After being advised of a recent issue where a firearms dealership was refused merchant services by specialist business banking provider TYRO, SIFA investigated. We are pleased to report that not only has it been confirmed that the issue was a misunderstanding, but TYRO has now written to SIFA formally advising support for our industry.
In a letter received from Chief Customer Officer Joshua Walther, he states “Tyro does currently support firearms dealers. Whilst Tyro has a Prohibited Products list (https://www.tyro.com/prohibited-products/) this list does not preclude us from supporting legitimate businesses that operate within this market, evidenced by the fact that we currently support a number of businesses which operate in the firearms industry”.
SIFA regularly receives reports where licensed firearms dealers have issues in obtaining merchant services, mainly when a new dealer enters the industry or a business decides to change their bank or look elsewhere for a better deal.
The recurring problems are around EFTPOS facilities with Mail Order / Telephone Orders (MOTO) and Card Not Present (CNP) transactions. We have also had a few occurrences where banks have refused or delayed the integration of their online payment gateways.
SIFA has been able to fix most banking issues for dealers who run into problems, with a lack of understanding of the regulatory regime under which our industry operates being the main problem. We also find in some instances that staff are interpreting banking policies and adding in their own ‘spin’…
If you are having issues with your current service provider or want to move to an institution who is willing to support our industry, consider giving TYRO a go!