News from the Wire

ETA issues payment facilitator guidelines

Wednesday, April 20, 2016 — 15:39:23 (EDT)

Washington, April 19, 2016 – The Electronic Transactions Association (ETA), the global trade association representing the payments technology world, announces the roll-out of new Payment Facilitator guidelines offering guidance and best practices to new entrants regarding settlement, registration, funding delays, fraud, security and related issues. Authored by Double Diamond Group on behalf of ETA, these new guidelines will help promote the growth of the Payment Facilitator segment as it brings new technology companies into the payments industry. The Payment Facilitator Guidelines will be the cornerstone of benefits for companies that join ETA, the trade association of the payments industry.

“Payment Facilitators are a growing segment of ETA’s membership and this project is the first of many aimed at providing insight to this new vertical”, said Jason Oxman, CEO of ETA. “The ETA Payment Facilitator Guidelines will set forth best practices to provide guidance to these new entrants to help navigate the complex payments landscape.”

Payment Facilitator Guidelines include:

• Guidance for underwriting submerchant accounts;
• Enhanced underwriting due diligence for submerchants;
• Guidelines for risk management of submerchant accounts;
• Risk management guidance for submerchants requiring enhanced due diligence

“The explosion of the payment facilitator market is not going to slow any time soon,” said Todd Ablowitz, CEO, Double Diamond Group. “Evidenced by recent research we conducted, and are releasing at TRANSACT16, not only is the number of payment facilitators skyrocketing year over year, but we predict that Payment Facilitator transaction volume will experience at least a 70 percent average annual growth rate through 2018. I’m excited to work with ETA on this project to support the success of this rising segment of the payments industry.”

For questions on the Payment Facilitator Guidelines, please contact Amy Zirkle, azirkle@electran.org

About ETA

The Electronic Transactions Association (ETA) is the global trade association representing more than 500 payments and technology companies. ETA members make commerce possible by processing more than $5 trillion in purchases in the U.S. and deploying payments innovations to merchants and consumers.

Please check www.greensheet.com for details.

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Source: Company press release.