Payment Facilitator, or PayFac, is a method that makes it easier for businesses to accept digital payments. Rather than having every merchant create their own account with a bank, PayFac facilitates it on its own account. This speeds up onboarding, decreases paperwork, and enables small and medium-sized enterprises to begin...
Role of Credit Card Companies In The Interchange Fee Settlement
The recent settlement concerning the interchange fees for payment cards in the United States reveals the prominence with which two large credit card companies, Visa and MasterCard, serve as facilitators for payment processing. This settlement, which is a landmark one, embarks on the controversial issue of interchange fees in showing...
Legal Definitions and Terms Related To The Settlement
In March 2024, a proposed class settlement agreement was announced relating to the antitrust class action lawsuits against Visa and Mastercard in 2006, when U.S. merchants initiated the lawsuits. The settlement marks a significant step toward resolving the long-standing legal issues. The settlement of the Payment Card Interchange Fee Class...