Mobile Payment Processor Legal Issues
You’ve developed an innovative new checkout platform for cell phones, “Huzzah!” But before sharing your masterpiece with the world, it’s important to determine if your mobile payment processor complies with the law.
The main questions:
- “Does this new method comply with the Gramm-Leach Bliley Act?”
- Does this new mobile payment method protect our customers’ confidential financial information?
- Do customers have the ability to opt-out of information sharing?
- Does our processor include safeguards for consumer privacy?
Can Mobile Payment Processors Be Patented?
After consulting with a mobile law attorney, you’ve established that your system is legally compliant, but can it be patented?
First: be aware of the ditches on both sides of the road to patent-dom. Don’t vaguely present your payment processing method, nor as a process of mental aptitude. Instead, detail exactly what your new payment processing methodology is, how it works for online or mobile applications, and prove your business was first to come up with this idea / methodology.
What if Someone Challenges The validity of my patent?
Beginning in September, 2012, two new patent legitimacy test went into effect as a result of the America Invents Act.
If your business has developed the next, best mobile payment processor, get a patent! Intellectual property is a valuable asset, do what you can to protect it with the help of an attorney who’s experienced in intellectual property law, business law, and e-commerce law.