What is PCI Compliance and how does it affect my business?

PCI is short for, The Payment Card Industry Data Security Standard (PCI DSS). PCI is a set of requirements designed to ensure that all companies that process, store or transmit credit card information maintain a secure environment. It is mandated that all credit card processing companies offer a PCI program to their merchant base.

PCI was created to improve the security standards of the Payment Card Industry. PCI is administered and managed by the PCI Security Standards Committee, an independent body that was created by the major payment card brands, (Visa, MasterCard, American Express, and Discover).

All merchants, small or large, need to be PCI compliant. To satisfy the requirements of PCI, a merchant must complete a PCI Self Assessment Questionnaire, (SAQ). Upon completion, it is determined if ongoing scanning of the merchants Point of Sale needs to be done. Note: scanning does not apply to all merchants.  It is required for those merchants with external facing IP addresses.  Basically if you electronically store cardholder information or if your processing systems have any internet connectivity, a quarterly scan by an approved scanning vendor may be required.

Processors incur additional costs to administer the PCI program. Many processors pass on these costs to their merchants in the form of monthly or annual PCI fees.

What if I do not get PCI Compliant?
A: PCI is not a law. The standard was created by the major card brands, which have the power to enforce compliance via the agreements they have with their merchant base and processing partners. Merchants that do not comply with PCI DSS may be subject to termination of services, fines, card replacement costs, costly forensic audits, brand damage, etc.

We recommend that all merchants become PCI compliant. With the Bankcard Associates Straight Rate Plan, the process is easy, with no monthly or annual PCI fees.