Visa, Mastercard halt gun purchase tracking code

[Amos Moses]

Good news, albeit probably temporary out of Visa and Mastercard. Last I read Discover is still actively following through.

https://money.usnews.com/investing/...on-code-to-track-gun-purchases-bloomberg-news

 

[dtrkyman]

Cash for guns if I buy, though not currently looking.

 

[Justin Crossley]

This is just one example of the danger of a cashless society.

 

[Wrench]

If they're scared now.....wait till they push the guys who just wanted to be left alone over the edge.

 

[LConsiglio]

great

 

[Amos Moses]

Cash for guns if I buy, though not currently looking.

I think a bigger issue is what exactly they’re categorizing as a gun purchase. From what I read, it could just be a purchase from a firearm retailer. So go into sportsman’s to buy a new cooler, and you’re flagged.

 

[dtrkyman]

Sounds illegal^^^ Alll of it.

 

[Dos XX]

They are pausing it. Next they will pivot.

 

[eddielasvegas]

If they're scared now.....wait till they push the guys who just wanted to be left alone over the edge.

A much better way to say "Storm's a comin'."


Eddie

 

[MattB]

I think a bigger issue is what exactly they’re categorizing as a gun purchase. From what I read, it could just be a purchase from a firearm retailer. So go into sportsman’s to buy a new cooler, and you’re flagged.

Time will tell, but my sense is that the new MCC code will be more limited in its application. It looks like Sportsmans Warehouse generates less than half its revenue from firearms/ammo sales, so I doubt that it would be forced from the broader sporting goods MCC code to the new firearms-specific one. Traditional gun stores which generate a very high % of revenue from firearms/ammo are where I see this MCC being applied.

There is also a merchant processor convention for providing line-item detail for transactions (level III data) that may get pressed into use for those sorts of retailers, so that a card issuer could discriminate between firearms/ammo purchases and general sporting goods purchases at a retailer that sells both. I suppose this could also be applied by gun stores to differentiate between buying a gun and buying a gun safe, but I doubt mom and pops will go this route.

We will see how this plays out, but there is a lot of work to get this scheme fully implemented. One card issuer accepting the new MCC code doesn't do a thing until the retailers are converted over and reporting it. From what I have read, it is not as easy as just changing an MCC code in a data field to affect the change at the processor level. My guess is that, even if the entire industry moved in that direction in lock step, it would take years to fully implement.

 

[Flyjunky]

Time will tell, but my sense is that the new MCC code will be more limited in its application. It looks like Sportsmans Warehouse generates less than half its revenue from firearms/ammo sales, so I doubt that it would be forced from the broader sporting goods MCC code to the new firearms-specific one. Traditional gun stores which generate a very high % of revenue from firearms/ammo are where I see this MCC being applied.

There is also a merchant processor convention for providing line-item detail for transactions (level III data) that may get pressed into use for those sorts of retailers, so that a card issuer could discriminate between firearms/ammo purchases and general sporting goods purchases at a retailer that sells both. I suppose this could also be applied by gun stores to differentiate between buying a gun and buying a gun safe, but I doubt mom and pops will go this route.

We will see how this plays out, but there is a lot of work to get this scheme fully implemented. One card issuer accepting the new MCC code doesn't do a thing until the retailers are converted over and reporting it. From what I have read, it is not as easy as just changing an MCC code in a data field to affect the change at the processor level. My guess is that, even if the entire industry moved in that direction in lock step, it would take years to fully implement.

Who cares how long it would take, simply trying to implement it is the problem

 

[f16jack]

Cash is king

 

[ScreamingPotato]

Visa & MC are laughing at Discover right now.

 

[Andrew12gauge]

Visa & MC are laughing at Discover right now.

Visa is laughing at MC and Discover every day, they control like what 75% of the credit/debit card market?


Sent from my iPhone using Tapatalk

 

[Dented]

Cash is king

This. If you can't pay cash maybe you shouldn't be buying it in the first place.

 

[mt100gr.]

What's really nice is when they give you enough cash back to buy another gun!!

 

[MTtrout]

This is just one example of the danger of a cashless society.

Interesting point. I’ve had one credit card that I’ve had for many years and have reaped many benefits from it. I’ve never thought I should be worried of my purchases…

 

[displacedtexan]

Sounds illegal^^^ Alll of it.

Sounds like a private company making decisions.

 

[Amos Moses]

Sounds like a private company making decisions.

Sounds to me like a private company collecting specific data to share with the government. Hence the multiple pieces of pending legislation to outlaw the process.

I doubt much will be passed to protect against it, but I sure hope so.

 

[Flyjunky]

Sounds like a private company making decisions.

Seriously?

Why would a private company care if someone buys guns, what good would that info do for them….unless they happen to share it with the govt!