Are you PCI compliance ready? Many merchants are not PCI DSS compliant and face stiff penalties and fines for not doing so. The good thing is almost all credit card processing companies are PCI compliant. Starting last October, PCI went from recommended to mandatory. If you process more than one million transactions a year, you must be using a certified PCI provider.
Acquiring banks are required to report any merchants that are not compliant to the card associations. Many merchants believe they only need to fill out the self-assessment questionnaire. This isn’t true if they collect the credit card data themselves instead of letting their payment gateway do the job. Merchants also need to have their networks scanned quarterly if they store, transmit or process the transactions. This is even true for MOTO merchants that use a virtual terminal. If they are keying in the information through a web site, they need to ensure their own personal computer is safe & secure. This would include running a firewall and anti-virus software. To help educate merchants and provide them with the tools necessary to tackle the job, most credit card processors charge a PCI compliance fee. Some pass along a monthly fee and others charge a yearly fee. Consult with your provider to see if they have one.