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#DATA GUARDIAN AND CREDIT CARD PROCESSING SOFTWARE#

PA-QSA (Payment Application Qualified Security Assessor): organizations qualified by the Council to have their employees assess compliance. No matter – you’ll find all the industry’s most important (and most baffling!) acronyms below.ĪSV (Approved Scanning Vendor): an organization which validates DSS requirements. OK, so our guide wasn’t completely jargon-free. And again, if you’re in the process of choosing a merchant services provider, make sure you know exactly how PCI compliance is being handled, and what the costs involved will be. Talk to your payment service provider about what PCI requirements – if any – fall under the scope of your business’ responsibilities. That means you’ll need to examine your own cardholder data practices on an ongoing basis, to ensure that you’re doing right by your customers. Nope – fraudsters are constantly evolving, so the laws have to as well. It’s also important to remember that credit card processing regulations and rules aren’t just a box to be ticked, then you’re done. Rather, they’re there to keep your business and your customers safe – to prevent fraud, reassure your patrons, and help you avoid big fines. But you shouldn’t see these as barriers to your business, or as restrictions dragging you down. Like many of the best things in life, credit card processing comes with rules, regulations, and laws.

Compliance validation requirements set by merchant bank.

Quarterly network scan by ASV, if applicable.

… or up to one million payments via other channels.

For businesses that process up to 20,000 payments a year via ecommerce….

For businesses that take between 20,000 and one million ecommerce payments annually.

Annual Self-Assessment Questionnaire (SAQ).

For businesses that process between one million and six million payments a year.

Annual Report on Compliance (ROC) by a Qualified Security Assessor (QSA) or internal auditor.

#DATA GUARDIAN AND CREDIT CARD PROCESSING SOFTWARE#

Comes with hardware and software costs, plus the fees involved with training an internal auditor.

For businesses that process more than six million payments a year.

The Four Levels of PCI Compliance PCI Level 1 Plus, not complying with PCI standards comes with big fines – meaning it’s best to get wise to them sooner rather than later. PCI compliance doesn’t just protect your customers, though – it’ll protect your business from data breaches, and help you swerve the crippling cost of fraudulent transactions. PCI DSS credit card processing laws help safeguard the cardholder’s data when a transaction takes place, and all merchants, financial institutions, payment processors, and merchant services providers are responsible for upholding them. PCI DSS was set up by the Data Security Council, a body made up of the big credit card brands, including Mastercard, Visa, American Express, and Discover. It’s an industry-wide group of guidelines dedicated to preventing fraud. The PCI is responsible for administering a strict set of rules, known as PCI DSS (Payments Card Industry Data Security Standards). PCI is short for ‘Payments Card Industry’. PA-DSS: Ensures merchant POS (point of sale) systems are compliant.IRS Mandate (Section 6050W): Mandates the reporting of sales made with a credit or debit card to the IRS.The Durbin Amendment: changed the fees merchants must pay in an online transaction.PCI DSS: safeguards cardholder data when a payment is made online.Scroll on to get started, or dive into the list below to jump straight to a specific section. Whether you’re new to accepting credit card payments, or a veteran just looking to brush up on the basics, our guide is a stress-free, jargon-free route to complete credit card compliance. So prepare to get acquainted with the credit card laws your business needs to know about. You’ll even attract a whole new generation of increasingly cash-phobic customers. In doing so, you’ll stand to benefit from quicker, safer payments, a more streamlined sales process, and better customer service. Accepting credit card payments at your business opens up a lot of doors.