Greetings everyone, I'm an electronic payment expert in my day job, and also a gun owner/advocate so just sharing some news with the NES community. The card associations, that logo on your credit or debit card, have backed off of the "Gun Store" MCC classification code rat hole. Why? Because it's biased to the buyer and merchant. Why it matters? Well, in the payment world, we classify transactions and tie them to risk with data codes for merchants classifications. Last year the card brands decided to carve out a code for anyone who sells firearms. This panicked buyers b/c damn near 70% of all firearm transactions happen with a plastic form of payment. This would of allowed the card brands to report the buyer to the Government in a evil fashion and make it more expensive for merchants for card fees in general. The problem with this ultimately was, well, what if the buyer bought just a holster, or pair of camo pants, at a gun store? Does that need to be reported on just b/c it was bought at a gun store? And should the store have to pay more fees b/c they sell guns, and other industry gear? Could this be "restraint of trade"?
So, small victory for gun owners for now. I say for now b/c the card brands are legal monopolies and NOT governed by congress. They decide the rules when and where they feel it's necessary. Hit the link for the details. Regards, Bill
Amex, Mastercard, Visa pause work on new firearms merchant code
So, small victory for gun owners for now. I say for now b/c the card brands are legal monopolies and NOT governed by congress. They decide the rules when and where they feel it's necessary. Hit the link for the details. Regards, Bill
Amex, Mastercard, Visa pause work on new firearms merchant code