have some problems getting it started. A lot of banks and merchant services will say no, but there are a few people out there who can say yes, and Shark Processing is here to help you get your own firearms merchant account and stop worrying about rejections, once and for all.
Shark Processing specializes in high risk merchant accounts for businesses that are involved in high risk industries, like the firearms industry. We know and understand the challenges and risks you have to deal with while running a firearms business, and we want to help. That’s why we’ve built up a huge network of banks and offshore payment partners who are willing to provide merchant accounts and services for firearms businesses.
At Shark Processing, you’ll get all the benefits of our team’s many years of experience in high risk payment processing, as well as fair rates and fees, trusted and secure accounts, and the best levels of customer support to guide you through the process. Get in touch with the team today to find out how we can help you get a firearms merchant account.