Payments
Companies in the electronic payments business face strict regulations from government, serious threats from technology, and tough competition from a fast-changing field. In an environment such as this, experienced legal counsel is critical. That is why companies large and small trust their legal work to MLA. Our attorneys have been at the forefront of counseling clients in the electronic payments industry since its inception. Having represented companies in this area for more than two decades, we have an extensive understanding of the issues that are most important to their businesses.
We represent financial institutions, issuers, acquirers, processors, outsourced service providers, merchants, and commercial customers and vendors. Their businesses enable or employ electronic payments using established methods such as credit and debit cards, gift cards, e-checks, corporate payment systems and automated clearinghouse transactions, as well as evolving technologies such as biometrics, chip and pin cards, contactless payments and mobile payments.
Our depth of experience provides us with an unparalleled understanding of the legal and regulatory environment in which electronic payment organizations operate. Our team includes attorneys in our Atlanta and Brussels offices, who devote substantial portions of their practices to payments-related matters. We pride ourselves on being at the forefront of industry trends. As a result, we are able to deliver legal services that are current, comprehensive and commercially sensible.
The strength of the payments practice is reflected in the clients we represent. One client, a top-five U.S. merchant acquirer, has remained with us since its inception. Another client, a top-ten U.S. financial institution, turned to us to help execute its plan to expand its various electronic payment businesses, both organically within the U.S., and through acquisitions throughout North America and Europe. Additionally, a top-five European merchant acquirer brought one of our partners to Dublin, Ireland for a year, to serve as its dedicated, on-site legal counsel.
Card Association Interface and Regulatory Compliance
Our group actively monitors bank regulations (including the activities and promulgations of the U.S. Federal Reserve, Office of the Comptroller of the Currency, Federal Deposit Insurance Company and the Office of Thrift Supervisions) and credit card association rules and relationships, and their potential impact on payments businesses in the U.S. and Europe. As examples of our work in this area, we qualified two European credit institutions as full members of VISA and MasterCard, we concluded acquiring relationships in the U.S. with American Express and Discover, and we negotiated an exclusive franchise arrangement with American Express in Ireland.
Strategic Alliances
Our attorneys structure, negotiate, form, manage and, if necessary, dissolve, strategic alliances involving financial institutions and third-party providers. We have handled more than 100 such transactions, including alliances involving Wachovia (and its predecessor, First Union), KeyCorp, U.S. Bank, MBNA, Certegy, Regions Bank, and Union Bank of California.
Fleet, Proprietary and Private Label Cards
Our attorneys have extensive experience in counseling clients in the Fleet, Proprietary and Private Label card space. In the Fleet and Private Label context, we have represented clients in the negotiation of card acceptance agreements, corporate settlement arrangements, and the de novo rollout of a private label aviation fleet card program in Europe. We also have assisted a client with the maintenance of its proprietary card program, including the negotiation of fuel supply and related services agreements as part of the ongoing expansion of its proprietary card acceptance network.
International Expansion and Consolidation
A key focus of our practice is international business expansion. For a top-ten U.S. financial institution, we assisted in exporting its payments business to Canada, Europe and the Caribbean. The work included acquisition of bank portfolios and third-party processors, establishment of strategic alliances, and consolidation of the newly-acquired businesses across Europe. We also have experience in assisting clients in forging strategic alliances with processors and service providers throughout the world, including the Middle East.
Securities/Public Company Transactions
We handle mergers, acquisitions and other transactions for public companies in the payments industry. Our experience includes representing one of the largest merchant acquirers in the U.S., in multiple mergers and acquisitions. These included a $2.1 billion merger with a leading national bank and the $1.2 billion acquisition of a Nasdaq-listed merchant acquirer.
Complex Commercial Relationships
Our attorneys have substantial experience in negotiating a variety of commercial transactions and relationships. These include private equity investments and other financings, merchant agreements on behalf of both acquirers and merchants, and multiple card association and other outsourced-provider arrangements. In particular, we have been successful in helping large retailers reduce their risks and improve their funding arrangements under their merchant agreements.
Litigation and Dispute Resolution
When payment industry deals turn into disputes, MLA’s attorneys stand ready to help. We have extensive experience litigating such matters as merchant bankruptcies and chargebacks, contract disputes between strategic alliance and joint venture partners, contract disputes involving third-party vendors and service providers, and disputes related to mergers and acquisitions.