For many years, accepting credit card payments—either directly, or through a service such as PayPal—was the only means of payment available to Internet-based businesses.
Today, the landscape is rapidly changing, and online merchants have their choice of accepting payment through such alternative means as:
- Automated Clearing House (ACH) debits
- Remotely created checks (RCCs)
- Pre-paid payment cards
- Electronic purses or wallets
- Mobile and Internet payments
- Digital currencies
Different procedures, risks, and legal requirements apply depending upon the Alternative Payment System (APS) used. Kronenberger Rosenfeld is experienced with APS and stays up to date on the legal and practical issues affecting each category.