What Debt Settlement Companies Need to Know When Working With Third Party Payment Processors (Whitepaper)

Clark Hill’s Financial Services and Regulatory Compliance Group has authored a whitepaper for debt settlement companies considering engaging a third-party payment processor for managing accounts and handling financial transactions. This whitepaper outlines and provides insight into the requirements governing oversight over third party payment processors; explores the various laws and regulations that are integral for a DSC when developing a robust and well-executed third party risk management program with its payment processing partner; provides an overview of federal and state enforcement actions when those laws and regulations are not followed by either a DSC or a payment processor; and finally, outlines key contractual provisions taken directly from the Interagency Guidance that should be considered by a DSC when entering into a business relationship with a payment processor.

What Debt Settlement Companies Need to Know When Working With Third Party Payment Processors

This whitepaper is authored by Clark Hill’s Financial Services and Regulatory Compliance Group. The paper provides an objective legal and regulatory overview of the payment processing landscape in order for debt settlement companies to make informed decisions about the partners they choose to work with. RAM Payment, LLC (“Reliant”) commissioned Clark Hill to write the whitepaper as a resource for industry participants. The opinions and conclusions expressed in this whitepaper are not endorsed or approved by Reliant and are solely the opinions and conclusions of Clark Hill based upon the law and regulations cited herein. This whitepaper does not take into account the factual circumstances of any individual or entity and should not be relied upon as legal advice for any matter. This whitepaper does not establish an attorney client relationship between Clark Hill PLC and any individual or entity. If you have a legal issue that relates to the topics of this whitepaper, you should contact an attorney for assistance in your matter.