The Most Reliable FFL Dealers Payment Processing Provider
You have successfully obtained a federal firearms license (FFL), and now you want to develop your business by offering various payment options, such as credit cards.
However, you soon discover that it is harder than you thought to find an FFL payment processing company that is reliable and willing to work with you.
FFL payment processing is undoubtedly one of the key aspects of your firearms business, so let us find out what you can do to secure the most reliable firearms credit card processing.
Why Do You Need Firearm Friendly Credit Card Processing?
Using Cash
You might be wondering why your business needs to find a firearm-friendly credit card processing provider in the first place. Well, of course, you can buy your firearms in cash, however, as a gun shop owner, you could limit liability by accepting credit card payments.
After all, the main drawback of using cash is that it is practically impossible to trace, leaving a lot of room for criminal activity. Even if the potential buyer has passed their background check, they could still use the firearm you are selling them for illegal purposes, or re-sell the firearm on the black market.
Furthermore, keeping loads of cash in your store is like an open invitation for criminals to rob you. When all is said and done, you wouldn’t want to eliminate cash as a payment option, as some customers prefer it.
Still, by using a trusted firearm payment processing provider, and adding credit and debit cards as a way of payment, you can minimize the risks.
Using Credit and Debit Cards
You might be thinking that using credit and debit cards for firearms payment processing is a straightforward process. Well, guess again. The truth is that most credit card processors do not allow firearm transactions.
For example, PayPal states that you may not use their services for “transactions involving… ammunition, firearms, or certain firearm parts or accessories…” The same applies to many other major processors, including Square and Stripe.
If you are asking yourself why these big online credit card solution companies do not accept firearm transactions, it is because of the high risk involved. Other companies are willing to open such high-risk merchant accounts, yet they often have much higher costs, which are not ideal for firearm sellers.
What Is High Risk Payment Processing?
In simple words, high risk payment processing is the way that a company, managing the credit card transactions of businesses, deals with high-risk industries.
In our case, the firearms industry is considered to be of high risk, due to the risky nature of business, with an extensive history of refunds and chargebacks, regular lawsuits, very strict regulations, and an overall much greater probability of failure
To no surprise, big banks do not want to serve FFL businesses, because of safety concerns. However, luckily for you, there are payment processors that are happy and willing to work with gun shops.
How to Find a Reliable FFL Payment Processing Provider?
As we’ve already established, finding a firearms payment processing provider for your business is not an easy task. You can’t just go for the first company you see, can you? You need a company that offers outstanding services, as well. You need to find the right partner.
Probably the two biggest factors you need to take into account are flexibility and customer support. The first is important because you want your unique needs to be taken care of, instead of receiving the same treatment, regardless of whether you are a big or small business.
The latter matters because you wouldn’t know the necessity of interacting with helpful, knowledgeable customer support unless you needed assistance, and ended up having a bad experience, instead of valuable advice.
Apart from that, a great FFL payment processing provider should be able to employ the latest encryption protocols to protect sensitive information, assist you with customer insights, gathered through custom reporting tools, and aid you with the various, complex regulatory compliance you need to comply with.
Choose Electronic Transfer
Why should gun shop owners choose and trust Electronic Transfer to be their preferred FFL payment processing provider?
Well, we have:
- been in business for over 33 years.
- helped over 50,000 merchants with their credit card processing.
- competitive pricing.
- free merchant account set-up.
- exceptional customer support.
- secure payment gateways.
Need any more proof? We are a BBB-accredited, A+ rated provider, and the preferred credit card processor of GunBroker.com. Our solutions are meant to streamline transactions while maintaining compliance with all regulations. Fill out our no obligation, pre-qualification form, and using your expertise and experience we can start developing your business today!