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Merchant Agreements: Clauses That Protect an Acquirer or PSP from Transaction Laundering
What Visa and Mastercard require in a merchant agreement and which extra clauses close the gap against transaction laundering: no payments for third parties, a register of sites, suspension of payouts, termination and recovery of fines.
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Illegal Gambling Through Other Businesses’ Card Payments: How the Scheme Works and Who Is Liable
Illegal gambling businesses rarely accept payments under their own name. More often players’ card payments pass through someone else’s ordinary-looking business, and that is exactly what card schemes and banks hold acquirers and payment companies to account for. We go through, according to primary sources, how such a scheme works, what Visa and Mastercard require,…
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Transaction Laundering and Miscoding: The Hidden Threats to Your Fintech Business
Two linked threats can cost a payment company its card scheme access: transaction laundering and miscoding. In the first, an illicit merchant processes payments through a legitimate merchant’s account. In the second, a wrong merchant category code hides what the merchant really does. Visa and Mastercard hold acquirers responsible for their merchants, and acquirers pass…