Why Sporting Goods and Outdoor Equipment Businesses Are High-Risk
Sporting goods retailers and outdoor equipment businesses face a number of challenges that make them high risk for traditional payment processors. One of the main reasons is the volume of transactions, often for high ticket items. Items like firearms, archery equipment and certain outdoor gear trigger higher scrutiny from payment processors because of the products themselves.
Many of these products are also regulated, like age verification for firearms or export restrictions. This regulatory complexity increases the likelihood of chargebacks and fraud and payment processors are wary of working with businesses in this industry. Unfortunately without the right merchant account, businesses in this sector may get account suspended, charged back and lose revenue overnight.
Why Choose the Right Payment Processor
The right payment processor can make all the difference in your success in the sporting goods and outdoor equipment sector. Here’s how a high risk payment processor benefits your business:
- Reduced Risk of Account Suspension: With a high risk payment processor you’re less likely to get your account closed or restricted which is common with standard processors.
- Regulatory Compliance: Sporting goods and outdoor equipment retailers must comply with multiple regulations. A high risk processor ensures your transactions are compliant with industry specific laws.
- Extra Security: From PCI compliance to fraud tools, a payment processor you can trust has the security your business and customers need to feel safe to buy.
- Multi-Channel Payments: Whether your customers are buying online, in store or on mobile, your payment processor will process transactions across all channels.
- Higher Customer Satisfaction: A smooth and secure payment experience means more happy customers and less abandoned carts.
Merchant Accounts for Sporting Goods and Outdoor Equipment Businesses
When choosing a merchant account you need to consider your business needs. For sporting goods and outdoor equipment retailers there are three types of accounts to consider:
- Traditional Merchant Accounts: For businesses with standard products, a traditional merchant account may work for you. These accounts give you full control over your transactions and integrate with most eCommerce and POS systems.
- High Risk Merchant Accounts: Given the regulatory complexities of selling hunting gear, firearms and other outdoor products, high risk merchant accounts are designed to give you the security and flexibility to keep your business running.
- Payment Gateway: If you’re using a property management or eCommerce platform, payment gateway will give you a seamless process from product listing to payment processing.
How to Choose a Payment Processor
Choosing the right payment processor for your hunting and outdoor equipment business is crucial to your success. Look for a provider with experience handling high-risk merchant accounts, especially in industries like hunting, firearms, and outdoor gear. Ensure they offer robust security features, such as PCI compliance, encryption, and fraud prevention, while also adhering to industry-specific regulations like firearms laws.
A good payment processor should provide flexible solutions for high-ticket transactions, recurring billing, and customizable checkout options, as well as support for multiple sales channels, including in-store, online, and mobile platforms. Prioritize a provider that offers responsive, 24/7 customer support to address any issues promptly.
What You’ll Need for Merchant Services
Getting started with merchant services for your sporting goods or outdoor equipment business is straightforward but there are a few things to do first:
- Business Details: You’ll need to provide basic information about your business like business name, business address and website.
- Financial Information: Be prepared to provide your bank account and routing numbers and business bank details.
- Documentation of Your Business: To speed up the approval process you may need to submit documentation to prove your business is legitimate like tax records, licenses and proof of online presence.
- Compliance Documentation: Depending on the products you sell you may need to submit compliance documents like licenses for firearms or regulated equipment.
Once you’ve submitted your information your payment processor will work with you to get your account set up and ready to go.
Software Integrations for Sporting Goods and Outdoor Equipment Retailers
To make payment processing even smoother you’ll need to integrate your merchant services with your business tools and software.
- eCommerce Platforms: Shopify, WooCommerce and BigCommerce allow you to integrate payment processing into your online store.
- Point-of-Sale (POS) Systems: Square, Clover and Lightspeed are for brick-and-mortar stores and can be integrated with payment processing.
- Accounting Software: Integration with QuickBooks will keep your financials in order.
- Inventory Management: Integrating with inventory management tools will keep track of stock levels and prevent overselling or stockouts.
Why Payment Nerds for Sporting Goods and Outdoor Equipment Retailers
When you sell sporting goods and outdoor equipment you need the right payment processing solution. Payment Nerds knows the challenges you face and has solutions to help you manage high risk transactions, stay compliant and deliver a great customer experience. With our industry expertise, flexible merchant accounts and robust security features we can help you succeed in this competitive space. Let us be your payment processor so you can focus on growing your business.
