To say the firearm industry is growing in the US is a huge understatement at this point. Guns are flying off shelves nationwide, and there’s been a near-critical ammo shortage for most of 2020. Year-to-year, the industry has grown by over 7.5%, compared to a projected 2.3% before the COVID-19 pandemic, which spurred a surprise growth period in 2020. There has been a record in background checks in 2020 with 16.5 million from January to October 2020, which broke the previous full-year record of 14.9 million in 2016. Consumer demand is growing overall and online sales of firearms, ammunition, and gun accessories are also increasing exponentially. Online FFL transfers in particular are growing at a tremendous rate amid the pandemic due to consumers who want to purchase firearms from the safety of their homes.
Although it seems simple on the surface, finding a merchant account for CBD business isn’t a quick process. There are several reasons why CBD is a high-risk industry, making it challenging to acquire payment processing support. CBD business owners can’t walk into a bank and ask for an account to process payments like other businesses. Due to the controversy and legalities within the CBD industry, many banks won’t support high-risk accounts, which is why having a CBD merchant account is an essential piece of your business’ success.
Black Friday, Cyber Monday, and the rest of the holiday shopping season is on our doorstep. With COVID-19 infections on the rise this fall, the online shopping season is primed to break records in the 4th quarter of 2020.
If your business is a high-risk merchant account for a credit card processing company, it’s essential to know what chargebacks are and how much chargeback fees can affect your bottom line. When you arm yourself with more information about chargebacks, you’ll be able to take the proper steps to course-correct and potentially prevent them in the future.
When evaluating payment processors, it is important to understand that individual document requirements, approval criteria, and turnaround time vary among providers. For high-risk merchants, instant approval generally takes 3 to 5 days to be up and running, but can extend beyond that. New accounts typically undergo a 2-step approval process. The merchant account provider and the bank or back-end processor that underwrites the account and processes transactions must both approve. To expedite the approval process, we offer the following recommendations.
Owning and operating a successful business has its typical challenges under normal circumstances, which can oftentimes lead to frustration and anxiety. While most successful owners take safeguards to protect their businesses, chargebacks —or credit card disputes—can not only damage but in some cases destroy a business.
When a customer receives their statement or reviews their account transactions online, they might question a charge and contact the credit card company. After a dispute has been submitted, the business will, in turn, be notified that a chargeback has been filed and that there is a review in progress.