Global Payments shutting down gun processor accounts

[Federal Firearm]

We just got notified that Global Payments (this is a clearing house that many MSP/ISO's use) are shutting down gun store accounts. According to the risk manager that I talked to who setup and approved our account a couple years ago, he said that Wells Fargo is behind it. He said they are aggressively shutting down gun stores, knife dealers, e-cigs, legal marijuana, etc. He doesn't agree with it, but apparently Wells Fargo has the majority say in it.

So, now on we go looking for a different clearing house other than Global that will work with us. In the meanwhile, they are holding all our funds as of 3 days ago for up-to 6 months.

[MarkB]

What does your lawyer say about the "theft" of your funds?

Perhaps you should contact Fox News?

[Federal Firearm]

He's handling it...but remember their funds are unlimited..mine is limited....I spoke to several news outlets today..not much interest...

[groundgrid]

Try the following company:

McMillan Merchant Solutions
www.mmsllc.com

Family owned company that is committed to supporting the Second Amendment.
Also, statement from their web site:

MMS is also the McMillan family’s way of giving back to the community which supported them for 40 years and 3 generations. MMS will donate a percentage of every dollar made to certain organizations which fight for our 2nd Amendment rights and support the firearms and related industry. Not a single penny donated comes from you, the customer, but you will be asked to tell us to which organization you would like us to contribute as a result of MMS having your account.

[MarkB]

Sounds like groundgrid may have a solution.

I would not expect any regular media to be interested in this problem but Fox has done some reporting on it.  The fact that they have canceled your accounts AND are holding your funds that you need to do business with may make the story interesting.  The holding of the funds amounts to an effort to put you out of business.  I know that Wells Fargo would not want the publicity.

[Federal Firearm]

thank you groundgrid..I will look into it...

[Adrenolin]

Wouldn't it be nice of the risk manager to slip an accounting of all the businesses this is affecting. While they outweigh you financially a class action from you all could be easier, financially. That's the only way crap like this will be stopped. Letting the big banks bully you all just allows them to push more later.

Just a thought...

Sorry to hear about this Chris though this started a few years ago. Your not the first.. not the last either sadly.

[Federal Firearm]

Thank you Adrenolin...going in Monday morning to discuss it with TD...Initial phone call was welcoming and they seem not to have a problem with this industry....I will post again monday with the findings.....

[Adrenolin]

I continue to deal with TD Bank here both here in the US and in Canada for twenty years. Great bank who take an extra step to remain customer oriented in a we-don't-give-a-fook corporate world.

Hope it goes well.

[Federal Firearm]

OK good news....Met with the manager at TD....Very nice 2a friendly bank.....Had a machine set up and working in a few hours.....back to business in no time.... 

Thank you all for the kind words and advice...Much appreciated...Happy to put this behind me...