Firearm Merchant Account | Binary Gateways
If you’re involved in selling firearms, then you’re aware of the private and public regulations which govern how you manage your business.
The regulations affect everything and include:
- The type of personal data that you are required to keep in the public database of the government.
- You must be licensed with a specific license (i.e. Federal Firearms License, or “FFL”).
- Distribution of goods bought on the internet.
- Your company’s legality for accepting credit card transactions.
People who sell guns generally prefer to offer buyers the possibility of purchasing ammunition and firearms using credit card.
The reason is that the items that gun dealers offer are priced in a higher cost bracket than other products.
There are some customers who won’t be able to afford the entire purchase upfront. Therefore, it’s crucial that firearm retailers are in a position to provide them with an alternative to make purchase on demand.
However, it’s not always simple to find a credit card processor that is gun-friendly to partner with.
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This is in part because of gun and ammunition dealers – as well as the firearms industry as a whole, being in the high risk group when it comes down to accepting credit cards. Not all credit card companies want to collaborate with business owners operating in high-risk industries like gambling and firearms.
The industry of payment cards labels certain business owners as “high risk” due to their industry or their business model is more likely to be subject to chargebacks and disputes with payments.
Finding a reliable merchant that is gun-friendly and setting up the account to sell firearms does not have to be difficult all.
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Simply search for an agent for merchant services who has experience providing high-risk firearm merchant accounts for example, Binary Gateways!
Once you’ve completed that, you’ll then work with them while they guide both you and the application several simple steps to get your account accepted for processing high-risk transactions.
Understanding the Firearms Industry
It’s important to know that selling of firearms is strictly regulated by federal law. Anyone who wishes to sell these items must be either licensed by the federal government as a firearms dealer or directly work with an individual who is. The process of the process of applying for a license fairly simple and usually takes just 60-days for processing. If you don’t have this license you will not be able to work with firearms.
After you’ve obtained the license, you’ll be required to ensure that you only handle clients within the state you reside in. Although it is legal to sell and buy firearms on the internet however, there is a strict law in the case of shipping any part with a serial number states borders.
Buyers will also have to sign a form called an application form, 4473, and conduct an investigation into their background. In addition there is the possibility of having to conduct additional background checks across the States in Montana, Arkansas, or Louisiana. Apart from that, however there are a few limitations on the sale of private guns.
What Documents Do I Need For Firearm Merchant Account Application?
At Binary Gateways, we make it much easier than ever before for private gun dealers to get an firearm merchant account. With an approval rate of 97 even for companies that have been rejected previously we will help you get your account set up for credit card processing within several days. In order to submit the application process, you’ll be required to provide:
- A valid photo ID provided by the federal government for example the driver’s license or passport.
- Bank statements for the last three months
- The social security identification number (SSN) or the employer identification number (EIN)
In order to offer your company the best chances of obtaining an account with a merchant bank, and to keep it after you’ve been accepted there are additional steps you can do. First, it’s crucial to maintain a great credit score whenever you can. Furthermore the amount of debt you have to pay is to be kept at an absolute minimum. Also, having some savings in your bank can help increase your odds of being approved.
It’s Time To Apply Today
If you’re eager to increase your business in firearms industry, then apply an firearm merchant account through Binary Gateways. We can provide customized solutions for companies of any size. If you’re a small company or an established one as a collection agency, collection agency or a firearms dealer, we can assist you get the payment processing services you- as well as your customers are in need of.