GunBroker.com, a twenty-year-old company that sells between $600 and $900 million worth of firearms each year, has a problem. Its customers have only two reliable payment options, and they’re the same two payment options that were available to people who wanted to go see The Beatles play in 1965: cheques and money orders.
“The reason they are money order or cheque is that, in some respects, the financial industry, for political reasons and consumer liability reasons, has really moved away from providing services to the firearms industry,” said Bitrail founder Cameron Chell, who is also an architect of KodakCoin. “If someone wants to use a marketplace like eBay to legally and lawfully sell a firearm or two a year in accordance with all government regulations, etc., they won’t be allowed. And they are not going to get a merchant account from Visa and Mastercard. The PayPals, Venmos and Stripes of the world don’t serve that industry.” This leaves the industry with cheque or money order as their most reliable means of payment.