Credit card fraud costs consumers, merchants, and financial institutions billions of dollars each year. The Payment Card Industry Data Security Standard (PCI DSS) was created by the five major credit card companies as a guideline to help business owners implement the necessary hardware, software and other procedures to guard sensitive credit card and personal information. One of the most significant PCI DSS requirements is that merchants may not store magneticstripe data after an authorization is obtained on a credit card. PCI Compliance means that your business is exhibiting the best practices to prevent cardholder information or data security breaches.
The minimum requirement to become PCI compliant is to complete a Payment Card Industry Data Security Standard Self-Assessment Questionnaire (SAQ) on an annual basis and achieve a passing score. If you electronically store cardholder information or if your processing systems have any Internet connectivity, a quarterly scan by an approved scanning vendor is also required.
If your business fails to comply with PCI DSS, you risk substantial fines and even your ability to process credit card payments. Elite Merchant Solutions has partnered with a certified company to earn you preferred rates and ensure your business is PCI Compliant.
Frequently Asked Questions
I have never heard of PCI Compliance before, is this new?
No. Merchants have been advised to take the Self Assessment Questionnaire to identify potential security risks in order to achieve PCI compliance for the past 3 years. This compliance is required by the Card Associations.
Am I required to certify for PCI Compliance?
Yes, the payment brands require all acquirers to report on the PCI Compliance of their merchants. If you do not complete the Self Assessment Questionnaire, you may overlook certain data security practices that minimize your risk of a security breach. In the event that your business is compromised, you may be subject to fines of up to $500,000 per payment brand if you are not protected by PCI Compliance.
I only process a few hundred dollars a month. Does my merchant account still need to be PCI Compliant?
Yes, all merchants, whether small or large, seasonal or year round, need to be PCI Compliant.
Is there a charge for PCI services?
Elite Merchant Solutions has negotiated preferred rates with our vendors. The potential charge will vary depending upon the level of service needed for your account.
For more information on PCI Compliance, please Contact Us.