What is PCI?
The term "PCI compliance" comes from the Payment Card Industry Data Security Standard, a set of requirements designed to prevent or minimize cardholder data breaches for businesses. These standards range from data encryption to data retention, and apply to all businesses that process, store, or transmit credit card information. These requirements are intended to ensure that any merchant with a Merchant ID (MID) maintains a secure environment.
The general requirements for PCI DSS, as stated on the PCI security standards website are as follows:
These requirements may seem daunting, but it boils down to making sure your customers' credit card data doesn't get into the wrong hands. Most payment terminals available today are PCI compliant by design, so if you are unsure of your POS Software's PCI compliance, a payment terminal is a smart addition. If you would like to verify your POS Software's PCI Compliance, the PCI Security Standards Council has a page listing PCI Compliant Software.
What are the PCI Compliance Deadlines?
Summarized below are the five payment application security mandates that have been, or will be, implemented.
Phase V Details (July 1, 2010)
Phase V mandates the use of payment applications that support PCI DSS compliance, requiring acquirers, merchants and agents to use only those payment applications that can be validated as PABP-compliant. It is important to note that the deadline for Phase V is aligned with the Triple Data Encryption Standard (TDES) usage mandate for all POS PIN-entry devices to be using TDES to protect PINs. Additionally, all attended POS PIN-entry devices must be evaluated by a Visa-recognized laboratory and approved by Visa prior to this same date.
For more information, downloadable pdfs and key dates visit Visa's Website.
What are the Penalties for Noncompliance?
If you are charged with PCI compliance violations you risk being fined anywhere from $5,000 to $100,000 per month. Payment brands will likely fine an acquiring bank who will then pass this charge on until it reaches the merchant. You also run the risk of losing your relationship with your bank, accruing higher transaction fees, or losing credit card acceptance privileges all together. These penalties can be very detrimental to small businesses, so don't take a chance.
Let POSGuys.com help you set up a merchant account with our partners at Payment Processing Inc. and get PCI compliant today.
Our partners at PPI are the industry leader for integrated payment solutions. When you are approved for a merchant account with PPI, you get a complete payment processing solution for the life of your account. This includes toll-free, in-house support, a 24/7/365 help desk, complete administrative support for all banking and transactional questions, cusomizable add-ons and more! You'll work with a dedicated team and be provided with all the software and middleware required to ensure that your account setup or transition is seamless. And there's no reason to change your current banking relationship because PPI will deposit funds directly into your existing bank account!
PCI Compliant Processing Software/Hardware
As part of the combined efforts of POSGuys and PPI, these credit card processing terminals and processing software are available at a steep discount with any new PPI credit card processing account. The terminals follow the PCI standards to a T, so even if you're unsure of your POS software's compliance, these terminals will guarantee it.
POSGuys.com offers software that has been verified as PCI Compliant, ensuring that you can move ahead without fear of penalty fees. These software packages pass credit card data straight to the processor, without storing information, mitigating the risk of data theft.
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