Credit Card Firm Cuts Off Account of Nation’s Biggest Gun Store Without Warning
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The Hyatt Gun Shop, one of the largest, if not the largest, gun shops in the entire country found themselves unable to process credit card transactions after a sudden communication from their credit card processing company, Authorize.net/CyberSource, which is a VISA owned company.
According to The Washington Examiner,
Hyatt Gun Shop of Charlotte, N.C., told Secrets that the subsidiary, Authorize.net/CyberSource, simply sent an email to owner Larry Hyatt to announce that it was suddenly breaking off the business relationship. The reason: “The sale of firearms or any similar product.”
The company email said that gun sales violated a section of the service agreement the two signed over four years ago and after Hyatt went into detail about its sales and products — and name.
“We’ve never seen anything like this,” said Justin Anderson, Hyatt’s marketing director. He said it took a week and thousands of dollars to line up a “gun friendly” credit card processor for online sales.
Hyatt claims that Authorize.net always knew they were a gun company and Hyatt has never claimed to be anything otherwise.
A request for further information from Hyatt has gone unanswered.
This certainly isn’t the first time a financial institution has thrown their hat into the anti-gun ring.
Earlier this year, GE Capital announced they would no longer do business with businesses related to the gun industry.
Payment processor Square also announced they would follow the same practice earlier this year.
The largest online transaction processor, Paypal, has had a longstanding policy of not dealing with gun related businesses as well.
Despite the rash of anti-gun leanings by financial institutions, this is a free market, and where a market is left lacking, someone will step up to fill the niche.
This has led to the creation of transaction processing services specifically for the gun industry. One of those companies, PaymentMax, is specifically targeting the gun industry due to its gun friendly stance.
Ken Lewis, VP of Sales, gave us the following statement,
Our company, proudly specializes in credit card processing for gun shops and firearms dealers in America.” Recently, a number of our fellow FFL Gun Dealers have been refused service by certain banks and credit card processors. In our estimation. Those refusals could be interpreted as violations and infringements on your rights to sell legal firearms
Our credit card processing company supports those dealers and has expanded our capabilities to assist any who are experiencing difficulties processing their credit card transactions. Credit card processing for gun dealers is our only focus and we are certain we can help your situation.
We believe that every American has the right to purchase guns legally. As a consequence, we have a solution for gun dealers who face the loss of credit processing privileges. Our solution is unique to the industry and we pay gun dealers the next business day. Our specialized service comes from years of involvement and experience with Gun Stores, Dealers, Gun Shops and FFL Dealers across the nation.
While its disconcerting that some financial institutions are refusing to deal with the gun industry, we are somewhat glad to learn about their stances so gun related businesses can work with financial institutions that are truly supportive of the Second Amendment.
Article by Daniel Cannon. Dan is a longtime gun and technology enthusiast. By combining his two passions and leveraging social media, Dan has been able to bring stories from the firearms community to an extremely wide and diverse audience.