Can I accept payments online without violating payment processing laws in Louisiana? What are the requirements?

To accept payments online in Louisiana, you must comply with the requirements outlined in the Louisiana Revised Statutes. These requirements include providing certain information to online marketplaces if you are a high-volume third-party seller, following the rules governing payment orders, and following any security procedures you have in place. Additionally, if you are engaging in currency exchange, you must pay certain fees and renew your license annually ^[2.1].

Regarding payment orders, you must ensure that they are authorized and verified ^[1.3]. If an accepted payment order is not authorized but is effective as an order of the customer, the receiving bank may limit its ability to enforce or retain payment of the order ^[1.4]. If an accepted payment order is transmitted erroneously, the sender may not be obliged to pay the order and the receiving bank may be entitled to recover any amount paid to the beneficiary ^[1.5].

If a receiving bank accepts an unauthorized payment order issued in the name of its customer as sender, the customer may be entitled to a refund and has a duty to report the unauthorized payment order ^[1.7].

It is important to note that these are just some of the requirements and regulations governing payment processing in Louisiana. For a comprehensive understanding of the laws and regulations, it is recommended that you consult with a legal professional.

Source(s):

• [2.1] License fees; online renewal
• [1.3] Authorized and verified payment orders
• [1.4] Unenforceability of certain verified payment orders
• [1.5] Erroneous payment orders
• [1.7] Refund of payment and duty of customer to report with respect to unauthorized payment order

Jurisdiction

Louisiana

• General