All ISOs, processors, and banks want to acquire as many MIDs as possible. But with market saturation, profit margins are at an all-time low. And with increased external scrutiny on the banks and processors and self-regulation being forced down to
I. Existing Liability from Within. Most of the chatter related to avoiding risk in the payments landscape centers on the new various regulations related to merchant processing. But sponsor banks, ISOs, and processors need to also be aware of existing
ISOs make money on merchant processing agreements (“MPA”) and payment processing equipment leases (“Lease”) in limited circumstances. Generally speaking, ISOs generate income during the boarding stage, through fees, and via residuals during the life of an MPA. If a merchant
ISOs are under increasing scrutiny from government watchdogs. Federal bureaus and a plethora of state agencies are ramping up enforcement efforts, even in business-to-business trade. Examples of this lie in Kansas and South Dakota – among others – which apply
Authorities continue to investigate credit card theft of people who attended conventions at the Boston Convention & Exhibition Center in October 2013 and November 2013. Originally, authorities believed the theft affected about 300 attendees; now, authorities estimate hundreds more had
ISOs must always protect themselves from wily sales agents. A high percentage of fraud claims in merchant processing agreements stem from ISO sales agents’ tactics. Whether authorized by the ISO or not, these tactics can often result in ISO liability,
In 2013 alone, there were 894,868 consumer complaints submitted to the Better Business Bureau (“BBB”). The BBB gives free reviews on over 4 million companies, and has the distinct ability to affect your company’s capacity to do business. The BBB
Companies like Verizon, T-Mobile, AT&T, and Google are feeding millions of dollars into widespread consumer use of mobile payment systems. Google Wallet alone is dedicated to attaining one billion mobile payment users over the next five years. David Heun, The
Global Legal Law Firm is a boutique law firm located in Southern California. Partners Christopher Dryden and James Huber built their firm focusing on the issues that electronic payment companies and their affiliates face.
Global Legal Law Firm, however, does not deal exclusively with ISO/MSP issues but also takes a detailed approach and applies it to a diverse range of practice, including, civil litigation, criminal defense, personal injury, family law, property disputes, landlord/tenant, and all other legal issues.