What Does It Cost? Does PCI Compliance Matter for Fax Users?

What is PCI DSS Compliance?

The Payment Card Market Data Security Requirement (often simply referred to as PCI DSS) has actually been around since 2006. The goal of the standard is easy: to protect credit card information. If you deal with credit card details in any method, you could be exposing your business to considerable risk if you aren't in compliance with the standard. In this article we will cover a few of the essentials however if you are trying to find the finer detail, you need to invest a long time on the PCI's website.

Who is the PCI?

The Payment Card Market Security Standards Council (PCI SSC) is an organization which represents the primary credit card processing companies: Visa, MasterCard, American Express, Discover and JCB. The organization is not owned or managed by any of the credit card companies, rather it's operated by a third party on their behalf.

Why should I appreciate the PCI DSS standard?

As we said, the PCI does not alright you directly. Rather your credit company fines your bank who in turn passes the fine on to you. This is just like the agreement you have with a vehicle rental company-- their automobile may get the preliminary ticket however the ticket is right away passed on to you. The only escape of paying those fines is to sue the credit card company-- assuming you have legitimate premises.

Where the government does contribute is when it pertains to credit card information breaches (believe Home Depot, Target, Sony, the list goes on). Today, a lot of US states have credit card breach notification requirements.

This indicates that if the credit card data you deal with ends up being jeopardized, you are on the hook to inform your customers. The requirements vary from one state to another but states like California and Illinois (and six or two others) are starting a "2nd generation" set of requirements for breach notifications designed to plainly inform clients about what has happened to their cherished plastic.

Home Depot and Target may have the ability to weather the fallout from these kinds of breaches however many other businesses cannot.

How does my company comply with the requirement?

Merchant level is mainly based on the variety of Visa deals you process each year. Level 1 is the greatest level and uses to those processing more than 20 million Visa transactions per year. Level 4 is the most affordable and applies to business processing less than 20,000 ecommerce (online) transactions or 1 million non-ecommerce deals. Debit cards are also included in the number of transactions.

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Some companies prefer documentation because it's simple to make copies and have backups in case of an emergency situation, such as lost files.

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