FTC and Washington settle with payment processor Riverside over misleading small business contracts
POLICYFederal Trade Commissionredteam/daily · 1 source
- Severity
- Low
- Sources
- 1
What happened
A payment company and its equipment leasing partner agreed to pay $600,000 to settle claims from the US Federal Trade Commission and the state of Washington. The regulators said the firms misled small businesses about savings and made contracts very hard to cancel. Businesses will be able to cancel their agreements without a termination penalty under the settlement.
Like I’m new · Written by AI from 1 source · Wrong?
What to do
- Small businesses with Riverside or Cascade agreements may rescind them without a termination penalty under the proposed order.
- Businesses should review processing contracts for automatic renewal terms and early termination fees before signing.
Written by AI from the sources, checked against them
Full story timeline · 1 update
Who reported · 1 outlet
FTC Consumer Protection
Who and what is in it
Companies