Pistol Pay. A new way to handle firearm transactions

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Pistol Pay. A new way to handle firearm transactions

Post by Founder on 8/26/2012, 7:51 pm

I had heard about this new service a while back and the launch was delayed and I kind forgot about it. It is now live and functional!

Read more HERE

I got signed up as a dealer and FFL for transfers. I will provide feedback as this develops.

Joe
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Re: Pistol Pay. A new way to handle firearm transactions

Post by BE Mike on 8/27/2012, 7:41 am

I've never had any problems with gun deals using a certified check or money order, but this looks pretty interesting. Thanks for the link.
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Re: Pistol Pay. A new way to handle firearm transactions

Post by Founder on 8/27/2012, 8:04 pm

I actually had a Postal MO held by my bank. Apparently they are the most common types of internet fraud and the problem has been on the rise recently.

Here is an article from 2005

I am not affiliated with Pistol Pay other than signing up as a dealer. But if it works like Pay Pal I would rather do that then screw around with a MO.

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Re: Pistol Pay. A new way to handle firearm transactions

Post by PistolPay on 9/5/2012, 8:25 am

Joe, thank you for the kind words . We are a shooters too and had the same kind of experiences as Joe , I also had paypal accounts locked based on nothing but suspicion . As the new kid on the block we have already have been met with comparisons to the failed Gunpal ,We knew there is always the inevitable comparison to Gpay, which is understandable as it really burnt the gun community. We have learned from that experience as well and have intentionally built our platform differently. Unlike Gpay, we are not a banking institution. We are not in the business of holding customers funds on deposit. We are a financial intermediary, loosely described as a third party payment aggregator. We are basically the financial middleman. We only hold funds long enough for a specific transaction to complete and then we transmit the payment to the seller. So unlike Gunpay where users actually had large balances on deposit, only our users with pending transaction will have money on deposit with us, and only for the time period that it takes to deliver the item to the buyer. During that brief period of time where we hold the funds, we have taken the step to open a holding account with BB&T bank. The holding account is no commingled with our operating account. Its sole purpose is to hold customer funds, and its funds will never be used for corporate overhead. We have tried to limit the user's risk by using this type of structure as it really reduces a user's risk into two areas. First, if BB&T bank goes out of business, the holding account may not be fully FDIC insured. This is a risk that we can constantly monitor and take step necessary to mitigate or change banks at any time. But for now, we have chosen what we feel is one of the strongest banks so as to minimize this risk. The other risk is that of fraud. Since we are a start up company, we have to build that trust one customer at a time. The owners of the company have put a tremendous amount of time and capital in building this business model and delivering a safe financial process to the public. But at the end of the day, we have to build the reputation and trust in the industry, and we hope we can earn your trust as well!


if anyone has questions please feel free to contact me at customerservice@pistolpay.com


Ira Goodstadt
Vice President of PistolPay

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Re: Pistol Pay. A new way to handle firearm transactions

Post by Steve B on 9/5/2012, 11:53 am

You hold the seller's funds until the buyer has received the item?

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Re: Pistol Pay. A new way to handle firearm transactions

Post by PistolPay on 9/5/2012, 12:02 pm

yes, it is held By a separate Online portal until the item is received and the buyer and or the premium FFL acknowledges it is what was shipped . We do not actually ever handle the money which prevents a Gpal type of mess.

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Re: Pistol Pay. A new way to handle firearm transactions

Post by Steve B on 9/5/2012, 1:50 pm

I'm glad someone is offering this type of service. But, just IMHO, as a buyer I would like the service, but not as a seller.

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Re: Pistol Pay. A new way to handle firearm transactions

Post by PistolPay on 9/5/2012, 2:02 pm

the seller is protected as much, remember if the buyer say does not log back on, the seller gets his funds within 48 hours of pick up/delivery. Say the buyer says "oh I never received the item, part of the check out process is adding the tracking number , now he says that and is playing games.. the seller gets his funds.. just a few of the many examples we went through before we launched.. we have already had a whole bunch of successful transactions since our launch and some had the same trepidation as yourself, but I can honestly say they do not feel that way any further..

Steve, we are here for the community and will try hard to make sure the right thing is always done..

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Re: Pistol Pay. A new way to handle firearm transactions

Post by Founder on 9/5/2012, 11:37 pm

Pistol Pay welcome to the forum! I am glad to see vendors/providers participating in the forum discussions.

I look forward to future transactions with Pistol Pay. Seems like a great system and something the firearms community needed!

Thank you
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Re: Pistol Pay. A new way to handle firearm transactions

Post by Founder on 9/5/2012, 11:39 pm

I will have to applaud you for helping me get my log in figured out, on a Sunday of a holiday weekend no less! Now that is service!



Thanks,

Joe
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Re: Pistol Pay. A new way to handle firearm transactions

Post by PistolPay on 9/6/2012, 8:55 am

all My pleasure and thank you for the warm welcome.. Just so you know we are doing a give away on face book right now.. you have today and tomorrow to sign up.. https://www.facebook.com/photo.php?fbid=274962365952785&set=a.263308087118213.59679.226767224105633&type=1&theater¬if_t=photo_comment


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Re: Pistol Pay. A new way to handle firearm transactions

Post by PistolPay on 9/7/2012, 9:52 am

Since we are the new kid on the block, we want to offer an easy way to try us out, No seller fee's till the end of the month..

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