Welcome to the Research Assistant Weekly Newsletter - a subscriber-only resource for insight into emerging compliance challenges, details on peer calls, and links to new Research Assistant reports, documents, tools, and more.
This week a member wanted to take a deep dive into payment processing vendors that claim they can shift the costs of payment processing onto consumers, as known as, “No-Fee-to-Biller” service solution. Although this may seem like a settled matter to some, for others discussing this subject with operational leadership can prove to be challenging.
Payment processing fees affect bottom-line costs putting them on the radar of operational leadership and seem like a no-brainer to charge. However, there are several laws that impact how these fees can be charged and when. The compliance concerns require an organization to assess all the risks before charging any fees, and getting strict controls in place. We’ll have a whitepaper out shortly discussing these concerns. Ultimately though, absent a rule clearly stating if payment processing fees are permissible this area of debate will continue. As with all compliance risk gray areas it all comes down to how you manage the risk. Implementing policies, procedures, call scripts, training, and strong audit controls will help you reduce your risk.
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Upcoming Webinars/ Other Announcements:
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A Complete Guide to Risk and Gap Assessments – How to Get Started, March 16, 2022 at 2:00 ET to register please visit the event website
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The State of Nevada, Department of Business and Industry, Financial Institutions will hold a public hearing on March 23, 2022 at 10:00 a.m. PT via Webex. The purpose of the hearing is to receive comments from all interested persons regarding the adoption of permanent regulations that pertain to Chapter 649 of the Nevada Administrative Code (“NAC”). For more information visit: NV FID
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