Merchant Account Underwriting Tools

Are You Familiar With The FDCPA?

As a merchant account processor perhaps you should be if you are considering debt collectors as potential merchant accounts. The Fair Debt Collections Practices Act is the basis for the FTC’s continuing crackdown on scams that target consumers in financial distress. As of last month, a long running scam called Asset & Capital Management Group (with many aka s) was shut down with the allegation that they had extorted payments from consumers by using false threats of lawsuits and calculated campaigns to embarrass consumers by unlawfully communicating with family members, friends, and coworkers. The court order stops the illegal conduct, freezes the operation’s assets, and appoints a temporary receiver to take over the defendants’ business while the FTC moves forward with the case.Individuals cited in the FTC case are Thai Han, Jim Tran Phelps, Keith Hua and James Novella.Dun & Bradstreet also connects a Joseph E. Dorsey with the companies.

The dba s will go away. The principals will be back for more merchant accounts.

Do you “consciously avoid knowing” that your merchant is engaging in unlawful practices? Are you providing a merchant with processing services without which it would be impossible for a scammer to charge consumers?

Could you become a defendant along with your merchant?

We can help you with the due diligence required to avoid this pitfall.

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