7 Ways Credit Card Processing Could Leave You Needing A Lawyer
Like any other financial transactions, credit card processing is governed by rules set by the Payment Card Industry Data Security Standard (PCI DSS). Companies of any size that offer cashless payment solutions to their consumers are expected to strictly follow the PCI DSS in handling card payments, as well as transmitting and processing cardholder’s data.
As a merchant, you will most likely be hiring a merchant service provider. It is therefore important that you are hiring a processing company with PCI Compliance. This is for the reason that safety and security of all parties involved must be held at all times. Even a small breach on any of the guidelines will result in disputes, which is a legal matter that will leave you needing a lawyer.
Here are some scenarios that would entail you to seek legal services regarding credit card processing:
1. If You Do Not Have Any Prior Knowledge About The Requirements For Pci Compliance
Often, the credit card processing company will take care of all the paperwork needed to meet PCI standards, ensuring that the merchant does not carry the burden of doing so on their own. This includes the steps such as fulfilling the self-assessment questionnaire (SAQ), vulnerability scan, and Attestation of compliance. However, if you are confused or the provider might not be helpful, you can try approaching a lawyer specializing in credit card processing laws to assist you.
2. If Your Network Is Breached
A network breach from your end or the provider’s will result in data leaks (phishing), which is a horrible scenario for both consumers and merchants. A network that becomes vulnerable will be subject to potential disputes, especially by the consumer whose data has been stolen. If this happens, a legal process will be involved.
3. If The Contract Is Breached
The merchant and credit card processing company have a legal and binding agreement by the form of a contract to ensure that all terms are upheld at all times. If any of the parties have violated any of the terms and conditions, then one or the other would be eligible to file a case and hold a hearing to settle the issue.
4. If The Termination Is Unjust Or Deemed Improper
In most cases, the processor has the right to terminate a merchant account should they find the business to violate the terms of agreement, or if the company has misrepresented themselves during the application. However, if the termination is unjust, i.e. processor has no legal basis to terminate, then you as a merchant has the right to take matters to court.
5. If The Consumer Files A Dispute Against You
Transaction errors can happen at any time on anybody, and certain laws in favor of the consumer gives them the right to hold a dispute over a merchant. For example, if their purchase is overcharged on the credit card, then they may seek legal services and you probably should hire yours, too.
6. If The Processor Violates Your Rights
As a client, you have the right to hire a lawyer if any of your rights are violated by the merchant services provider. You are also considered as a consumer, and are therefore entitled to legal procedure to hold your rights.
7. If You Experience Fraud Or Theft
Fraud takes on may forms in business, and that of credit card processing is not an exemption. It is common for both the merchant and consumer. You should talk to a lawyer as soon as possible if any indication of fraud or theft has been determined.
GB Payment, a credit card processing company in the UK established since 2013, knows their way around processing payments. Here you will find the best account managers that will lend a guiding hand to you every step of the way, so you can start accepting credit card payments ASAP. Ask for a quote here today!