The Payment Card Industry Security Standards Council (PCI SSC) was established by the major card brands (Visa, MasterCard, Discover, American Express).
The council then created the Payment Card Industry Data Security Standards (PCI DSS) in order to reduce payment card theft and electronic data loss to all size merchants.
What is PCI DSS?
The PCI DSS is a list of card practices that each merchant must follow to accept card payments. This practice will detail how to securely handle, process and store sensitive card data.
Are all merchants required to be compliant?
Yes. All merchants that accept Visa, MasterCard, Discover, American Express or JCB are required to comply with the PCI DSS.
Merchants may be assessed penalties for non-compliance from their current provider, as well as be at risk for a data breach.
PCI compliance mandate
Your merchant services provider may require a certificate of your compliance status to ensure you are taking the right precautions for your business. As of Sept. 7, 2006, all merchants are required to be PCI Compliant.
Here are a few reasons you want to make sure your PCI Compliance is validated on an annual basis:
- In some instances, failure to comply with the PCI DSS may result in rescindment of your processing ability.
- Most processors will charge a PCI Non-Compliance fee until PCI is validated.
- PCI compliant merchants stand a much greater chance of withstanding attacks.
I run a small business. Do I need to worry about a breach?
Yes. Data security is essential in today’s society, as compromises become more and more prevalent.
In 2017, the US data breaches hit a record high of 1,579 breaches. This study indicates a drastic 44-percent increase over the previous record-breaking year.
The first step to preventing these data breaches is to become PCI Compliant. Roughly 20 percent of these breaches included the extraction of customer credit and debit card information.
For more information on PCI Compliance and merchant services – or if you believe that you are being wrongfully charged PCI Non-Compliance fees on your merchant services statement – please contact Infinity Payment Systems at [email protected]
or (910) 399-5551.
Infinity Payment Systems is a family-owned payment processing solutions provider operating in Wilmington, North Carolina. As a processing provider, our goal is to help our clients meet the needs of customers for flexible, easy, and secure payment options. We are committed to partnering with our commercial accounts so they may grow their business by cutting cost, increasing sales and getting a better share of the market. We do this through the technologies, after-service, and consultations we provide that assist in making an easier and more efficient way of doing business. We have the knowledge and experience to be considered an authority in the industry. Our clients can trust us to be highly professional and accountable in our services, protecting their interests at all times. You can be sure that you can have peace of mind once you partner with us because our service does not end but starts only after we make the sale. We will take care of you like you take care of your own customers. For further information about our products or to have a free analysis of your current processing statement, you may call us for a consultation at 800-706-7591 or email [email protected] for more information.