The payment industry has experienced exponential growth and transformation in recent years, becoming an essential component of global commerce. The industry’s importance is underscored by its complexity, encompassing a vast network of financial institutions, payment processors, fintech companies, and regulatory bodies. This intricate web creates a landscape where compliance with myriad regulations is both challenging and critical.
In today’s digital age, electronic payments have become the backbone of commerce. Businesses, both large and small, rely on electronic payment systems to facilitate transactions efficiently. However, with this growing reliance comes the critical need for clear and legally sound agreements. These agreements ensure that both parties—businesses and consumers—are protected and understand their rights and obligations.
Pennsylvania is on the cusp of potentially joining the ranks of states pioneering new regulations on interchange fees with its proposed House Bill 2394. This bill, amending Title 72 (Taxation and Fiscal Affairs) of the Pennsylvania Consolidated Statutes, aims to provide for interchange fee tax exclusion and set forth penalties for non-compliance. This article will explore the key provisions of the proposed law, its potential impact on the electronic payments industry in Pennsylvania, and draw comparisons with the recently enacted Illinois Interchange Fee Prohibition Act.
Virtual POS systems are revolutionizing the way businesses handle transactions, offering numerous benefits such as cost efficiency, flexibility, and enhanced customer experiences. They play a critical role in streamlining operations across various sectors, from retail to professional services.
After much anticipation and comments from some Senators, on May 16, 2024, the United States Department of Justice (the “DOJ”) began formal proceedings to reschedule marijuana as a less dangerous drug, and on May 21, 2024, the DOJ published a notice of proposed rule-making (“NPRM”) to reschedule marijuana (cannabis) from a Schedule I controlled substance to a Schedule III.
In today’s digital age, businesses rely heavily on electronic payment processing to facilitate transactions with customers. Whether it’s purchasing goods online or swiping a credit card at a retail store, the smooth operation of these transactions is essential for businesses to thrive. However, there are instances where merchants encounter obstacles in the form of merchant account holds and freezes, disrupting cash flow and causing significant headaches.
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