pixel metricool
Home » Blog » CryptoWorld » Crypto payments for the firearms and shooting sports industry

Crypto payments for the firearms and shooting sports industry

68

Cryptocurrency’s presence in the U.S. firearms and shooting sports industry is growing day by day. According to 2023 statistics, around 42% of U.S. households had at least one gun in their possession, which speaks of a solid industry that penetrates every level of society. However, as the debate on gun ownership continues to be a point of contention in North American culture and politics, the question of privacy surrounding gun ownership and purchases is a burning issue. 

Cryptocurrencies can offer firearms and ammunition buyers an added layer of privacy thanks to the blockchain, given that no personal or identifiable information is published on this distributed ledger. Given its decentralized nature, cryptocurrency transactions circumvent heavily surveyed, traditional payment railways, such as credit or debit cards. As a crypto–to–USD payment gateway, ForumPay enables safe, private transactions between crypto-consumers and firearms or ammunition merchants. This article takes a closer look at how ForumPay works and how merchants can offer their customers an added layer of transaction privacy and security. 

A question mark over gun owner privacy

In February 2024, several major credit card companies, including Visa and Mastercard, announced that in 2025, in accordance with new legislation in California, they will begin implementing a merchant code for firearm and ammunition retailers aimed at flagging potentially suspicious gun purchases and aiding law enforcement. While the move is an attempt to crack down on crime, many in the firearms and sports shooting industry are concerned about the invasions of privacy it may bring about and the potential ripple effects across the United States. Some mainstream payment processors in the U.S. have gone as far as to ban transactions with firearm and ammunition merchants altogether. One example is PayPal, which now prohibits all firearm sales through its platform. 

It is essential to acknowledge that American citizens are governed, above all, by the 27 amendments that make up the United States Constitution. As per the Second Amendment, U.S. citizens have the right “to keep and bear arms,” which is founded on the principle that by law, citizens may defend themselves, their families, and their property against threats from government uprisings or dangerous individuals. As such, stringent restrictions imposed by institutions such as large banks, payment railways, or the government can be seen to undermine this founding document, written and published in 1791.

Crypto acceptance in the firearms and sports shooting community

Against such a backdrop of controversy and debate surrounding firearm purchases and ownership in the U.S., a cohort of guns and ammunition merchants have already started accepting cryptocurrencies as a form of payment. Having recognized the benefits these decentralized payments offer, and in a bid to bypass manipulative measures introduced by large financial institutions, these forward-thinking businesses have decided to expand their client base and take on the anonymous transparency of crypto payments.

There have even been efforts in the industry to introduce specialized cryptocurrency tokens. These tokens, launched by companies such as AmmoSquared Inc., represent a specific value that can be used to purchase ammunition. Some have been designed for use on firearm and game industry purchase platforms, granting consumers an easier and more direct way to buy related products. 

The ForumPay payment gateway for zero-risk transactions

The added layer of privacy, convenience and security provided by cryptocurrency payments proves attractive for both consumers and merchants. ForumPay’s crypto payment solution provides customers with the option to pay in any cryptocurrency from the wallet of their choice. 

ForumPay’s instant price determination then fixes the crypto price equivalent to the USD amount charged by the merchant, providing the best real-time exchange rate. 

At the other end of the transaction, merchants receive the original price for their product in USD, which is settled directly into their bank account daily. This seamless transaction allows consumers to pay directly from their crypto wallets without needing to convert their funds into USD, a process that would incur conversion fees and potentially taxes.  

As far as compliance and legitimacy, ForumPay conducts a Know Your Business (KYB) process for all onboarding merchants. This process is also applied for customers, Know Your Customer (KYC), for transactions that breach a certain value threshold where pertinent procedures are conducted. 

The ForumPay community of participating merchants is expanding rapidly, welcoming merchants and businesses from all areas of commerce, including real estate, firearms and ammunition, automobiles, and precious metals, among others. If you are a merchant or business and have yet to start accepting payments in cryptocurrency, book a meeting with one of our crypto payment experts to find out how it works. Alternatively, visit forumpay.com for more information.

68

ForumPay does not disclose financial advice. Anything shared is strictly to inform, entertain, or share thoughts and ideas. Please seek a registered financial advisor if you are looking for financial advice.

YOU MIGHT ALSO BE INTERESTED

Spending Report Supporting Image_Mesa de trabajo 1
When it comes to forecasting the success of any market, it boils down to observing the ultimate judge: its consumers. The crypto realm got

THE FUTURE IS INEVITABLE. GET YOUR SHARE OF THE MARKET BEFORE IT’S TOO LATE.

FOLLOW US ON SOCIAL MEDIA