PCI Compliance Standards for Merchants | Payment Card Industry DSS
The Payment Card Industry Data Security Standard (PCI DSS) is a set of requirements developed to help ensure security standards for businesses that process credit cards. PCI compliance standards for merchants applies to any business that has a Merchant ID (MID), regardless of size or number of transactions, that accepts, transmits or stores any cardholder data.
Created by the major payment card brands in 2006, the Payment Card Industry Security Standards Council (PCI SSC) set out to manage the ongoing evolution of the Payment Card Industry (PCI) with the goal of improving account security throughout the transaction process. All PCI DSS requirements are administered and managed by the PCI SSC (www.pcisecuritystandards.org); however, enforcement is the responsibility of the payment brands.
PCI compliance standards for merchants are enforced through penalties for noncompliance. Depending on the situation, the payment brands can impose fines to acquiring banks for noncompliance violations. The banks will most likely pass these fines to the merchant, and may either terminate the relationship or increase the transaction fees. Although penalties are not widely publicized, fines can range anywhere from $5,000 to $100,000 and can be catastrophic to a small business. It is therefore important for any business with a merchant ID to be familiar PCI DSS requirements and the merchant account agreement.
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Are you shopping for a better rate? Let us save you money!
Most merchants are unaware that interchange rates are adjusted as much as 2x per year. Over the course of several years, those adjustments can hike up a merchant’s rate and cost the merchant thousands in processing fees. Contact us via the form above, or call us today at 888-383-8056. Chances are, we can save you up to 25% over your existing rates and fees!
Why do businesses choose to work with The Transaction Group?
- We aim for 100% customer satisfaction. We understand that the customer comes first. At the end of the day, if the customer is not happy, we’re not happy.
- We offer a FREE rate analysis to every business. In most cases, we can save a business up to 25% on existing rates and fees. But if we can’t beat a customer’s rate, we’re upfront from the start. We don’t waste the customer’s time.
- We are reliable and always available. If a customer has any concerns, we’re available even after business hours. We’ll address any issues immediately.
- We don’t believe in one-size-fits-all.We provide solutions based on the specific requirements of each and every business. What’s best for one small business may not work for another.
- We have a fast & easy setup process. In most cases, we offer a fast and easy approval and set up. While some high risk businesses can have longer underwriting times, we keep the customer informed throughout the process and work for fast approvals.
- We have solutions for every business type. From low-risk card-present credit card processing solutions to payment processing solutions for high risk e-commerce stores, we’ve got it all.