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Electronic Payments Law

The electronic payments business is complex and changes rapidly. In today’s click-of-a-button society, technology drives commerce. New delivery systems and evolving regulation place a premium on access to the expertise needed to mitigate risks, solve problems, and take maximum advantage of opportunities.

Jaffe’s Electronic Payments Practice Group has decades of experience with legal issues surrounding card processing, fintech, money transmitter, mobile payments, ACH, and stored-value systems, both domestically and internationally.

We keep up on statutory, regulatory, and payment network developments. Steeped in the business, our lawyers frequently write for industry publications, serve on national panels, and provide leadership as committee members and officers of industry trade associations. We counsel both large and small clients on legal issues, as well as on strategic alliances, mergers and acquisitions, and corporate direction.

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Services

  • Fintech and money transmitter compliance
  • Merchant acquirer, payment facilitator, ISO, processor and sales agent contracts
  • Mergers and acquisitions
  • Due diligence of industry portfolios and companies
  • State and federal regulatory compliance
  • Card brand compliance
  • ACH processing
  • Mobile payments
  • Litigation
  • Copyrights, trademarks, and licenses
  • Entity formation
  • Cutting edge technology compliance issues

Electronic Payments Law

Electronic Payments Law

News & Representative Matters

February 7, 2020

California Consumer Privacy Act (CCPA) Goes into Effect

As of January 1, 2020, the California Consumer Privacy Act (CCPA) is now in effect. As we explained here, the CCPA imposes requirements on merchants and payment processors to protect personal information of California residents. Enforcement of the law does not begin until July 1, 2020, which is good because the regulations interpreting the law ...

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January 16, 2020

Merchant Found Not Liable for Data Breach Assessments

A federal court’s interpretation of a merchant contract resulted in the merchant not being liable for card brand security breach assessments. It may be worthwhile to examine and revise your merchant agreement in light of that ruling. In Specs v. First Data, decided June 2019, the US Court of Appeals for the Sixth Circuit ruled ...

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January 15, 2020

Oklahoma AG: Surcharges OK

Recent opinion provides welcome clarity on Oklahoma’s position on surcharge ban enforceability, relating to electronic payment processing By Nicole Meisner and Daniel Ungar, Attorneys, Jaffe, Raitt, Heuer & Weiss Judicial developments surrounding the legality of credit card surcharging have made keeping up with the latest news on this issue a challenge. Currently, there are several ...

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Representative Matters

Recent Payment Operations and Compliance Engagements

  • Advised a financial technology company on state and federal money transmitter laws, regulations, and exemptions.
  • Represented an acquiring sponsor bank on BIN sponsor and compliance matters.
  • Represented a VC-backed merchant acquirer in multiple acquisitions of ISO companies.
  • Represented an ISV in the medical merchant vertical to obtain a payment facilitator sponsor arrangement.
  • Served as outside general counsel to an ATM network and merchant acquiring companies.
  • Represented a payment gateway on state and federal compliance matters.
  • Advised an online payment provider regarding the restructure of its operations to reduce money transmission regulatory risk.
  • Represented multiple ISOs in the negotiation of bank sponsorship agreements.
  • Represented a payment facilitator in drafting its sub-merchant agreement.

Recent Merger & Acquisition Transactions

  • Represented a private equity firm in conducting due diligence in connection with its purchase of assets from a software-as-a-service payments company.
  • Represented a global private equity firm in conducting due diligence in connection with its purchase of a large payment-solutions provider.
  • Represented an integrated provider of payment processing in expanding its senior credit facility and acquiring the assets of a strategic ISO that contribute over $2.2 billion in annual processing volume.
  • Represented multiple ISOs in their mergers with a portfolio company of a private-equity firm.
  • Represented a New York payment processor in its acquisition of the assets of an ISO.
  • Represented a Canadian ISO in its purchase of another ISO.
  • Represented a payments solutions company in its purchase of the assets of a nationwide ISO.
  • Represented an ISO in its purchase of the merchant portfolio of a financial institution.
  • Represented a Florida ISO in the sale of its assets to another ISO.

Recent Litigation Engagements

  • Represented an ISO in litigation with an agent regarding the calculation of residuals.
  • Represented an ISO in litigation against an agent regarding amounts owed for a sold portfolio.
  • Appealed a compliance assessment imposed by a card brand when a bank suffered losses due to a merchant’s data breach.
  • Advised an ISO concerning the appropriate response to a Federal Trade Commission asset freeze on merchant accounts and compliance with a demand for the production of documents.
  • Counseled a gateway on its response to a state Attorney General’s inquiry about merchant online tobacco sales.
  • Represented a bank against a merchant disputing its placement on MATCH.
  • Represented an ISO in litigation against an agent that solicited and moved merchants in violation of the agreement.