When Big Banks Drop Gun Retailers, PayKings offers Firearms Merchant Accounts

May 25, 2018 | Financial Problems | Jessyka Lee

firearms merchant accounts

Where do gun retailers find themselves with even more regulations than before, and with some of the big name banks deciding they won’t fund them any longer? A major backlash has occurred with the current rise in mass shootings, leaving eCommerce gun retailers in a tight spot to find access to a firearms merchant account.

PayKings has kept a finger on the pulse of all the frenzy in the media regarding online gun retailers, and are among the leaders in the industry to be able to offer underwriting services that make payment processing accessible for those seeking firearms merchant accounts – though others have not been so forgiving in this arena.

With Congress taking a “hands-off” approach on the topic of firearm regulations altogether, the banks have stepped in to take a stance. The Parkland, Florida school shooting tipped the scales for financial institutions like Citigroup, who announced in response to this last shooting that they propose to enforce a new policy (as of March 22nd) to prohibit the sale of firearms to any customers who do not pass a background check and to keep guns out of the hands of person under the age of 21.

Additionally, the bank is said to bar any sales of bump stocks and standard-capacity magazines and will apply these policies to all clients of Citigroup who offer credit cards backed by the institution as well as any other banking services through the company, referring to the debate over gun control as “common-sense measures.”

toy gunWith Citigroup blazing the trail for progressive change in not associating with firearms merchant accounts, it’s hard to know how many will follow their lead. That being said, the net effect for online gun retailers will see an upcoming death grip on the availability of credit card processing or any other payment services offered to them – which will, in turn, create a widespread impact on the legal industry.

What does this mean for you if you’re a business that needs a firearms merchant account? It means you need to ditch the banks before they ditch you and seek out a reputable payment processing company, like PayKings.

At this rate, businesses that sell firearms are going to find it very difficult to find the right payment processing solutions that can meet their needs. Now more than ever, banks are fearful of the potential legislation “guns” or “firearms” may bring against them. Nonetheless, we offer firearms merchant account solutions for you and are dedicated to making your transition to accepting debit and credit card payments online as easy and seamless as possible.

Contact us and discover the many options we have available.

May 25, 2018 | Financial Problems | Jessyka Lee