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Firearm-Focused Credit Card Processing
As a premier provider of firearm-friendly merchant accounts, Mega Payments possesses the expertise, understanding, and framework required to support businesses in this sector. We are equipped with the necessary resources to handle the specific demands of firearm credit card processing. If other processors have rejected or closed your account, Mega Payments is ready to assist you!
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Read what our satisfied clients have to say about their experiences with us.
Switched to Midwest for my business and they saved me a ton of money while receiving exceptional customer service!
Noor NaimiJanuary 15, 2024
Top of line service! Best rates l! They have been servicing my company for 5 plus years with no headaches no surprises! Highly recommend
Calvin KApril 15, 2023
Montana helped me switch my merchant services to Midwest. Couldn’t be happier, no more credit card fees! Also, love my new clover system works great and super easy to use. What I love about the company is getting support from a real local person not like my old company when I would have to speak to someone from a foreign country that I couldn’t understand. Highly recommended, if you’re considering do yourself a favor and make the switch
Vincent CholaghJanuary 15, 2024
Why Firearm Payment Processing Is Considered High-Risk by Mega Payments
Businesses involved in firearms and related accessories must comply with extensive regulations at both state and federal levels. This compliance necessity makes selling firearms or related accessories expose your business to legal and financial liabilities. In addition to the regulatory hurdles, several factors contribute to the high-risk status of firearms businesses among payment processors:
- Chargeback Likelihood: The firearm and ammunition sector typically experiences a higher frequency of chargebacks compared to other industries.
- High Fraud Potential: Purchases of weapons made with credit or debit cards may not always be conclusively traceable back to the buyer, rendering this industry a prime target for fraudsters.
- Legal and Financial Liabilities: Many acquiring banks opt not to service gun businesses to avoid associations with legal disputes over firearm purchases.
- High Ticket Sales: Firearms generally have a high cost, ranging from several hundred to several thousand dollars, which means payment disputes of this magnitude can significantly impact your cash flow and increase the risk of payment defaults.
Benefits of a Gun-Friendly Credit Card Processor with Mega Payments
While businesses in other sectors might turn to payment service providers like Stripe, Square, and Paypal for credit card processing, these companies typically do not extend their services to firearms businesses. Consequently, firearms businesses must rely on traditional payment processors capable of handling their specific needs. However, partnering with processors unfamiliar with the nuances of the firearms industry can hinder rather than help your operations.
Issues commonly faced by firearms merchants when partnering with inadequately equipped payment processors include:
- Account Closure: Your merchant account may be closed without warning by a payment processor if it is identified as being used to sell firearms or related accessories.
- Frozen Funds: Due to the higher transaction sizes processed less frequently, the firearms industry often has a high chargeback ratio, leading to funds being frozen for up to six months.
- Cash Flow Problems: Prolonged fund holds can severely disrupt your business operations and contribute to the leading cause of small business failures.
- Loss of Income: Many customers in the gun and ammunition market require flexible payment options to afford their purchases. Without the ability to accept credit cards, you risk losing sales to customers who cannot pay in cash.
Selecting a Firearm-Friendly Processor with Mega Payments
When choosing a firearm-friendly payment processor, consider:
- Honest Sales Practices: Investigate reviews to understand how the processor’s practices translate into actual customer experiences.
- Specialization: Ensure the processor has experience supporting businesses in the firearms industry.
- Transparent Onboarding and Underwriting Process: A payment processor should conduct due diligence in vetting your business transparently, setting the tone for ongoing relations.
- Personalized Customer Service: Immediate assistance should be available from the customer support team for any equipment issues, technical glitches, or funding problems.
Firearm Merchant Account Types Needed
Depending on your business model, you may need one or more of the following types of merchant accounts:
- Online: For online sales of firearms, accessories, or ammunition, you require an eCommerce merchant account to accept payments on your website.
- Retail: For brick-and-mortar operations, a retail merchant account is necessary, typically including a point-of-sale system or a standalone terminal.
- Over-the-Phone (MOTO): If you accept payments over the phone, a MOTO merchant account is required, using a payment gateway to enter transaction data.
Requirements for Securing Gun-Friendly Merchant Services with Mega Payments
Before obtaining firearm-friendly merchant services, ensure you have:
- Federal Firearms License (FFL)
- State-required licenses
- Business bank account
- Social security number
- Merchant account application
Mega Payments deeply understands the complexities of the firearms industry. With a high approval rate for merchant accounts and expertise in high-risk operations, we provide dependable services that firearm merchants can trust. We’re proud to give businesses in the firearms industry the support they need for success.
