Do Payment Facilitators Have to Be PCI Compliant?
Data security is a critical component of the work that payment facilitators do. Proper management of sensitive data is an essential responsibility for anyone enabling access to the payments system. So every payment facilitator needs to understand the role that PCI compliance plays in their overall risk management efforts.Read More
Beneficial Ownership: How Does It Affect Payment Facilitators’ Underwriting Process?
If payment facilitators were a fast food chain, the merchant experience might be their secret sauce – that special component that sets them apart from their competitors. The model is known for simplifying merchant applications and reducing unnecessary paperwork.
There is a balance, however, between reducing friction and protecting the payments system from bad actors.Read More
Considerations for Accepting CBD Payments: “That’s a Lot of Compliance”
Last week, when Shopify announced it was allowing U.S. cannabidiol (CBD) sellers onto its platform, it cited a study predicting that the market would grow from $1.9 billion in 2018 to $20 billion by 2024.Read More
Holy KYC, Batman! New 2018 Rules Require PFs to Perform KYC on up to Five Owners
Don’t worry, technology is on your side and the PF model and frictionless underwriting will endure.Read More
Take A Deep Breath PFs, Beneficial Ownership Rule Is Not So Bad
First things first: In our opinion, the Treasury’s May 11 FinCEN rules are going to impact ISOs and Payment Facilitators alike, in that banks are going to make them follow these new rules.
Although the rule does not speak to ISOs or PFs underwriting merchants or submerchants, we fully believe if you are required to do KYC now — and ISOs and PFs are required to do KYC now — they will be required to do the increased KYC under the new rules.Read More