Payments

The introduction of FinTech at the core of the payments industry has given rise to a unending range of innovative solutions such as peer-to-peer lending, crowdsourcing, eBanking and ePayments. These emerging technologies require the counsel of both knowledgeable and skilled compliance, legal and operational consultants. The payments professionals at TwoFox represent businesses and individuals in payment processing relationships, including merchants in disputes with payment processors, ISOs and acquiring banks, MATCH and Terminated Merchant File listings, and payment processing agreements. We balance aggressive advocacy with operational opportunity in order to create effective strategies that mitigate risk and maximize profit. Our specific areas of payments expertise include:

Drafting, negotiating and enforcing agreements between banks, processors, and other financial services and payment processing parties and vendors
Developing policies and best practices for monitoring and managing risk with merchants
Compliance with financial and consumer protection regulations, including the Payment Card Industry Data Security Standards (PCI DSS) requirements
Defense of banks and payment processors in matters relating to merchants, reserve accounts, and third party claims
Responding to investigations, requests for information, and government subpoenas
Privacy matters relating to eCommerce and the use of consumer data under regulatory initiatives, like the FTC’s proposed revisions to the Children’s Online Privacy Protection Act rules, the Privacy Bill of Rights, and self-regulatory projects like the Digital Advertising Alliance’s and the World Wide Web Consortium’s “Do Not Track” standards
FinCEN Registration and state licensing of money services businesses
Virtual currency business, such as Bitcoin
Anti-Money Laundering (AML) policy drafting, including drafting data security policies, employee screening, and encryption
MATCH/TMF Merchant support
Merchant reseller agreements
Merchant processing affecting continuity / rebill model
Internal audits of merchants for ISOs / payment processors