Gun related businesses have abruptly been left in the dark by credit card processor Intuit. According to the New York Post, business owners have been left scrambling for payments after Intuit credited gun related purchases back to customers. Intuit decided to make this change after “mistakenly believing firearms sales were being made directly to customers.” This would directly violate the processing company’s policy of a customer being present to swipe their credit card for gun related transactions.
We sat with payments expert and Green Sheet contributor, Jeff Fortney, to see what he had to say about the sudden change.“This is a nightmare for the merchants impacted. It puts every single user in a very difficult position. Businesses have pending sales, and according to my information, they are shut off now, even if sales are pending in the system.”
Fortney went on to add that gun store owners should be treated like any other business owner. “A gun store sells more than guns. They are a merchant just like any other, selling t-shirts, accessories, and other similar products. If they abide by the law, then they are doing nothing wrong. Why should they be treated any differently than say a tobacco store?”
“Merchants are now stuck with getting a terminal and manually entering in the transaction to QuickBooks or finding a workable plug in to add to the product.” Fortney believes the inconvenience of finding outside solutions to continue processing with Intuit will eventually result in a decreased price tag, “with the high price of processing found at Intuit, adding the plug in and getting a fair price for processing, all of this will likely reduce their costs. They have no choice.”
Several businesses have been impacted by Intuits decision to cancel payments and process refunds to customers. In addition to firearms sales, gun safety classes and gun related apparel transactions were refunded back to consumers, according to The Daily Caller.