Firearm Sales, Cash or Credit?
As I’ve pointed out in previous articles (links below), the latest assault on Second Amendment protected rights is being made through credit card transactions. By implementing the MCC of 5723 – Firearms Retailer – credit card issuing banks, the major credit card companies and even the transaction processors will now be able to stop firearm sales. Unless blocked, this will be devastating to firearm retailers and their customers. So… cash?
A quick sidetrack on the value of cash.
Let’s say you take your crisp new $20 bill to your local store and make a purchase with it. That retailer gets $20.00 worth of value. That store goes to one of his suppliers and purchases something for $20. That supplier also gets $20.00 of value. That supplier uses that $20 to pay one of his contractors and the contractor gets $20.00 of value. This continues as long as that cash is being used.
Now let’s say you go and use a credit card to your local store and make a purchase with it. With a straight swipe fee 3% (the typical range is 1%-3.5% plus or a flat rate), the store retains only $19.40 in value. If you calculate out the 3% for each consecutive transaction, that original $20 value is below $10 in 24 transactions, below $5 in 47.
But we like the convenience and security of being able to use a credit card for a purchase instead of having to carry large amounts of cash or, heaven forbid, a checkbook. And that’s the logic of the finance elite wanting to get rid of cash in favor of a “digital currency”. All the convenience of cash without having to carry cash.
Of course, this convenience comes with a few strings attached such as the swipe fee, every purchase you make being tracked and the ability of “digital currency” to be programmed so it can only be spent on specified products, from specific retailers, in designated areas. Does this sound like a good thing for you?
Okay, back to cash or credit for firearm purchases.
Under the current rollout plan, all firearm retailers in non-MCC 5723 prohibited states will be forcibly switched over to Firearms Retailer in 2025. Banks, the credit card companies, and even the processors will be able to say ‘we don’t want our cards used for gun and ammo purchases’ and deny the charges. THIS IS ALREADY HAPPENING with some financial institutions.
Checks? Well, good luck finding a firearm retailer that will accept a check from someone who isn’t one of their best, longest-term customers. Even if they do, there’s no way of knowing the check is good before the transaction is complete and the firearm has walked out the door, even in a waiting period state.
This leaves you with cash. With an average cost of a defensive type handgun running between $300 and $1,500, that’s a lot of cash to carry. (Yes, you can get new defensive type handgun for even cheaper, but please don’t.)
The point here is purchasing with cash, while a valid option, isn’t practical for most people. And if you go to your bank in person to withdraw a large sum of cash, your bank will most likely interrogate you as to why you want it… for security purposes.
The truth is today, most people are going to be making small, medium and even large purchases with a credit card. It’s not always the best option for the retailer or even the customer if they don’t pay off their balance every month, but it’s the way we live. Restricting firearm purchases with the new Firearm Retailer credit card code will limit your ability to purchase firearms and ammunition when and where you want to.
Fun story. Years ago, I was working at a firearm retailer, and a customer was paying in cash, as he always did. When I asked why he explained, as he was completing the Federal Form 4473, he didn’t want the government to know what he was purchasing. While he was kind of missing the whole point of the 4473, it appears he might have been a man ahead of his time. Not only was he keeping his bank and the government out of his purchase, but he was also making sure he would be able to make this purchase.
Threats to our Second Amendment protected rights are not limited to do-nothing-for-public-safety gun control laws like waiting periods, universal background checks, bans on standard capacity magazines or so-called “assault weapon”. As they have with the original Operation Chokepoint, they include attempting to restrict our ability to purchase firearms.
Numerous State Attorneys General, including my own, claim since ‘acquire’ isn’t in the plain text of the Second Amendment’s “keep and bear arms”, it is not protected by the Second Amendment. Fortunately, the courts have firmly rejected this argument, but this isn’t stopping the gun control community from going after it. They are now using the credit card industry itself to target your ability to use their banking services for firearms and ammunition purchases.
For everyone – it’s time to let your federal representatives and senators know how you feel about this, even if they are traditionally gun control inclined. As we’ve already seen in the 118th Congress, even with a Republican majority in the House and Senate, the RINO crowd is strong and needs to be reminded if they aren’t going to represent our interests, then they can be replaced by someone who will.
MCC 5723: Firearms Retailer https://oddstuffing.com/archives/1311
The Latest Operation Choke Point – Paused https://oddstuffing.com/archives/1030
Bob
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