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

Accepting Online Payments in Michigan

Michigan law prohibits local units from accepting payments by financial transaction device if prohibited by law or charter [1.1]([1.2]). However, there are no specific laws in Michigan that prohibit accepting online payments.

Requirements for Accepting Online Payments

To accept online payments in Michigan, you must comply with the following requirements:

  1. Obtain a merchant account: To accept online payments, you must have a merchant account with a payment processor. You can choose from various payment processors such as PayPal, Stripe, or Square [3.1].
  2. Comply with PCI DSS: Payment Card Industry Data Security Standards (PCI DSS) are a set of security standards designed to ensure that all companies that accept, process, store, or transmit credit card information maintain a secure environment. You must comply with PCI DSS to accept online payments [2.4]([2.5]:).
  3. Provide clear and conspicuous disclosures: You must provide clear and conspicuous disclosures to your customers regarding your payment policies, fees, and refund policies [2.5].
  4. Protect customer data: You must protect your customers’ personal and financial information by implementing appropriate security measures [2.4]([2.5]:).
  5. Comply with tax laws: You must comply with all applicable tax laws in Michigan [1.2]([3.1]:).

In summary, to accept online payments in Michigan, you must obtain a merchant account, comply with PCI DSS, provide clear and conspicuous disclosures, protect customer data, and comply with tax laws.

Source(s):
Jurisdiction

Michigan