The firearms industry is a very valuable and significant industry in modern-day America and other nations across the globe, with reports showing that sales numbers of firearms are rising all the time and demand for guns is steady and consistent. In short, a lot of people want to own a gun, either for personal protection or recreational purposes.
A lot of money can be made in the industry, and gun dealers can make large amounts on just a single sale of firearms. This is one of the many reasons why a lot of entrepreneurs are drawn to the idea of becoming gun dealers. However, there are also lots of challenges associated with running a gun shop, such as keeping up with all the rules, regulations, license checks, and so on.
Reports show that the gun industry in America produces tens of billions of dollars every single year, and in spite of some sections of the population changing their attitudes towards firearms, demand for guns remains high across the nation and the industry has been growing steadily in recent years, creating many more jobs and opportunities.
There are lots of reasons why someone may wish to own a gun. Some people have guns to protect their homes and families, for example, with no real intent to use them, except in emergency cases. Other people have an active interest in guns from the perspective of a collector, while others use guns recreationally for hunting or as part of gun clubs.
Gun dealer businesses such as firearm stores and gunsmiths help to keep the industry moving, supplying customers and communities across the nation with all the guns and related items and accessories they need. However, as alluded to in the introduction, if you want to run this kind of business, you simply have to have your own gun dealer merchant account.
Now, let’s focus on what a gun dealer merchant account actually is and how it works, beginning with an overview of merchant accounts in general. Merchant accounts are special types of business accounts, aimed at businesses that do a lot of their business online. These accounts make it possible for businesses to accept credit and debit card payments electronically.
In other words, without a gun dealer merchant account, your online gun store or gun dealer business won’t actually be able to receive any kind of credit or debit card payment without the card holder actually being physically present in your store. So you won’t be able to make any kinds of sales over the phone or on the internet.
This is why gun dealer merchant accounts are so important. In the modern world, a lot of business is taking place online and many people looking for firearms, ammo, and accessories like to be able to make payments remotely with their credit and debit cards. In order to meet the needs of today’s customers, a gun dealer merchant account is vital.
It’s clear to see that you need a gun dealer merchant account if you want to succeed in this business. But if you go to your usual local bank and request such an account, they might reject your application right away. Other payment processors and providers, too, may refuse to work with gun merchants and gun dealers, due to the risks and connotations associated with the industry.
The world of gun dealers is seen as a “high risk” industry by many banks and payment processors. This makes them reluctant to work with gun dealers in any way or offer any kind of gun dealer merchant accounts or services. There are a few reasons behind this. One reason is that some banks simply don’t want to associate with the firearms industry due to controversies and moral debates around guns.
Another issue is that the firearms industry has a high rate of chargebacks, which is when credit card or debit card payments get disputed and have to be returned to the card holder, leading to lots of fees and problems for the banks involved. Why are there so many chargebacks involved in high risk credit card processing for gun dealers? Well, there are a few reasons.
One issue is that gun dealers involve a lot of high dollar transactions, with very high prices for firearms and accessories. When so much money is involved, there’s a greater-than-average chance of things going wrong. There’s also the fact that the gun industry is so strictly regulated, and if mistakes are made and guns end up in the wrong hands, chargebacks and problems are inevitable.
So, if you’re in the gun dealer industry and struggling to find a bank that is willing to offer you a gun dealer merchant account, Shark Processing is here to help. We’re experts in high risk credit card processing and high risk payment processing, working closely with a network of trusted banks and payment processors who are willing to offer high risk gun dealer merchant accounts.
We can help you find a gun dealer merchant account with the best rates and fairest terms to suit the specific needs of your business, and our experienced team will be ready to assist you every step of the way. Contact Shark Processing today to find out more about our gun dealer merchant account services.