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

Here is the response to your query:

Accepting Payments Online in Oklahoma

Oklahoma has laws that regulate payment processing, and it is important to comply with these laws to avoid violating them.

According to [1.1], no political subdivision in Oklahoma may establish, mandate, or otherwise require online marketplaces to collect or verify information from high-volume third-party sellers on a one-time or ongoing basis or disclose information to consumers. This means that online marketplaces are not required to collect or verify information from high-volume third-party sellers or disclose information to consumers.

Regarding payment orders, [2.3] states that a bank and its customer may agree that the authenticity of payment orders issued to the bank in the name of the customer as sender will be verified pursuant to a security procedure. A payment order received by the receiving bank is effective as the order of the customer, whether or not authorized, if the security procedure is a commercially reasonable method of providing security against unauthorized payment orders, and the bank proves that it accepted the payment order in good faith and in compliance with the security procedure and any written agreement or instruction of the customer restricting acceptance of payment orders issued in the name of the customer.

Therefore, to accept payments online in Oklahoma, it is important to have a commercially reasonable security procedure in place to verify payment orders. Additionally, it is important to comply with any written agreements or instructions from customers restricting acceptance of payment orders issued in their name.

Refunds and Rejections

If a receiving bank accepts a payment order issued in the name of its customer as sender which is not authorized and not effective as the order of the customer under Section 4A-202 of this title, or not enforceable, in whole or in part, against the customer under Section 4A-203 of this title, the bank shall refund any payment of the payment order received from the customer to the extent the bank is not entitled to enforce payment and shall pay interest on the refundable amount calculated from the date the bank received payment to the date of the refund, according to [2.4].

A payment order is rejected by the receiving bank by a notice of rejection transmitted to the sender orally, electronically, or in writing, according to [2.1]. A notice of rejection need not use any particular words and is sufficient if it indicates that the receiving bank is rejecting the order or will not execute or pay the order. Rejection is effective when the notice is given if transmission is by a means that is reasonable in the circumstances. If notice of rejection is given by a means that is not reasonable, rejection is effective when the notice is received. If an agreement of the sender and receiving bank establishes the means to be used to reject a payment order, any means complying with the agreement is reasonable and any means not complying is not reasonable unless no significant delay in receipt of the notice resulted from the use of the noncomplying means.

Conclusion

To summarize, you can accept payments online in Oklahoma as long as you have a commercially reasonable security procedure in place to verify payment orders and comply with any written agreements or instructions from customers restricting acceptance of payment orders issued in their name. Additionally, if a payment order is not authorized or enforceable, the bank must refund any payment received from the customer and pay interest on the refundable amount. If a payment order is rejected, the receiving bank must provide notice of rejection to the sender.

Source(s):
Jurisdiction

Oklahoma