Software company Intuit had a policy reversal, allowing gun manufacturers and sellers to use its services, including QuickBooks, an essential tool for small business financials. Senate Commerce Committee’s Ted Cruz praised the decision, following an investigation into Intuit’s practices.
This policy reversal emerged after an in-depth review by Intuit to remain compliant with all federal and state laws. Previously, businesses in guns and firearms manufacturing were considered “ineligible” for QuickBooks’ payroll services until August 1, 2023.
Ted Cruz initiated attention to this matter when Texas company Dawson Precision, a small firearms parts manufacturer, had its QuickBooks subscription cancelled without notice due to the policy, forcing it to manually handle payroll for weeks. Cruz alleged that Intuit’s banking partner, JPMorgan, enforced the stringent policies on firearm sellers and manufacturers.
A briefing revealed JPMorgan as the originator of the services policy, citing inability to perform due diligence expected by regulators for several highly-regulated industries, including internet firearms retailers, hence, affecting the processing of such payments.
Cruz was content with the resolution but emphasized continued vigilance to ensure no unnecessary limitations are imposed on the firearms industry by financial service firms. Intuit’s revised stance has no current restrictions on payroll and payment processes for gun companies, and Cruz encouraged other firms to follow suit, noting that restricting customers due to political differences isn’t good business practice.
