According to reports, 1/3rd of Americans had one or more firearms in the year 2016. The research also showed that 83 out of 100 people in the country have privately-owned firearms business.
Despite the fact that various gun control measures have issued, the sale of firearms as personal defense weapons is constant in United States. Because of the demand of these firearms weapons, the level of online firearm business have grown in recent times. However, the business in which dealing of gun was done in cash have no place in today’s world, the buyers are opting for credit cards. A firearm business that accepts the processing of credit cards require to have a merchant account. The issue is that for getting approved for an Online Firearm Merchant Account is difficult and challenging.
The bad fact is that, the firearm business spend a lot of time in applying for accounts with old and conventional banks only to get rejected as their work and business is considered to be high risk because of the fraud, unclear laws and chargebacks involved in the business. The perfect way to go forward in a successful way is to understand the laws regarding what you are going to do and be prepared to prove everything precisely.
Know What to Expect
Before moving forward, you should know that the strict federal rules and regulations that controls the sale and services of firearms dealing becomes very difficult if done legally.
It is essential to know that buying guns online is legal nowadays, but federal laws prohibit merchants from selling serial numbered handguns, long guns and parts directly to customers that are from different state.
When a dealer accepts a transfer on a purchaser’s behalf, the person will require the buyer to fill out a 4473 Form and conduct a background check. Though there are many federal regulations, private, unlicensed sellers are not bound by them.
Though federal guidelines are clear, individual state laws muddy the waters. Some states, such as Colorado and New York, require background checks through the National Instant Criminal Background Check System (NICS) for those who try and buy guns through private sales. Montana, Louisiana, and Arkansas, however, have few restrictions when it comes to the private gun sales.
Documents Needed to Get an Online Firearm Merchant Account
Some providers only want businesses to have a long history of sales with the documentation to prove that they have the ability to stay in business. However, all providers will want to see that you make timely payments to creditors and other billing institutions. Also, payment providers want to know you have a loyal base that shows you have stable income. Due to these factors, providers want to see that you don’t have any hanging threads. Additionally, when you are ready to apply, you will need fill out an application and submit supporting documents.
You will need:
A valid, government-issued ID, such as a driver’s license or a passport
A bank letter or a pre-printed voided check
3 months of the most recent bank statements
3 months of the most recent processing statements, if applicable
A SSN (Social Security Number) or EIN (Employer Identification Number)
Additionally, you will need to have a chargeback ratio of below 2%, a fully functional website, and clear terms and conditions, and a privacy policy. In addition to submitting this information, it is important that you prepare in other areas. Take care of any outstanding debts, maintain a good credit score, and have some savings in your bank. All of these factors increase your chances of getting approved for an online firearm merchant account.
When It’s Time to Apply
When you are ready to apply for an online firearm merchant account, consider snsbankcard.com (EMB), a high-risk merchant account provider. EMB has custom solutions for online firearm retailers. Additionally, it works with businesses of all sizes and industries, and its application process is streamlined and quick.