Intuit drops my company because we sell gun stuff

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Zak Smith

Zak Smith

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Location
Fort Collins, CO, USA.
I am one of the owners of a silencer manufacturing company. We have used Intuit for the last 5 years as our credit card processing service/vendor ("merchant account").

At about 4:30 PM today I got a call that they were cancelling our merchant account (effective today) because their new policy prohibits all gun stuff.

We are not happy to put it mildly.
 
What could be motivating financial institutions to be giving up money? Was there some EO making their interest rates or taxes too outrageous to be profitable?
 
Anyone who uses Intuit (and there are a lot!) should call them up and cancel THEM for their stance. Anyone one these boards and anyone who is pro-2A. There has to be a lot of decision makers here and elsewhere that can show them we don't need them as much as they need us.
 
I can't speak for anyone else but I certainly will not give Intuit any business, nor recommend them to anyone, for anything, ever again.

As our merchant processor, they were making bank on their cut of every credit card transaction we did, which was the vast majority of our revenue.

I'd prefer we just go back to checks.
 
Was there some EO making their interest rates or taxes too outrageous to be profitable?
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What in the world are you on about? That question doesn't even make a bit of sense.

Zak, on the upside, there are tons of payment processors and I'm sure you can find one that works for you.
 
ironic?
before i signed on i read this post with the advertisement to let right of your original post. guess what, the advertisement window was for intuit investment!

also, i am reading more and more about company removing themselves from gun related businesses. not good.

last, getting ready for tax season and i looked at my turbo tax. its made by intuit!

i WILL show my support for the 2nd amendment and be looking for different software to do my taxes.

good luck and best wishes.

take care
e5i5o
 
ID-shooting said:
What could be motivating financial institutions to be giving up money? Was there some EO making their interest rates or taxes too outrageous to be profitable?
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I hate to say this, but it's liability and PR. When company's start leaving money on the table it's because the opportunity cost of continuing to take that money is too great.

They also see themselves getting clawed into any and all lawsuits over money they touch. If someone uses them to process a credit card for buying something they use in a shooting, they can be a named party in a suit.

Then there's the PR.

Check out Squareup.com. I use them. Much better and less expensive than intuit. I'm happy to say this year I am 100% Intuit-free
 
Would they drop a Cabela's, Dicks, Walmart, Sportsman's Guide, etc for the same thing? Maybe they had issues with what you make (silencers) rather then just being "gun stuff"?
It sounds like they need a taste of their own medicine.
 
It very well could be because a very large and monied voting block.. the unions. Remember how Bushmaster was dropped by the California teachers retirement fund as an investment vehicle?
 
I'm glad I found this out before I ordered my tax software Friday -

. , ,


TurboTax by Intuit


They can go to hell.


Did you have something in your agreement where they can cancel your account for legitimate business activity they just don't approve of?
 
Their right to choose who they will do business with.
My right to chose who I will do business with.
Just decided that I won't do business with Intuit.
Thanks for the heads up.
 
Maybe they had issues with what you make (silencers) rather then just being "gun stuff"?
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I won't speculate on any motivation behind it, all I know is what they told me, which is that they were not going to be a merchant for any company that sells "gun stuff" anymore (that's paraphrased). The guy in the risk department who talked to me didn't even know what we make, or didn't say he did.

Did you have something in your agreement where they can cancel your account for legitimate business activity they just don't approve of?
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They can change their terms at any time, just like we are free to stop using them at any time.

They also see themselves getting clawed into any and all lawsuits over money they touch. If someone uses the to process a credit card for buying something they use in a shooting, they can be a named party in a suit
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Anyone can be named in a suit for anything, and anyone can be sued for anything. But if that were the real reason we'd see them backing away from a lot more everyday items.
 
I had a website through Intuit for a side business I shut down. I had been with them for 3 years. Back in September when I set up my CWP website I called them to make sure they wouldn't shut me down at some future point once they figured out my site was related to firearms. They assured me, in writing, that they were okay with my site as long as I wasn't selling any guns. Something about their response lacked sincerity, call it a gut feeling, so I went with 1and1 instead. Looks like I made a good call.
 
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Zak Smith said:
Anyone can be named in a suit for anything, and anyone can be sued for anything. But if that were the real reason we'd see them backing away from a lot more everyday items.
Click to expand...

One of my clients is one of the 3 biggest payment processors in their country. For Intuit, in point if fact, Liability is very well one of the reasons you may have been dropped. And no, not until those other "everyday items" are under threat of governmental overreach will they be dropped.

I know of bars who've been threatened to be dropped by processors for failure to demonstrate liability coverage.

Did you read your terms of service for any discussion of firearms or components?
 
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