The term “PCI Compliant” is thrown around a fair deal when it comes to merchant account processing. PCI compliance is highly recommended; however, few merchant account holders know the significance of PCI standards and their relevance to their individual account. We’re here to set the record straight.
What is PCI?
PCI stands for Payment Card Industry. The Payment Card Industry is made up of all major organizations in charge of storing, transmitting, or processing debit and credit card holder information. These organizations include MasterCard Worldwide, Visa International, American Express, and more.
What are PCI Standards?
PCI or (PCI-DSS) standards were created by the Payment Card Industry in 2006 in order to protect both merchants and consumers against fraud, data breaches, and identity theft. PCI standards have proven instrumental in guiding the evolution of the payment industry. PCI standards are meant to ensure that all credit card processors are operating according to the same standards, and that all individual transactions are trustworthy.
How does PCI Compliance Affect you, the merchant?
PCI compliance is essential to merchant account processing. PCI compliance assures that both you and your customers’ information is safe and secure at all times. If your business makes any sort of transaction using a credit card, PCI standards are playing a role in the transaction.
What if I’m not PCI Compliant?
Merchant processors are required to be PCI compliant, regardless of the type of business they process for. If your business has not been deemed PCI compliant, you could be denied a merchant account, and in some cases responsible for substantial fines. If your business experiences any type of breach of data while not PCI compliant you may be subject to even larger penalties.
Where Can I Read More About PCI Standards?
All current PCI Standards can be found on the PCI Security Standards Council Website.
As a merchant you should educate yourself on all current PCI standards before signing up for your merchant account to ensure that your business, as well as you’re processor are currently PCI compliant.
Trust the experts at Vision Payments to secure your business with a PCI compliant merchant account. Vision Payments subscribes to the highest standards of PCI-DSS compliance to ensure that our clients’ accounts are safeguarded against today’s most imminent threats.
To find out more about our merchant account services, contact us today at (877) 674-2286!