Virginia Democrat’s Bill Would Enlist Credit Card Companies in Monitoring Gun Purchases

[mikeyp]

Virginia Democrat's Bill Would Enlist Credit Card Companies in Monitoring Gun Purchases - The Truth About Guns

&#9664Previous Post Next Post▶ The quote of the day is presented by Guns.com. Virginia politicians are feeling their anti-gun oats. After using Bloombucks to flip the state legislature from red to blue, they’ve wasted no time in introducing gun control bills in Richmond on Monday. And in the US...

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Virginia politicians are feeling their anti-gun oats. After using Bloombucks to flip the state legislature from red to blue, they’ve wasted no time in introducing gun control bills in Richmond on Monday. And in the US House, a Virginia Congresswoman has filed legislation that would require credit card companies to keep an eye on what you’re buying at the gun store.

While credit card companies have been reluctant about being drawn into the corporate gun control business, if the bill passes, it would be a powerful incentive for gun buyers to pay cash rather than using their Visa, MasterCard or Discover cards.

Rep. Jennifer Wexton’s (D–Va.) “Gun Violence Prevention Through Financial Intelligence Act” would require the Financial Crimes Enforcement Network (FinCEN) to “request information from financial institutions for the purpose of developing an advisory about the identification and reporting of suspicious activity.” The bill’s aim is to identify a consistent purchasing pattern among people who buy firearms and firearm accessories in order to conduct “lone wolf acts of terror” and expose how the firearms market in the United States is exploited by would-be mass shooters.
“Banks, credit card companies, and retailers have unique insight into the behavior and purchasing patterns that can help identify and prevent mass shootings,” Wexton explained in a statement. “The red flags are there—someone just needs to be paying attention.”

 

[robjax]

yup...cash advance and buy the gun. so what will they do then? Ban cash advances? Make you state the purpose for the cash and sign and affidavit?

They let eat card holders withdraw cash to buy cigarettes and liquor and they do nothing about that. But now they want to regulate me even more.

 

[Uzi2]

CC companies will lose millions if they start doing that shit.

 

[ToddDubya]

That's what those envelopes of cash you keep stashed away are for.

 

[Lucas McCain]

Cash is King for a reason.

 

[CrackPot]

The number of CC processors that handle gun shops is already an issue. I am on my 3rd processor in 3 years. Guns bad, no CC processing for you.

 

[Rob Boudrie]

“The red flags are there—someone just needs to be paying attention.”

How do they differentiate between the red flag of a ne'er-do-well buying guns and someone preparing for a 3-gun competition? The serious gunners have a match gun, a backup gun, a couple of SBRs, higher end glass, and shoulder things that go up.

 

[citoriguy]

Isn’t this a blatant attempt to have this type of issue go to SCOTUS? This will be tied up in litigation for years.

 

[308rifleman]

That's what those envelopes of cash you keep stashed away are for.

All of my firearm, ammo and accessories purchases are out-of-state and strictly cash.

 

[Dadstoys]

Never once used a CC to buy a firearm.

 

[VetteGirlMA]

This is just more extra constitutional madness from the left. The same as social credit systems, etc. When you know you can't pass a law, get a corporate play buddy to do the dirty work.

 

[timbo]

The number of CC processors that handle gun shops is already an issue. I am on my 3rd processor in 3 years. Guns bad, no CC processing for you.

I bought a new pistol at SO last Sunday. The card was declined twice, using the chip. I manually entered in the number, etc...went right through. Bastards...the CC company, not SO. I think I'll start looking for a friendlier CC company.

 

[CrackPot]

I bought a new pistol at SO last Sunday. The card was declined twice, using the chip. I manually entered in the number, etc...went right through. Bastards...the CC company, not SO. I think I'll start looking for a friendlier CC company.

With my current processor as long as I swipe/chip they will process. They have told me if I do It swipeless (enter, internet, etc) they will cancel my account. They dont want gun sales over the internet. They completely dont understand the law and the fact that they get shipped to another FFL. They dont care and dont want to. Face to face only

 

[timbo]

With my current processor as long as I swipe/chip they will process. They have told me if I do It swipeless (enter, internet, etc) they will cancel my account. They dont want gun sales over the internet. They completely dont understand the law and the fact that they get shipped to another FFL. They dont care and dont want to. Face to face only

Weird...totally opposite of what I had to do. I have been ordering accessories for my new purchase on line and so far no hiccups (knock on wood).

 

[ProGun]

With my current processor as long as I swipe/chip they will process. They have told me if I do It swipeless (enter, internet, etc) they will cancel my account. They dont want gun sales over the internet. They completely dont understand the law and the fact that they get shipped to another FFL. They dont care and dont want to. Face to face only

Sounds like complete BS. Have you tried to find a different processor?

 

[ThePreBanMan]

I use CC to buy firearms... 2% cashback - hell yea!. That's a box of ammo.

 

[CrackPot]

Weird...totally opposite of what I had to do. I have been ordering accessories for my new purchase on line and so far no hiccups (knock on wood).

Processor, not issuer. I am a dealer selling things. I think you are talking about buying

 

[CrackPot]

Sounds like complete BS. Have you tried to find a different processor?

The CC processing world is broken into two large classes. Old school and new. Old school processors charge you a different amount for each swipe based on different factors.

• type of card (MC, Amex, Discover)
• high end card (cash back, miles, etc)
• usually no fee or little for debit

They also charge you annual/monthly to enable. So you need a separate agreement with Amex vs MC/Visa vs Discover. This is why some places dont take ALL cards.
In the end, old school is designed for high volume low per transaction so like a grocery store or walmart.

New school are the places you see advertising. Square, Paypal, Intuit, etc. They are fixed cost per swipe. Same cost every time you swipe no matter what. ~3% for physical card. ~3.5%+ for keyed/internet. Same for all card types including debit. Ideal for low volume and/or high per transaction.

The old school will process anyone. Small volume gun stores it will cost the store a mint because of all the monthly/annual fees. If you are a medium to high volume shop, internet sales, etc, then the old school works and you will have no issues.

New school processors hate guns. They are all dot-com companies started by California granola eaters. These are what a small volume gun shop wants because they are affordable and the business model matches. The problem is they either will cancel your account or limit what you do.

I have been through 3 processors trying to figure out how to best play the system to get what I need. It sucks.

 

[Kevin_NH]

Card processors assign each retailer a “merchant category code” (MCC), there's currently no specific code for "gun store", and even if there were, the dealer doesn't transfer the item-level transaction details (known as "Level 3 card data")to the processor, so no way for the card issuer to differentiate between buying one high-end scope or a half dozen cheap pistols.

Level 3 transmission has a lot of overhead (requires special POS software, etc) is generally only used in high-dollar purchasing card sales to business/government, One of the suggestions was for issuers to require Level 3 data for all sellers of guns/ammo, but I doubt legislating this would survive a constitutional challenge.

New school processors hate guns. They are all dot-com companies started by California granola eaters. These are what a small volume gun shop wants because they are affordable and the business model matches. The problem is they either will cancel your account or limit what you do. I have been through 3 processors trying to figure out how to best play the system to get what I need. It sucks.

You'd think there'd be at least one new school processor who would break ranks and focus on engaging with the untapped market. As long as the actual financial exposure is low (chargebacks, fraud, etc), it's stupid to turn away customers over politics.

I use CC to buy firearms... 2% cashback - hell yea!. That's a box of ammo.

I ask the retailer about their cash discount -- if they can match/beat the kickback I get from the CC, I'll pay cash.

If issuers start requiring Level 3 data, I'll still ask about a cash discount... they pay cash.

 

[drgrant]

I use CC to buy firearms... 2% cashback - hell yea!. That's a box of ammo.

It depends- . this is dumb when any decent FFL will give you 5-8% for cash. Of course it depends on the pricing model of the vendor obviously. A box store or very large gun shop, you're probably going to be better off with plastic ..

-Mike

 

[whacko]

My local gun shop likes cash anyway.

 

[whacko]

It depends- . this is dumb when any decent FFL will give you 5-8% for cash. Of course it depends on the pricing model of the vendor obviously. A box store or very large gun shop, you're probably going to be better off with plastic ..

-Mike

It's not only gun shops that give cash discounts! Over the last 5 years I've become much more a fan of cash for larger purchases. Needed new water heater installed last month.....local plumber quoted me $1800 after rebate (going top of the line tankless).....I asked him if he had a cash discount........he said "yup for $1600 cash I could take the morning off" lol

I asked him if he had many folks paying cash these days and he said almost never.

 

[Len-2A Training]

CC acceptance is useful but not critical in either the constable or firearms instructor business, as neither generate lots of sales/month. But it would be useful in some cases so over the past few years I approached both Costco's provider (demanded two separate accounts . . . that was a non-starter) and a year or so ago I talked with Square who warned me that they "might" kill my account due to my teaching firearms courses!! Even though I made it clear that both businesses (which are really one business for tax purposes, offering two different "products") that I sell strictly education and no gun products, I would still be at risk of being shut down.

Thus, I've never taken credit cards.

 

[Len-2A Training]

As for paying cash vs. cc. When buying a gun at Four Seasons, I always pay cash. I hired a pest control company and got a very sizeable discount for paying cash. Having blown out my dental insurance, I paid cash for an implant and got a decent discount. It pays to ask!