Thursday, May 13, 2010

Credit Card Compliance: What You Need To Know

Regardless of size or industry, all companies that accept credit cards must adhere to the safeguards mandated by the Payment Card Industry Data Security Standard—referred to as the PCI DSS. While most companies are aware of PCI, many are unsure what it means for their businesses. As well, companies that use a third party for clearing and remittance often incorrectly assume that PCI compliance does not apply to them.

So, what are the risks of noncompliance? Beyond exposing your customers to fraud or identity theft, your business can be held responsible for the credit card company’s losses. In the event of a security breach or lack of PCI compliance, credit card institutions can assess your company higher credit card processing fees and levy fines of up to $500,000—or even bar your company from processing any credit card transactions at all. Keep in mind that this applies to all companies that accept payment by plastic—even if they don’t store any related data.

Acquirer audits, which can be carried out at any time, cover the 12 areas of mandatory compliance. The failure rate for PCI certification audits is high; according to recent research by VeriSign in “Lessons Learned: Top Reasons for PCI Audit Failures and How to Avoid Them,” fewer than 30 percent of companies pass these examinations on the first try.

To learn more and even take a self-assessment questionnaire to evaluate your risk visit: www.pcisecuritystandards.org., or visit the Sage
PCI Compliance Webinar library packed with a ton of great information.

19 comments:

  1. Searching for the best high risk merchant account provider available? 1st Light Merchant Services LLC offers credit card processing for High Risk merchants. high risk merchant accounts

    ReplyDelete
  2. Thanks for taking the time to discuss this, I feel strongly about it and love learning more on this topic. If possible, as you gain expertise, would you mind updating your blog with extra information? It is extremely helpful for me. Procurement Audit

    ReplyDelete
  3. This comment has been removed by the author.

    ReplyDelete
  4. We make credit card processing simple. Accept Visa, Mastercard, Discover, and American Express all for one low rate, with no surprise fees. See deposits in your bank account as soon as the next business day.

    ReplyDelete
  5. A debt of gratitude is in order for imparting pleasant data to us. i like your post and all you impart to us is uptodate and very useful, i might want to bookmark the page so i can come here again to peruse you, as you have made a brilliant showing. payment processing

    ReplyDelete
  6. Generally people who apply for secured credit card or prepaid credit card are people with poor credit or unemployed. Prepaid Credit Card spending limit is the amount of money you loaded to the card. guarantor loans

    ReplyDelete
  7. Howdy! I know this is kinda off topic however I'd figured I'd ask. Would you be interested in trading links or maybe guest writing a blog post or vice-versa? My website goes over a lot of the same topics as yours and I feel we could greatly benefit from each other. If you're interested feel free to shoot me an e-mail. I look forward to hearing from you! Awesome blog by the way!
    credit repair

    ReplyDelete
  8. I went over this website and I conceive you have a lot of great information, saved to fav (:. second chance food bank

    ReplyDelete
  9. Good composed article. It will be steady to any individual who uses it, including me. Continue doing what you are doing – can'r hold up to peruse more posts. waco cash advance

    ReplyDelete
  10. Wonderful article, thanks for putting this together! This is obviously one great post. Thanks for the valuable information and insights you have so provided here. Maquininha UOL Pag Seguro

    ReplyDelete
  11. Adore how magnificently every word is composed with appropriate adjust.
    modafinil online

    ReplyDelete
  12. For true fans of this thread I will address is a free online!
    go here

    ReplyDelete
  13. Thank you very much for the sharing! COOL..
    theloanrepublic.com

    ReplyDelete
  14. This is a great inspiring article.I am pretty much pleased with your good work.You put really very helpful information. Keep it up. Keep blogging. Looking to reading your next post. free credit card processing equipment

    ReplyDelete
  15. There's no doubt i would fully rate it after i read what is the idea about this article. You did a nice job..
    i need a short term loan

    ReplyDelete
  16. الذباب هو حشرة مزعجة ومرض حاملة الطائرات للإنسان ، لذلك تحتاج إلى ذباب الذباب إلى شركة متخصصة للقضاء عليها ، حتى تتمكن من عزيزي العميل استخدام شركة تقاتل الذباب في الرياض ، وسوف تخلصك من هذه الحشرة تمامًا.
    شركة مكافحة حشرات

    ReplyDelete

  17. That is a very good tip especially to those new to the blogosphere.
    Short but very accurate info… Appreciate your sharing this one. A must read post.

    My web site - 안마

    (freaky)

    ReplyDelete
  18. I genuinely believed you would probably have something useful to say. All I hear is a bunch of whining about something that you can fix if you were not too busy looking for attention. After all, I know it was my choice to read.. Bus Accident Lawyers

    ReplyDelete
  19. If your prospective merchant service provider is charging you for signing up then you should let it go ISO Payment Processor

    ReplyDelete