In the complex and highly regulated firearms industry, businesses face numerous challenges that impact their business, particularly when it comes to securing reliable payment processing services and FFL compliance solutions.
According to a recent small arms survey, there are approximately 330 million firearms in the United States, the most per capita in the world, with 40% of American civilians owning a gun or living with someone who does. The U.S. gun and ammunition market generates over $90B in economic activity in the country.
As a Federally Licensed Firearms Dealer (FFL), finding a payment processor who understands your business and can help navigate the strict regulatory environment is critical. Many financial institutions are hesitant to provide services, leaving federally licensed firearms dealers scrambling to find alternative solutions that are often more expensive, less reliable and sometimes expose you to unnecessary risk.
Additionally, navigating the complicated world of FFL compliance, including the need to maintain accurate and up-to-date records of every transaction, forces retailers to maintain multiple systems with redundant manual processes. But failing to comply with these regulations can result in severe penalties, including significant fines and potential business closure. The administrative burden of managing compliance and commerce manually is time-consuming and does not promote the best customer experience.
The Impact on Firearms Businesses
The challenges with sourcing a payment processor without firearms expertise can have dire consequences for firearms businesses. Unreliable payment services can lead to delayed transactions, lost sales, and frustrated customers. High processing fees from alternative solutions can diminish profit margins, making it difficult for businesses to remain competitive. In addition, the constant risk of non-compliance creates an atmosphere of uncertainty and stress, shifting attention from core business activities.
AFS and FastBound
Recognizing these issues, AFS has partnered with FastBound to provide an integrated solution that addresses the unique needs of the firearms industry. This collaboration combines AFS’s secure payment processing capabilities with FastBound’s industry-leading compliance solutions, offering firearms businesses a comprehensive, reliable, and efficient way to manage their transactions.
Improved Compliance
With FastBound’s compliance management system, firearms dealers can automate the process of maintaining accurate records and ensure they meet all regulatory requirements. This integration reduces the risk of human error and non-compliance, providing peace of mind and allowing businesses to focus on growth and customer satisfaction.
Streamlined Operations
The AFS and FastBound partnership simplifies the payment processing workflow, eliminating the need for multiple systems and manual data entry. This streamlined approach enhances operational efficiency, reduces administrative burdens, and speeds up transaction times, resulting in a better experience for both businesses and their customers.
Enhanced Security
Security is crucial in the firearms industry, and the integration between AFS and FastBound ensures that all transactions are processed with the highest level of security. AFS’s advanced payment processing solutions protect sensitive information, preventing fraud and safeguarding against data breaches. This enhanced security helps build trust with customers and reinforces the reputation of firearms businesses as responsible and reliable.
The partnership between AFS and FastBound represents a significant advancement in addressing the payment processing challenges faced by the firearms industry. By combining secure payment solutions with extensive compliance management, AFS and FastBound provide firearms businesses with the tools they need to operate efficiently, securely, and confidently.