WASHINGTON--(BUSINESS WIRE)--A group of leading third party payment processors across the nation has formed the Third Party Payment Processors Association (TPPPA). The not-for-profit association advocates for third party payment processors, their financial institutions and the merchants and consumers who benefit from the payment services these processors provide.
The founding members – all leading third party payment processors – came together in response to recent actions by regulators and law enforcement aimed at eliminating payments deemed to be objectionable.
“We object to the actions by anyone targeting any class of legal payments,” said Marsha Jones, Director of the TPPPA. “When payment processors are targeted in an effort to shut down a class of payment or an industry, the entire payments system is put at risk. It is impossible to discriminate against a single class of payments without hurting the entire industry.
“Millions of consumers rely on the payments system to get paid by their employer, make their charitable contributions, pay their gym memberships, and much more. All of that is being put at risk by these actions.
“These kinds of actions threaten to cause irreparable and lasting harm to our members and to the entire payments network. We will work to educate the industry about the unintended consequences of these actions. We look forward to a productive dialogue with government officials and other industry leaders about how to ensure the safety, integrity and efficiency of the payments system.”
About the TPPPA
The Third Party Payment Processors Association is a not-for-profit association of leading third party payment processors. The Association advocates on behalf of third party payment processors, their financial institutions, and the merchants and consumers who benefit from the payment processing system. Members must apply and be accepted into the Association. All members agree to abide by a strict Code of Conduct.