Gone.”[1]BackgroundA merchant category code (MCC) is used by payment networks such as Visa, MasterCard, or American Express, to identify some types of merchants. If there were a separate MCC for firearms stores, then banks would have an obligation to report to the government consumer transactions with those stores. AnalysisSpecific MCCs have been used for certain anti-crime purposes, but these purposes have nothing to do with gun stores. This is one reason why the use of stolen credit cards at gun stores has never been claimed to be a significant problem. Again, no one has claimed that there is such a widespread problem of gun stores doing so.

Source: New York Times February 08, 2024 23:34 UTC