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Article: ISO Issue Mars Global Payments 3Q.(Global Payments Inc.)(independent sales organization issue)
- Article from:
- American Banker
- Article date:
- April 3, 2006
- Author:
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Global Payments Inc.'s report on Friday of strong fiscal third-quarter profit gains was marred by news that it faced millions of dollars in possible exposure over an incident that had led it to cut off service to a large online merchant.
The merchant, an online payment system that lets customers buy goods and services from other companies through the Internet, had contracted with a company that allegedly ran a multilevel marketing scheme and went into receivership in February.
One aspect of the situation that may highlight risks associated with working through intermediaries was that Global Payments said it had signed up the merchant through an ...