Ask Reggi Your Question Now

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

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

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

Online Payment Processing Requirements in Arkansas

  1. Establish an online payment verification system [1.1].
  2. Cooperate with the Department of Finance and Administration in implementing the online payment verification system [1.1].
  3. Use an approved credit card or debit card for payment of fines and associated costs [4.1].
  4. Enter into contracts with credit card companies and pay those companies fees normally charged by those companies for allowing the court to accept their credit cards in payment [4.1].
  5. Assess the offender a transaction fee when paying fines or court costs by an approved credit card or debit card [4.1].
  6. Remit the installment fee collected to the Administration of Justice Funds Section of the Office of Administrative Services of the Department of Finance and Administration, on a form provided by that office, for deposit into the Judicial Fine Collection Enhancement Fund established by § 16-13-712 [4.3].
  7. Assess an installment fee of five dollars ($5.00) per month on each person who is authorized to pay a fine on an installment basis [4.3].
  8. Collect the installment fee in full each month in which a defendant makes an installment payment [4.3].

Additionally, any person or entity that offers a credit card processing service in Arkansas must disclose certain information on any contract or agreement to render a credit card processing service, including the effective date of the contract, the term of the contract, the amount of any monthly minimum fee or charge for the credit card processing service, and the amount of any fee or charge for terminating the contract or agreement [2.1].

It is important to note that these requirements may not be exhaustive and you should consult with a legal professional to ensure compliance with all applicable laws and regulations.

[1.1]: ARCO 27-22-203 [2.1]: ARCO 4-115-101 [4.1]: ARCO 16-13-706 [4.3]: ARCO 16-13-704

Source(s):
Jurisdiction

Arkansas