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

To accept payments online in Rhode Island, you must comply with the state’s payment processing laws. The requirements for accepting online payments in Rhode Island depend on the type of payment you are accepting and the industry you are in. Here are some general guidelines to follow:

Acceptable Payment Methods

Rhode Island law allows for the acceptance of credit card payments for certain types of payments to state or local government [3.1]. However, if you are accepting payments for goods or services, you must ensure that the mode of payment is not fictitious, stolen, or lacking the consent of the valid account holder [1.1]. Online sale of stolen property is illegal in Rhode Island [1.2].

Payment Processing Fees

If you are a licensee, you must comply with the fee limits set by Rhode Island law for check-cashing and deferred deposit transactions [2.1]. However, if you are accepting payments for goods or services, there are no specific fee limits set by Rhode Island law.

Registration Requirements

If you are engaging in the business of a debt collector, or engaging in soliciting the right to collect or receive payment for another of an account, bill, or other indebtedness, or advertising for or soliciting in print the right to collect or receive payment for another of an account, bill, or other indebtedness, you must register with the director or the director’s designee [6.1]. However, if you are accepting payments for goods or services, there are no specific registration requirements set by Rhode Island law.

In summary, to accept payments online in Rhode Island, you must ensure that the mode of payment is not fictitious, stolen, or lacking the consent of the valid account holder, comply with fee limits if you are a licensee, and register with the director or the director’s designee if you are engaging in the business of a debt collector. Online sale of stolen property is illegal in Rhode Island.

Source(s):
Jurisdiction

Rhode Island