What are the laws and regulations regarding online payment processing?

In Hawaii, businesses must abide by certain laws and regulations when processing payments online. Hawaii Revised Statutes §483E-4 requires businesses to adopt a secure system of online payment processing, including the use of encryption technology, to protect customer payment information from unauthorized access or use. Additionally, businesses are required to obtain written consent from customers when collecting, storing, and using their payment information, and must also provide a customer with a written record of the transaction. In addition, the Payment Card Industry (PCI) Data Security Standard (DSS) is applicable to any Hawaii business that processes online payments with credit and debit cards. These standards, which are set by major credit card companies, must be followed to ensure transactions are secure and customer information is protected. Businesses must also have a system in place to detect and alert them to any suspected fraud or unauthorized access to data. Finally, the Hawaii Retail Food Code and the Hawaii Electronic Transactions Act regulate the use of online payments for food service and retail businesses, and the State of Hawaii imposes a 4.712% excise tax for retail businesses making online payments. This excise tax does not apply to businesses making online payments for purchases outside of Hawaii. Overall, it is important for businesses in Hawaii to be familiar with all applicable laws and regulations when processing online payments. Following the guidelines set by the PCI DSS, the Hawaii Retail Food Code, and the Hawaii Electronic Transactions Act will help to ensure a secure online payment process and protect customers from fraudulent activities.

Related FAQs

What type of legal documents should I keep on file?
How do I enforce non-compete agreements and other contracts?
What are the laws and regulations governing mergers and acquisitions?
What are the laws and regulations regarding employee rights and benefits?
What should I consider when outsourcing services for my business?
How do I create a small business entity?
How do I protect my business against unfair competition?
What type of licenses or permits do I need to open a business in my state?
What types of business expenses are tax-deductible?
What should I consider when setting up a business entity in a foreign country?

What are the laws and regulations regarding online payment processing?

Related FAQs

Related Blog Posts