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New Merchant Code Approved For Card Purchases Of Guns, Ammunition

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An international standards body has approved the creation of a merchant category code for gun retailers to identify credit card sales of guns and ammunition.

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“O come, let us worship and bow down: let us kneel before the LORD our maker.”  ^{Psalms 95:6 (KJV)} 

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Listen to the article below

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[fusion_dropcap boxed=”no” boxed_radius=”” class=”” id=”” color=”” text_color=””]T[/fusion_dropcap]he International Organization for Standardization (ISO)—a non-governmental body based in Geneva, Switzerland that creates standards across various industries, including the financial services industry—has approved the new merchant category code for gun and ammunition stores, according to a Sept. 9 announcement from Amalgamated Bank, a New York-based bank that had applied to ISO for the merchant category code.

The approval took place at a meeting on Sept. 7, ISO confirmed to Payments Dive in an email. A subcommittee of the organization approved the code, an ISO spokeswoman told Reuters.

Merchant category codes comprise four digits and are used to classify retailers across various industries.

The approval from ISO enables banks that process payments from gun retailers to decide whether they should assign the new category code to gun merchants. The code could help monitors track where a person spends money via card, but wouldn’t show what specific items were purchased.

Currently, credit card companies classify retailers with other merchants as either “5999: Miscellaneous retail stores” or “5941: Sporting Goods Stores,” according to CBS News. While a new merchant category for firearm stores has been approved, it doesn’t have a code value assigned just yet, as of late Sept. 9.

Amalgamated Bank, which calls itself “America’s socially responsible bank,” said that its decision to push for creating the new code is “the result of nearly three years of research and partnership with issue experts at Guns Down America and Giffords Law Center and broad support from elected officials, pension funds, and others across the United States.”

Amalgamated Bank was founded by union workers nearly 100 years ago. The bank first tried to apply to create the gun merchant code in July 2021, but the application had been denied twice by the ISO, after which it applied again for the new merchant category code in June this year, reported CBS News.

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animation_offset=””]Donate[/fusion_button][/fusion_builder_column_inner][/fusion_builder_row_inner][/fusion_builder_column][/fusion_builder_row][/fusion_builder_container][fusion_global id=”21403″][fusion_global id=”21405″][fusion_builder_container elegant_backgrounds=”gradient” gradient_type=”linear” gradient_direction=”0deg” gradient_force=”yes” enable_background_slider=”no” elegant_transition_effect=”fade” elegant_background_scale=”cover” elegant_transition_delay=”3″ elegant_transition_duration=”750″ type=”flex” hundred_percent=”no” hundred_percent_height=”no” hundred_percent_height_scroll=”no” align_content=”stretch” flex_align_items=”flex-start” flex_justify_content=”flex-start” hundred_percent_height_center_content=”yes” equal_height_columns=”no” container_tag=”div” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” status=”published” border_style=”solid” box_shadow=”no” box_shadow_blur=”0″ box_shadow_spread=”0″ gradient_start_position=”0″ 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