ISO Attorneys: What it Means to Understand the Electronic Payment Industry
- January 4, 2021
Electronic payments litigation is sometimes necessary for a business to pursue. An ISO attorney is one who is skilled in all areas of Independent Sales Organizations (ISOs), also known as Member Service Providers (MSPs). These are third-party companies contracted by a credit card member bank to procure new merchant relationships. The ISOs also process online credit card processing transactions for independent small businesses, typically in exchange for a flat fee or percentage of sales.
Merchants who want to open a credit card processing account for their businesses often seek out ISOs for help, who will in turn sign them up and explain the rates and terms of the credit card merchant account. After the merchant has filled out the application, the ISO will submit this paperwork to an acquirer to start the underwriting process, or it will underwrite the account internally. Once the merchant has been approved, another company (called a processor) will then process the merchant’s card payment transactions.
An ISO attorney deals with all aspects and challenges of the electronic payments industry, including disputes with owners, vendors, processors, banks, ancillary service providers, residual report reviews and fee analyses, overcharges, downgrade surcharges, discount services, mislabeled fees, and wrongfully charged companies. ISO attorneys are also skilled in the right to termination and termination fees, minimum fee requirements, reserve account withholdings, and internal disputes.
If you are a merchant facing legal snafus, your case should be handled by an ISO attorney, who by association, must also be skilled in the ins and outs of the electronic payment industry. The intersection of finance and technology has completely changed the game when it comes to the payment processing industry, resulting in the fast growth of innovative services such as peer-to peer-lending, crowdsourcing, e-banking, and e-credit card payments.
A Look at the Electronic Payments Industry
The payments industry is a fast-paced and ever-changing scene that’s constantly in a state of flux due to new methods of payment, mergers & acquisitions, and of course new technology. As technology takes a step forward, payment technology companies are playing a bigger role in the payments industry, with some even merging with traditional financial institutions such as banks to cater to evolving merchant preferences.
It used to be that payment processing was just about transferring funds, but now the newest players in the payment processing industry are redefining the customer experience while allowing business owners to manage their companies much more easily.
Why Do I Need an ISO Lawyer?
There’s little doubt that technology continues to drive commerce and innovative payment methods. Payment regulations and laws are just as complex and ever-changing. ISO attorneys and electronic payment lawyers bring the knowledge and experience to walk you through the complicated regulatory landscape while advising you on critical contractual relationships.
Here at Global Legal Law Firm, we have many years of experience with legal issues surrounding credit and debit card processing, money transmission, merchant acquiring, prepaid access, virtual wallets, mobile payments, ACH, payment facilitation, and MATCH list removal for merchants.
Here’s a more in-depth look at what we do:
- Electronic Payments Litigation
- Mergers & Acquisitions, Contract Review, & Purchases
- Collections & Loss Mitigation
- Regulatory Defense
- Corporate Planning & Compliance
- Opinion Letters
- Merchant Disputes
- MATCH or TMF List Issues
We have vast experience in regards to MATCH or TMF List issues in particular. MATCH stands for Member Alert to Control High-Risk Merchants and it’s also known as Terminated Merchant File (TMF). This list keeps track of businesses with a credit card processing account that’s been terminated by an acquiring bank. When a bank considers whether or not to accept you for a merchant account, it will reference MATCH to see if you are listed. If you show up on the list, you will most likely be denied – sort of like a blacklist for the banking industry.
Showing up on this list can be a real problem for merchants who accept electronic payments, so you want to start the steps for removal right away.
Contact Global Legal Law Firm
For more information on how we can serve you with our Electronic Payments & Financial Services, contact us our ISO lawyers for your free consultation in San Diego or Los Angeles.
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