These Banks Actually Want FFL Business Accounts

As a business owner operating in the firearms industry, understanding your requirements as an FFL holder can be complicated. Gun shops are required to have a federal firearms license, or FFL, in order to operate within compliance. When operating in this industry, there are strict laws and regulations that are in place to help protect both the shop and the firearms customer. Yet, many banks are hesitant to work with these types of organizations to support payment processing. This can be due to a number of reasons, such as fear of risk, social or cultural norms of the organization, or lack of infrastructure to support these types of payments. As a result, gun shop owners are often left with few options to support compliant payments, making it difficult to run their businesses and meet financial needs. 

Knowing the ins and outs of banks and their support offerings is critical when operating in this industry. Not all financial institutions are the same, and some actively welcome FFL business accounts to their roster. And this article, we will explore banks that are willing to work with gun shop owners, what you should look for when deciding who to partner with, and how a specialized provider such as BKW Servicing can ensure that you are set up for success. 

Why Are Banks So Hesitant To Work With Gun Shops? 

Why is it so hard to find banks that are willing to work with gun shops? Businesses that operate in the firearms industry have a unique regulatory landscape and strict compliance guidelines both federally and locally in the specific state they are operating in. Some of these barriers perceived by banks include:

• Reputation Concerns: This is often most applicable to bigger banks who are worried about publicly associating with the firearms industry due to political or cultural circumstances. 
• Regulations: Operating in the firearms industry requires complete knowledge of regulations that are oftentimes changing. This added oversight required for FFL accounts can make banks weary of accepting gun shop owners and firearms businesses. 
• Risk: Even when businesses follow all legal and compliance regulations, banks may perceive gun shops as being high risk and not want to work with them for this reason. 

As a result, these challenges can make it difficult for gun shop owners to have the financial support they need to scale their businesses and provide excellent customer service to clients. 

What Gun Shops Are Looking For 

If you are a gun shop owner yourself, it is likely that you can empathize with these points we are about to go through. For gun shop owners, payment processors are not just about convenience, they are about the compliance and regulation standards that are required to be upheld. These payment processors help you manage your payroll, cash flow, and understand your bottom line. As you weigh your options when deciding on which payment processor to work with, here are a few points to think about:

1. Industry Discrimination: Industry discrimination is all too common for gun shop owners. Be sure to do some backend research and see if they have a history of discriminating against any of these kinds of businesses before.  
2. Online Banking: Having access to mobile and online banking is critical to running a business in this day and age. Being alerted of account activity, paying bills, and processing transactions from your mobile device should be top of mind. 
3. Fees: Some banks may have hidden fees that apply to high-risk industries such as the firearms industry, be sure to ask if there are any hidden fees before signing up to partner with a payment processor. 

Banks to Work With

Let’s explore a few reliable banks that you should consider working with, who are known for operating with firearms businesses in the past. 

1. Wells Fargo: Wells Fargo is a reliable big bank with a household name. They’re known for taking a neutral stance on gun shop businesses and do not have a history of discriminating against these types of operations. 
2. Truist: Truist provides checking accounts and lending services tailored to small and medium-sized businesses such as gun shops. 
3. BKW Servicing: Unlike traditional banks, BKW Servicing specializes in working with FFL holders and understands the unique compliance obligations that these types of businesses face. 

As an FFL holder, partnering with a bank that supports your business should not be put on the back burner. Be sure to partner with a financial institution that is supportive of your industry and your small to medium-sized business so that you can focus on providing the best customer service and expanding your operations. 

BKW Servicing – The Best Choice for Gun Shops

BKW Servicing has long time been known for empowering gun shop owners and helping them scale their operations. Unlike traditional banks, BKW specializes in working with FFL holders and understands the compliance nuances that come with operating in the firearms industry. 

We offer unbeatable industry expertise, understanding the ins and outs of FFL regulations while providing tailored solutions made just for your business. From seamless payment integrations to transparent pricing, we are proud to offer personalized support that guides you through your financial needs. BKW is proud to support Second Amendment rights and stands by businesses that operate legally while trying to withhold them. 

If you are tired of banking barriers that are holding your business back, contact us today to take control of your finances with confidence and make the best choice for your business.