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While payment service providers are often concerned about implementing strong risk and compliance procedures to avoid fines from card brands, they can also face scrutiny and legal action from major regulatory bodies. One of the United States agencies that has taken a particular interest in payment processing is the Federal Trade Commission, whose mission and reach are broader than some in the payments community may realize.
In this FAQ, we answer common questions about the FTC’s approach to payment processors and provide resources to help you take steps to avoid FTC scrutiny. Questions answered include:
- What does the FTC regulate?
- What role do payment processors play in the FTC’s mission?
- What enforcement mechanisms does the FTC use?
- When will the FTC bring action against payment processors?
- What types of merchants present a high risk of FTC scrutiny?
- What steps should payment processors take to avoid FTC scrutiny?