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Identifying TPPPs

Answered by: 

Question: 
We have a convenience store that processes payments for a utility company. Is this customer a third party payment processor?
Answer: 

We tend to think of TPPPs as big companies like PayPal and Square. But there are little companies that also process payments for others through their account. Look at the guidance from your regulator on this issue. You will need a great deal of information to properly assess your risk.
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Learn more about Deborah Crawford’s webinar Managing BSA risk of new payment methods

First published on 11/06/2016

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