Credit card purchases of firearms in the US can now be tracked and purchases deemed suspicious can even be shared with law enforcement, according to a new measure approved by an organization that sets parameters for business transactions.
The International Organization for Standardization (ISO) voted in favor of creating a merchant code for firearms stores, according to Reuters.
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Merchant codes are four-digit codes that categorize retailers across all industries; until now, gun purchases had been classified under “miscellaneous retail stores” or “sporting goods stores.”
While the measure has been lauded by politicians such as Massachusetts senators Elizabeth Warren and Ed Markey among others, it isn’t clear how this process will work.
Numerous top level credit card companies such as PayPal, Stripe and Square don’t allow gun purchases. For the credit companies that do allow the purchases, the total cost can be extra high due to interests.
As a result, many gun buyers often use cash for their purchases; potential buyers are often seen asking in online forums whether it’s better to buy guns with cash or credits, with many voting for cash.
Meanwhile, fintech companies such as Credova, built for the purpose of allowing installment plans for gun purchases, shrug off their role when asked about how people like the Uvalde, Texas, shooter purchased guns through their platform using a debit card.
