Introducing PistolPay.com, the 'PayPal for SmallArms-related Transactions!'Submitted by AnCapMercenary on Fri, 08/03/2012 - 04:42
Actually using Pistol Pay is simple. It requires basic contact information and, like PayPal, it stores financial information in your profile. In-site it already has a list of FFLs all across the country that can be used in the transactions. And if you're familiar with buying and selling guns through a website, you'll know that there's a price difference between using credit and cash. If the user puts a credit card on file there's a surcharge of 2.7 percent of the sale price per transaction, and if it's a bank account the charge is 1.6 percent. In addition, patrons also pay FFL fees.
Article Product & Industry News - 08.01.2012
Story by: Daniel Terrill
Good news for gun buyers and sellers, a new e-commerce site called Pistol Pay recently launched. It's similar to PayPal in that it's a third-party group that processes financial transactions, but unlike PayPal it can actually be used to pay for firearms.
Pistol Pay works like this, when one party has to pay the other email addresses are exchanged instead of sending a check, money order or any personal financial information because the email is linked to a Pistol Pay account. The beauty behind Pistol Pay is that its process molds to a system already in place. For payment to actually go through, an FFL has to verify that the purchased item -- a gun or gun accessory -- was actually shipped and had arrived. If the item hasn't or one of the parties backs out, the item ships back and money is refunded.
Again, it may sound an awful lot like PayPal, but that's because, well, that was the inspiration behind it.
Two men shake hands after making a deal and paying through Pistol Pay."After losing three PayPal accounts due to nothing more than PayPal’s suspicion that I may be doing something wrong, I decided there has to be a better way," Pistol Pay Executive Vice President Ira Goodstadt said.