Payment processor Visa announced Saturday its plans to separately categorize gun shop sales, joining Mastercard and American Express, which have already said they would categorize purchases at fire…
Payment processor Visa announced Saturday its plans to separately categorize gun shop sales, joining Mastercard and American Express, which have already said they would categorize purchases at firearm stores.
“Following ISO’s decision to establish a new merchant category code, Visa will proceed with next steps, while ensuring we protect all legal commerce on the Visa network in accordance with our long-standing rules,” Visa said in a statement. Visa, which acts as a middleman between merchants and banks, is the largest payment network. And with three major payment processors all electing to label gun store sales, there will now likely be pressure placed on banks as card issuers to decide if they will permit purchases categorized as gun shop sales on their issued cards.York City officials and pension funds had pushed the ISO and banks to adopt the new code on gun shop sales.
Merchant category codes are not exclusive to gun store sales, however, as the codes now exist for nearly every type of purchase, including those at supermarkets, clothing stores, coffee shops and other retailers.
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