PCI Compliance Fees
In 2005, throughout the U.S. PCI compliance fees and initiatives were introduced. They came to Canada in 2007, but implementation was delayed. Now, after numerous retail giants have had their credit card processing software hacked, PCI measures are gaining more traction. This may mean new fees for your business.
What is PCI Compliance?
The Payment Card Industry Data Security Standard (PCI DSS) is a set of requirements designed to ensure that all companies that process, store or transmit credit card information maintain a secure environment. Learn more here: https://www.pcisecuritystandards.org/
Why Should I Care About PCI?
If you are not compliant you may:
- have a $35 surcharge added to your credit card processing statement each month
- find your chargebacks are not approved
- possibly find your card processing rates increase in future
Is My Merchant Services Provider Implementing PCI?
At present, the majority of processors have already begun charging a monthly PCI compliance fee to their merchants. Some are now in the process. Others will follow. You will notice this fee on your monthly merchant statement and can contact your current provider to learn more. For example, First Data is not implementing PCI and charging non-compliance fees, but Elavon is. You can call your provider to learn more.
The PCI Compliance Scan
Part of becoming PCI compliant is having the unbiased PCI compliance agency perform a scan on your computer to ensure it is free of viruses and malware and adheres to basic safety standards for storing and transmitting credit card information. If your computer fails, you can seek independent computer support to bring your computer up to snuff. TUCU Toronto tech support company can help. Our certified technicians have over 20 years of experience in tech support.