Cathedral Payments: The Best Option for Firearms Payment Processing in 2022
If you're in the market for firearm payment processing, then Cathedral Payments is the best option. We offer a variety of features that are designed to make your payment processing experience as smooth and efficient as possible. In this blog post, we will take a look at the firearm payment processing landscape in 2022 and explain why opening an account with Cathedral Payments is the best decision you can make.
The firearms industry is one of the biggest in the United States. In 2020, there were an estimated 16.45 million firearm owners in the United States. Sales of firearms in 2020 were estimated to be $13.93 billion, an increase of over $600 million from 2019. Both figures are only expected to grow in the coming years.
However despite how lucrative the firearms industry is, it can be very difficult for businesses to find payment processors who are willing to work with them. This is because the industry is heavily regulated and there is a lot of potential for fraud. It also does not help that the firearms industry has been heavily politicized in the United States.
This is where Cathedral Payments comes in. We are a payment processor that specializes in working with businesses in high-risk industries like the firearms industry. We understand the unique needs of businesses like yours and are ready to provide all the standard payment processing options that are available to other businesses.
As the firearm industry continues to grow, so does the need for firearm payment processing services. Here is why we believe that Cathedral Payments should be your payment processing partner.
Why most payment Processors don't process firearm and ammunitions purchases
High chargeback rates
A chargeback is when a customer disputes a charge with their credit card company and gets refunded for the disputed charge. Firearm and ammunition purchases have high chargeback rates because customers often change their minds about a purchase after the fact.
This often results in businesses losing money on a sale and payment processors are unwilling to take on that risk. As a result, many payment processors like Square Payments typically won't process firearms and ammunition purchases.
Potential for fraud
Another reason why most payment processors don't work with businesses in the firearm industry is because of the potential for fraud. There have been many cases of people using stolen credit cards to purchase firearms and ammunition online.
This can be a huge problem for businesses because they are often held liable for the fraudulent charges. For payment processing companies, these increased risks of fraud are simply not worth the cost to their brands and reputations.
High payment processing costs
Another reason why firearm payment processing can be so expensive is because of the high costs associated with it. Credit card companies often charge higher fees for businesses in the firearm industry because they are considered to be high-risk, just like the cannabis industry. This is due to the potential for fraud and chargebacks.
Difficulty complying with all the regulations
Firearm and ammunition purchases are subject to a variety of laws and regulations. This makes it difficult for payment processors to ensure that they comply with all of the relevant rules and regulations so rather than invest in experts in heavily regulated industries, most payment processors simply refuse to take on such businesses as clients.
Difficult to find a bank that will work with you
Firearm and ammunition purchases are considered to be 'high-risk' by most banks. This means that it can be difficult to find a bank that is willing to work with you on these types of transactions. And if you do find a bank willing to take your business, you will get charged higher than average and will be required to do more KYC filings than average.
The industry is regulated by the government
The firearm and ammunition industry is heavily regulated by the government. This makes it difficult for payment processors to keep up with all of the changing rules and regulations. Furthermore, due to the heavy regulation by the government, processing firearms requires additional underwriting by the credit card processor.
As you can see, there are many challenges associated with firearm and ammunition payment processing. However, these challenges can be overcome by working with a reputable and experienced provider like Cathedral Payments.
Why Cathedral Payments is the best option for firearm payment processing
At Cathedral Payments, we understand the unique needs of businesses in the firearm industry. We have worked hard to create a payment processing solution that is specifically designed for businesses in this industry.
We offer a variety of features that are designed to make your payment processing experience as smooth and efficient as possible. Let's take a look at the firearm payment processing landscape in 2022 and explain why opening an account with Cathedral Payments is the best decision you can make.
The firearm payment processing landscape has changed a lot in recent years. In the past, there were only a handful of options available and most of them were quite limited in terms of what they could offer. However, things have changed and now there are many different options available to choose from. Cathedral Payments is one of the leading providers of firearm payment processing services. We offer a variety of features that are designed to make your experience as smooth and efficient as possible.
Here are some of the main reasons why Cathedral Payments is the best payment processing option for firearms and ammunition businesses:
Lowest fees in the industry
We offer some of the lowest fees in the industry for firearm payment processing. This is because we believe that everyone should have access to affordable payment processing regardless of the risk associated with your business.
Furthermore, Cathedral Payments doesn't charge the merchant directly. We charge the partner bank a commission for taking your business to them. This means you can hire us to sort out your payment processing needs at no additional cost to you than you were already going to pay the processing bank.
Cathedral Payments' Zero Fee Program
Closely related to the point above, Cathedral Payments has a program that eliminates all payment processing fees to the merchant who then retains the full amount of the transaction. The program eliminates the fees for the merchant by transferring them to the customer as a surcharge for the convenience of paying with a credit card. This rewards the cash-carrying customers which would be preferred for 'high-risk' industries like the firearms industry.
A fast and easy approval process
We have a fast and easy approval process so that you can get started with your firearm payment processing as soon as possible. Many payment processors typically hassle businesses in 'high-risk' industries like firearm and ammunition sales when setting up their accounts.
High-risk businesses are inundated with mountains of paperwork and KYC requirements to protect the payment processor from any backlash from regulators in case something goes wrong with the account. At Cathedral Payments, we do our homework so you don't have to spend a lot of time filing useless paperwork. We only ask for what we need and we ensure that your merchant account is up and running in no time.
No hidden fees
There are no hidden fees associated with our firearm payment processing services. We believe in transparent pricing so that you know exactly what you're paying for. For many payment processors like Square Payments, your receipt from the payment processor doesn't include a breakdown of the various fees you are paying to process payments.
This lack of transparency over fees keeps businesses in the dark about what they are paying for and doesn't allow them to negotiate down their fees or change their policies to get lower rates. With Cathedral Payments, our clients have complete access to their fees including breakdowns. Our clients can factor their processing fees into their pricing since they can predict what the charges will be for different types of transactions.
Excellent customer service
We offer excellent customer service and are always here to help you with any questions or concerns that you may have. Due to how sensitive firearm transactions are, it's important to work with a payment processor that you can trust to have your back in case a transaction gets flagged.
Furthermore, when you open an account with Cathedral Payments, you will be assigned a dedicated account manager. This person will be available to answer any questions you have and help you get the most out of our services.
Experience with high-risk industries
Cathedral Payments has gained a lot of experience and insight into 'high-risk' industries like cannabis and hemp. This experience has been invaluable in helping us to develop a firearm payment processing solution that is specifically designed to meet the needs of businesses in this industry.
At Cathedral Payments, we understand that 'high-risk' businesses require additional support compared to routine, low-risk businesses. For this reason, we offer dedicated account managers to all of our clients so that you always have someone to talk to about your account. We are not only a payment processing platform but we also advocate on behalf of our clients to the processing banks if any issues arise with our clients' accounts.
Our Partner Banks
We have partnered with some of the leading banks in the country to provide payment processing services for our clients. These banks have experience working with 'high-risk' businesses and are comfortable underwriting firearm and ammunition sales.
Our partner banks understand the compliance requirements associated with firearm sales and have put in place the necessary safeguards to protect both their institution and our clients. We are constantly working to add new banks to our network so that we can provide the best possible service to our clients.
Fraud Prevention and Chargeback Protection
We offer several fraud prevention and chargeback protection features to our clients. These features are designed to help you avoid costly chargebacks and protect your business from fraudsters.
Given that the sale of firearms is a 'high-risk' business, chargebacks are always a concern. A chargeback is when a customer disputes a transaction and the funds are returned to them by their bank. If this happens too often, it can lead to your account being shut down. This is why we offer many chargeback prevention and protection features, such as:
Address Verification Service (AVS): This is a security measure that checks whether the billing address provided by the customer matches the one on file with their bank.
Card Security Code (CSC): This is also known as a CVV or CVV code. It's the three-digit code on the back of a credit card and it's used to verify that the customer is in possession of the physical card making the payment.
Fraud Alerts: We have a team of fraud experts who are constantly monitoring for suspicious activity. If they see anything that looks out of the ordinary, they will immediately flag it and take action to prevent any potential fraud from taking place.
These are just some of the ways that we help our clients to avoid chargebacks and protect their businesses from fraud.
As you can see, Cathedral Payments is the best option for firearm payment processing in 2022. We offer low fees, a fast and easy approval process, and excellent customer service. Cathedral Payments is one of the only firearm payment processors that offer a full suite of features and services. We are committed to providing our clients with the best possible experience and we go above and beyond to make sure that all of your needs are met.
Contact us today to learn more about our services or to open an account. Thank you for choosing Cathedral Payments!