Hyatt Gun Shop in Charlotte had apparently been thrown to the wolves by a Visa-owned credit card processing company.
It appears that Visa is “everywhere you want to be,” unless the place you want to be is a gun shop.
A small credit card processor is taking fire after it reportedly terminated its relationship with a gun store, citing a policy against doing business with firearm merchants.North Carolina’s Hyatt Gun Shop says that it received an email from Authorize.net saying that it would no longer handle the shop’s online transactions. The company pointed to its long-standing policy against working with merchants who sell firearms.Speaking to Fox News, store manager Mitchell Hyatt acknowledged the Authorize.net was within its rights to terminate the relationship, but added that it “certainly seemed to be more of a political agenda than a business decision.”Authorize.net is part of CyberSource, which was acquired by Visa (V) in April 2010.
The company’s terms of service page does indeed state that “You will not at any time conduct Your business in any manner that… is associated with the sale of firearms.” But it’s not clear how Authorize.net failed to notice that it was doing business with a merchant that bills itself as “America’s largest gun shop.” Perhaps it was simply a failure of due diligence, or perhaps recent mass shootings have prompted the company to do a better job of monitoring that particular aspect of its policy.
Bearing Arms interviewed Kelly McMillan last week about McMillan Merchant Solutions (MMS), the credit card processing service he created in response to Bank of America treating him the exact same way as Authorize.net treated Hyatt.
McMillian just announced that he is selling the family’s firearms business to an undisclosed buyer (while retaining ownership of the family’s flagship rifle stock business), and told Bearing Arms that he will be spending more time focusing on the continued development of MMS.
If other credit-processing companies continue to sever ties with gun companies, he may soon find himself with all the business he can handle.