Co-Author, Law360, December 23, 2015
Today, many businesses provide consumers with the ability to make recurring payments online. Online payments, however, can raise a number of consumer protection issues. A common issue is when a business required to credit a consumer’s account following initiation of an online payment. Is the business required to credit the account when the consumer authorizes the transaction? Or can the business wait to credit the account until it actually receives the funds from the consumer’s bank? The answer depends on the type of good or service for which the consumer is making a payment.
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