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FFL, Hunting and Outdoor Merchant Accounts

by Kimberly Baylies on November 3, 2020

You have a right to a reliable and competitively priced FFL merchant account Americans have bought more guns this year than in any other single year. There’s been almost 17 million guns purchased this year, and we haven't even hit the holidays. There were 3,305,465 NICS background checks in October 2020 alone. Between the Coronavirus, racial injustice protests, fear of stronger gun control, and the Presidential election, it has been a good year for the gun and ammunition industry.

The firearms and ammunition industry is more in demand than ever before! With so much demand, you can't get caught with no way to accept payments for your firearms, hunting, and outdoor products. That's why it’s more imperative than ever that you accept payments with a reliable high risk merchant services provider.

Not only does the firearms industry create jobs for Americans, it generates hefty tax revenues and contributes significantly to U. S. conservation efforts. The industry's overall economic impact is over $60.02 billion and growing. And the industry is responsible for generating tax revenue to the tune of $6.82 billion in state and federal taxes for the country.

Despite its economic impact, firearms dealers have trouble getting an FFL merchant account.

This is not what getting approved for a Firearms merchant account should be like!

Despite this, gun and ammunition dealers face more challenges than other businesses getting a merchant account to accept credit cards. In fact, all businesses that the banks consider high-risk have a more difficult time getting a merchant account to accept credit card payments.

That's because banks don't like to take on risky business. Serving high-risk industries means banks take on more liability. They have to build highly educated underwriting teams. And they need to employ more experts who understand regulations and law. And because of that, there’s very few that can do it effectively and reliably. 

Why are FFLs "high-risk merchants"?

There are 3 primary criteria banks look at to determine whether a business is high risk: potential liability, number of chargebacks, and potential damage to their brand.

The firearms and ammunition industry carries with it all those things. And it complicates things by bringing in government regulation and age-related restrictions. And online gun sales bring an additional level of shipping and delivery regulations, making them ultra high risk.

FFLs are between a rock and a hard spot. They have a business model that is integral to our economy and represents American freedoms. But financial entities are reluctant to provide them with everyday business services.

Traditionally, high-risk merchant services meant excessive costs, unsavory terms, and imminent shut down.

Have you had bad luck getting approved for a firearms merchant account?High risk Firearms merchants are used to dealing with the downsides to being a high-risk business. They suffer high processing rates, delayed funding, merchant account freezes, and even merchant account shut down.

Some processors set caps or limits on the monthly volume for firearms merchant accounts. IF you're only allowed to process a certain amount each month, how are you to serve your customers and run a successful business?

Often, gun, ammo, and other industry-supporting FFL merchants are required to open a reserve account. The processor will require the merchant to keep a certain percentage of their monthly volume in reserve in case of excessive chargebacks. This can make running a business hard on the business owners. High rates, volume caps and reserves put a strain on monthly cash flow.

Processors tend to lump together high-risk business types, even if they don't seem high risk. Take hunting and outdoor stores, for example. They may sell outdoor clothing, camping gear, and fishing supplies. They don't seem like high risk. But processors consider them high risk because they also sell hunting rifles, guns, knives and other accessories.

Getting a high risk FFL merchant account isn't hard when you look in the right place.

As long as you're a licensed merchant with good processing history, you shouldn't have to deal with these things. Merchants with excessive chargebacks or a previous merchant account closure might have to start their new account with these precautions. But they can usually be reviewed after a minimum processing period has been completed.

If you're an FFL, I'm sure the thought of finding high risk merchant services for your firearms or ammunition store is exhausting. But getting a reliable FFL merchant account doesn't have to drain the life out of you. And it doesn't have to cost you your first born either.

It's not hard to get high-risk, merchant services for firearms when you know where to look.You just have to make sure you get your high-risk merchant services through an experienced and credible payment processor. It's that experience and expertise that makes getting approved for, and keeping, your merchant account a painless process.

That’s because they are expecting you. They have already laid the foundation to accept high-risk businesses. You're not their first rodeo.

Our curated partnerships enable us to offer stable and yet competitive firearms merchant account.

Because the firearms industry is a federally regulated industry, there are specific underwriting requirements that must be followed. 
Very few processors can support the additional requirements and expenses that go along with serving Federal Firearms Licensees.

We understand the challenges and the requirements needed to get approved for an FFL merchant account.

We’ve built a network of “firearms-friendly” acquiring banks and processors willing to provide merchant account services to the high-risk industry. 

We are fully prepared to offer dependable merchant accounts to guns, ammo, and gun parts dealers. Whether you're a retail store or an online dealer, we have solutions that fit your needs. Some FFLs require the ability to accept payment wherever they are. If you regularly attend and participate in gun shows and expeditions, you must still be able to accept payments. With our mobile payment options, you can accept payments on your mobile phone or with one of our wireless terminals.

Even online firearms dealers can get a reliable merchant account to accept creditcards.

In fact, we can offer FFL merchant accounts to almost every type of business in or supporting the firearms industry. This is just an example of the FFLs we provide merchant services to:
  • Gun retailers
  • Gun ranges
  • Gun repair and parts
  • Ammunition sales
  • Concealed weapons training centers
  • Hunting and outdoor retailers
  • Gun shows-traveling sales
  • Manufacturing
  • Gun clubs

Do you sell hunting and outdoor equipment? Did you know that many traditional processors label you as a high-risk business? Well, we don't. This means you're eligible for a traditional merchant account with highly competitive rates.

Bankcard International Group specializes in high-risk merchant services.

At BIG, we understand that FFL merchant services require more in-depth and strict underwriting. But, unlike other merchant account providers, we have our own in-house underwriting team to review your application. Because of this, we are able to streamline the application process and get you approved quicker.

Of course, we have the solutions to get you up and running quickly. Our solutions are integration-ready. They will integrate seamlessly with your current POS system, CRM and shopping cart.

We can even work with most of the specialized POS systems built specifically for the firearms industry. Firearms Management Systems, Gun Store Master, Rapid Gun, and Elliot are just a few of the most popular POS systems we can integrate with.

We offer robust chargeback management and chargeback prevention programs.

All businesses need to be concerned with chargebacks. They cut into your revenue, increase operating costs, and affect your merchant account qualification. But some business types are more of a target than others. And in the online firearms industry, it's a heightened issue.

Due to the online nature of the business, the high worth of the products sold, the eCommerce firearms industry is plagued by chargebacks and fraud. Managing chargebacks is integral to protecting your business and your merchant account.

Get a Firearms merchant account through an experienced high risk merchant services provider.

Don't risk your FFL business to an inexperienced and unreliable processor. Never miss another sale due to volume caps or merchant account closure.

You need a high-risk merchant account provider with the connections that'll provide the proper solutions to serve you properly.

At Bankcard International Group, we’re dedicated to providing dependable merchant services at competitive and transparent rates. It's our goal to be your go-to merchant services provider and to gain your business for life. We can only do that by treating you with respect and delivering the rates and service your business deserves.

Call and speak to one of our ETA- Certified Payments Professionals.
“It’s time to experience the BIG difference!”


Topics: High Risk Merchant Account, Firearms