What is PCI Compliance?
The Payment Card Industry Data Security Standard (PCI DSS) is a set of requirements designed to ensure that EVERY company with a merchant account that processes, stores or transmits credit card processing information MUST maintain a secure environment.
The Payment Card Industry Security Standards Council (PCI SSC) is administered and managed by
PCI SSC, an independent body that was formed by Visa, MasterCard, American Express, Discover and JCB.
What businesses must be compliant?
PCI applies to ALL organizations or merchants, regardless of size or number of transactions, that accepts, transmits or stores any cardholder data.
What are the penalties for noncompliance?
The payment brands may, at their discretion, fine an acquiring bank $5,000 to $100,000 per month for PCI compliance violations. The banks will most likely pass this fine on downstream until it eventually hits the merchant. Penalties are not openly discussed nor widely publicized, but they can be catastrophic to a small business.
It is important to be familiar with your merchant account agreement, which should outline your exposure.
Are you PCI Compliant? Contact Republic Payment Systems at 281-719-0769 to learn more.