Ask Reggi Your Question Now

Reggi is the free generative AI assistance for regulatory compliance
Ask a Question

Can I use third-party payment processors on my website in Maine? What are the requirements?

Using Third-Party Payment Processors in Maine

If you are planning to use third-party payment processors on your website in Maine, there are some requirements you should be aware of. While there are no specific laws or regulations that prohibit the use of third-party payment processors on websites in Maine, businesses that use these processors must comply with applicable federal and state laws and regulations.

Security of Payment Information

One important consideration is the security of payment information. Maine law defines a “security procedure” as a procedure established by agreement of a customer and a receiving bank for the purpose of verifying that a payment order or communication amending or cancelling a payment order is that of the customer or detecting error in the transmission or the content of the payment order or communication [1.6]. If a business uses a third-party payment processor, it should ensure that the processor has a commercially reasonable security procedure in place to protect payment information.

Cancellation and Amendment of Payment Orders

Maine law provides rules for the cancellation and amendment of payment orders [1.5]. If a business uses a third-party payment processor, it should ensure that the processor has procedures in place for cancelling or amending payment orders in compliance with Maine law.

Reporting Requirements

If you are a registrant under Maine’s subchapter on payment processors, you must disclose the fees charged to consumers for services regulated by this subchapter to the administrator [3.1]. Additionally, you must conspicuously disclose to the public, at each business location, the fees charged to consumers for your services [3.1].

Overall, while there are no specific requirements for using third-party payment processors on websites in Maine, businesses should ensure that they comply with applicable laws and regulations and take steps to protect payment information.

Source(s):
Jurisdiction

Maine