Another Credit Card Processor Abandons the Gun IndustryPAI – Oct 2nd, 2013
The nationï¿½s largest gun shop cut off by credit card company
For the last four years, the Hyatt Gun Shop has faithfully processed their credit transactions through Authorize.net/CyberSource. However, all that changed when store owner Larry Hyatt received an email abruptly declaring that the relationship was being terminated - forcing the gun shop into a sudden search for a "gun-friendly" credit card processor.
According to an article from the Washington Examiner, Authorize.net sent an email to owner Larry Hyatt announcing it would be terminating their service agreement
Why was the agreement canceled? Believe it or not, it was because the gun shop sold guns.
Despite the fact that the two companies have been doing business together for more than four years, and despite the fact that the Hyatt Gun shop has been selling guns for the last 54 years, the email sent by Authorize.net claimed that gun sales violated a section in the four-year old service agreement.
According to the Washington Examiner article, Hyatt's marketing director Justin Anderson "suspects that the company, purchased by Visa in 2010, got cold feet dealing with a leading gun seller."
What does this mean for gun store owners?
Coming on the heels of a plea for more gun control by politicians in Washington, this news may be a little alarming to owners of guns shops. That's why Payment Alliance International wants to remind you that we have provided continual support to the gun and firearms industry.
While other card processors have walked away from the firearms and shooting sports industry, Payment Alliance International embraces it. We have worked with thousands of FFLs and industry professionals. And we will continue to offer an assortment of payment and merchant solutions designed to meet the evolving needs of gun shops.
What do you think about the Authorize.net/CyberSource decision to terminate their contract with the Hyatt Gun Shop? Let us know on Facebook!
Tags: [Credit and Debit Cards]
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