If your business accepts credit cards, you have probably been recently advised that you will be charged a new annual fee to pay for the cost to keep your company in compliance with the latest required credit card security rules as handed down by Visa, MasterCard, Discover and American Express. This article will explain what the go is all about.
First of all, let’s get some of the terms explained.
PCI stands for Payment Card Industry. DSS stands for Data Security Standard. The credit card issuers have suffered huge losses due to credit card fraud and they have decided to take new steps to prevent as much of it as possible. These steps are in cooperation with the traders to come and implement new methods of credit card protection including better encryption when transmitting credit card while sales license merchant, and storage of customer credit card data later.
There are basically two ways to get a sale authorized, either using a credit card terminal next to the cash register (or integrated into POS) or over the Internet. Some traders use dial-up terminal and others use high-speed Internet connection. Either card issuers are concerned that the transaction data sent securely. There have been many headlines about breeches, where hundreds of thousands, even millions of credit card numbers are stolen. Hackers tap into phone lines and Internet connections every day
So -. Here we are. Every bank and other credit card processing companies will be passing on the cost of these increased security standards for their merchants. So please do not go to stop a vendor or try to switch to another processor that does not or will not charge you this fee go, because you’re going to have this fee now, regardless of which processor you have.
Now, let’s talk about what you, as a merchant must do to become and remain in compliance with PCI DSS.
cooperation starts with the Self-Assessment Questionnaire. (SAQ) You can complete this questionnaire online and you will get a link to make it a merchant account statement this month or very soon. The questionnaire will tell security departments how to process credit cards and from your answers that you will receive instructions on the steps you need to take, if any.
One decision that will be made is that the merchant level you belong, and this is simply a matter of how many records you work annually. Level 1 to 4, Level 1 is over 6 million transactions per year and Level 4 being less than 20,000 transactions annually.
If you only use a dial-up line for the terminal, which will be all you need to do. If you make online transactions or otherwise use the internet connection to send data security scan will be performed to check for weakness anywhere along the network.
In both cases, after you complete the SAQ you will be advised on the next steps to take, if any. And when you are considered compatible, credit card processors will be announced and you’re done. There is even a tick that you can display on your website to let customers know that you are compliant, and this will increase customer confidence in your business.
If you do not have to be asked to become PCI DSS-compliant with the credit card processor, to worry. One big processors do not bother with these new requirements become data security breech and now faces fines in excess of half a billion dollars. And you, as a merchant,
The annual compliance fee is not that much and is a small price to pay, as the cost of doing business, responsible for up to $ 500,000 in fines for breeches that occur . protect data customers.