US Firearms Merchants see Credit Card Processing Restrictions as an Affront to Second Amendment Rights

June 27, 2018 | High Risk Merchant Account | PayKings

In the aftermath of high-profile mass shootings, corporate America has been taking a stand against the firearms industry amid a lack of action by lawmakers on gun control. Payment processing firms are limiting trades, Bank of America ceased providing funding to businesses that make AR-style guns, and retailers like Walmart and Dick’s Sporting Goods imposed age restrictions on firearms.

The moves are applauded by gun-safety advocates but criticized from the gun industry that sees them as a backhanded way of undermining their Second Amendment rights. Gun industry leaders view the backlash as a true threat to their business and are coming back to the end that they want additional protections in Congress to stop financial retaliation from banks.

The issue has gotten the attention of the Republican Chairman of the Senate Banking Committee. Sen. Mike Crapo of Idaho sent letters criticizing Bank of America and Citigroup, which chose to restrict sales of guns by its business customers, over their brand new gun guidelines in the wake of the Florida high school shooting in February.

“We should all be concerned if banks like yours seek to replace legislators and policy makers and attempt to manage social policy by limiting access to credit,” Crapo wrote to Citigroup’s chief executive.

When a firearms merchant discovered that neither Stripe nor Intuit would process payments through his website, he submitted a complaint with Georgia’s attorney general’s office, relying upon assistance from a state law which prohibits discrimination by financial support firms from the gun industry. But the state rejected it, saying that credit card processing isn’t considered a financial service under state law.

The financial industry actions came amid a wider pushback by corporate America in the aftermath of the Parkland, Florida shooting. Delta and United Airlines ceased offering discounted fares to NRA members, as did the Hertz, Alamo and National rental car companies. First National Bank of Omaha, among the nation’s largest privately held banks, chose to not renew a co-branded Visa credit card using the NRA.

While firearm merchant accounts set up by the major payment processors like PayPal, Stripe, and Square will be frozen due to the ongoing fervor and government regulations surrounding the firearms industry, companies like PayKings work on firearms merchants’ behalf to get electronic payment processing solutions for their firearms merchant account.

If you have felt the effects of these regulations within your firearms business, give us a call and we will help you secure a high risk firearms merchant account at the best rate possible. Get started with your free quote from PayKings here.

June 27, 2018 | High Risk Merchant Account | PayKings