Owning a firearms retail store can be a lucrative operation. It’s an industry that is becoming increasingly popular throughout the country.
If you want to succeed, however, you need to choose the right payments software — as well as work with an experienced payment processor who understands Federal Firearms License (FFL) requirements and will stand by your side, helping you meet the unique requirements imposed by this specialized industry.
If you’re considering getting into this line of work, it is important to understand the major types of software so that you can talk to your FFL-friendly payment processor about getting set up as soon as possible.
A word about payment processors.
Before we dive in, let’s take a minute to review the importance of finding a payment processor with a depth of experience providing FFL payment solutions.
Unlike the myriads of conventional providers out there today, your payment processor should be able to demonstrate to you that it has experience working in specialty — or “high-risk” — industries.
An FFL payment processor will enable you to offer enhanced security, a better payment experience, and a wide variety of payment options to your customers.
What’s more, your processor should be able to connect you with any of the following effective software solutions for FFL retailers.
1. Point of sale.
Point of sale (POS) hardware and software consists of payment processing software, tablets, terminals, card readers, barcode scanners, receipt printers, and other peripherals that combine to enable businesses like yours to process various types of payments with speed, security, and efficiency.
In addition, these systems assist in other numerous business functions, including inventory tracking and employee management, sales reporting, customer relationships management, and report generation.
Firearms shops have their own additional specific requirements. POS systems are vital in recording and storing sales data, managing serial numbers, and ensuring ongoing compliance with state and federal firearms regulations.
2. Credit card processing.
As with other business types, it is vital that firearms dealers have a way to securely accept electronic payments.
Software designed specifically for this industry is particularly suited to facilitating compliance with the complex regulations that govern it. To that end, the best software will also include age verification and other features to foster regulatory compliance.
3. Barcoding.
This specific type of software assists gun shop owners in creating and managing the barcodes that are affixed to the products they sell.
With effective barcoding, it is possible to manage inventory accurately and efficiently, with the ability to follow each piece of merchandise throughout its journey from delivery to your warehouse until it leaves in the hands of your customer.
Additionally, this software facilitates the fast and accurate scanning of products, making for fewer errors and providing customers and staff alike with a faster checkout process.
4. Inventory management.
In general, inventory management software assists sellers in ensuring that they always have sufficient stock in real time. This eliminates the need for manual entry and time-consuming audits.
Specific to firearms dealers, compliance with Alcohol, Tobacco, and Firearms (ATF) regulations is a must, and inventory management software can be of vital assistance.
When it comes to complying with the Acquisition and Disposition (A&D) record regulations that are mandated by FFL requirements, most gun shop owners opt to obtain a point of sale system equipped with ATF-compliant bound book systems.
A bound book is a permanently bound book or an orderly arrangement of loose-leaf pages which must be maintained on the premises of the business. It contains all relevant data about each specific product sold in the store. Holding these details in the POS can streamline operations and minimize oversights and human errors.
5. Virtual POS.
Increasingly, firearms merchants are moving toward using virtual point of sale (VPOS) software to accept payment transactions.
Instead of relying on a traditional cash register, this system utilizes a software interface that is integrated into a desktop computer or tablet to manage sales transactions, inventory, and customer data.
The right virtual POS software should be configured to meet the unique needs of firearms dealers. This includes assisting the business in complying with ATF regulations such as background checks, bound book recording, and 4473 forms.
Additionally, it should track gun inventory by make, model, serial number, and caliber and be capable of storing customer details.
The importance of focusing on the best firearms software.
When you take the time to select the optimal payment software for your gun store, you will quickly come to realize the rewards of your hard work. For one thing, it allows you to automate your daily inventory management, sales transactions, and reporting.
As a direct result, you and your staff will be freed up to dedicate your time to serving customers and growing your business in other ways.
Additionally, this system can provide you with insights into your sales, customer shopping behaviors, and overarching business trends. With this software on your side, you can optimize your inventory and create laser-focused marketing campaigns that accurately address the needs of your customers.
Speaking of customers, your system has built-in tools that allow you to create and maintain loyalty programs. Furthermore, insights about past purchases can give you everything you need to provide each customer with a highly personalized shopping experience that will elevate you above your competitors.
Your software will also include enhanced security measures that protect customer details from data breaches and keep your operations in compliance with ATF regulations. Although this is vital for every business, the integrity of each sale is even more crucial in the regulation-heavy firearms ecosystem.
Gun store software provides you, the business owner, with much more than efficiency and security during the payment process.
It also ensures that your store is in compliance with state and federal regulations, assists you in streamlining inventory and optimizing product offerings, provides insights that can help you craft your next marketing campaign and boosts customer loyalty and brand exposure.
Taking care to choose the best payment software is virtually guaranteed to be a win-win for both your store and the customers you serve.
Reach out to one of our payment and merchant services experts if you need further guidance on processing payments for your business here.
