PCI Compliance is a set of security standards mandated by card brands for merchants and payment processors handling card transactions. The Payment Card Industry Security Standards Council (PCI SSC) is tasked with developing and enforcing these standards to protect sensitive credit card information.
Merchants charged for “non-compliance” face significant fees because protecting customer credit card data is deemed a critical responsibility. Failing to adhere to these standards results in substantial non-compliance penalties.
The Role of PCI SSC and Data Security Standards
The PCI SSC sets the security benchmarks for payment card transactions, known as PCI Data Security Standards (PCI DSS). These standards are mandatory for all businesses accepting credit card payments. Compliance involves implementing security best practices and proving adherence annually through measures like the Self-Assessment Questionnaire (SAQ) and, for eCommerce merchants, quarterly Vulnerability Scans.
Challenges and Costs of Non-Compliance
PCI non-compliance fees, ranging from $30 to $450 per month, are imposed to incentivize merchants to uphold security standards. These fees are not just revenue generators for processors but also a response to the substantial risks and costs associated with data breaches and fraud.
Processors themselves are under scrutiny by card networks and can face fines if their merchants are non-compliant. Therefore, non-compliance fees serve as a deterrent, pushing merchants to meet security requirements and protecting processors from potential penalties.
Combatting Payment Card Fraud
With the rise in eCommerce and card-not-present transactions, there’s an increased need for stringent security measures. The prevalence of credit card fraud makes PCI compliance not just a regulatory requirement but a crucial step in safeguarding against identity theft and financial losses.
Ensuring Compliance and Avoiding Fees
Most merchants fall into non-compliance due to overlooked annual SAQs. It’s crucial for merchants to understand the importance of this questionnaire and to complete it diligently every year. The SAQ involves basic business information and compliance-related queries that, if properly addressed, ensure adherence to PCI-DSS requirements.
Support and Guidance from Bankcard International Group
At Bankcard International Group, we prioritize assisting our merchants in maintaining PCI compliance. We offer reminders, support in filling out the SAQ, and guidance in conducting vulnerability scans for eCommerce businesses. Our goal is to prevent the unnecessary imposition of non-compliance fees and protect our merchants from the risks of data breaches.
PCI Compliance should be viewed as an ongoing commitment, evolving with technological advances and changing fraud tactics. Staying compliant not only protects your customers but also safeguards your business’s reputation and financial health.
If you’re facing non-compliance fees, our team of ETA-Certified Payments Professionals is ready to assist you in becoming compliant efficiently and effectively.
Bankcard International Group: Your partner in maintaining PCI compliance and protecting your business.
