Square Payment Processing Now Does Not Allow Any Guns, Weapons, or Ammo Transactions
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Square is an innovative payment processing that allows merchants to use their smart phone along with a small attachment and a corresponding app to process payments on the fly. Very handy for the small business owner.
However, one of our readers tipped us off to some new terms in the Square account holder agreement.
Apparently Square is joining several other payment processors and financial institutions and are now refusing to do business with anyone who has anything to do with guns, ammo or other weapons.
Per the agreement:
By creating a Square Account, you also confirm that you will not accept payments in connection with the following businesses or business activities:…(23) sales of (i) firearms, firearm parts or hardware, and ammunition; or (ii) weapons and other devices designed to cause physical injury
This seems to be a trend in the banking and payment processing industry.
Paypal has long had a standing policy of refusing to business with any gun related business, including for things as innocuous as gun magazines. GE Capital, one of the largest lendors in the US recently announced they would no longer work with the gun industry as well.