What does PCI mean?
And how does PCI compliance affect your business?
The term PCI stands for payment card industry. It is typically used these days when discussing credit card security for processing and storing your customers information.
This is a hot button topic in the industry and one that very few business owners understand.
So what do you need to know?
PCI Compliance and Your Merchant Account
Generally speaking PCI involves the security of merchant account transactions processed for your customers.
So how does this involve you?
For starters, the cost for upgrading existing security measures and for implementing new ones that processing companies needed to implement have been passed along to you. This may appear on your statement as a PCI compliance fee.
Some merchant account providers assess this fee annually, while others have added it on as an additional monthly fee.
Whatever the case, your processing fees have certainly increased.
And since PCI compliance is required of every merchant, it has become a hidden “profit center” for most processing companies.
However, when it comes to speaking with another merchant account provider (when you’re looking for a better deal) ask about their PCI compliance fees – since all companies charge a different rate.
This one question could save you a couple of hundred bucks each year.
Additionally, when it comes to your retail merchant account you may need to upgrade your credit card terminal if you’ve had the same one for more than four years, since it may not be PCI compliant.
If you accept credit cards online (or through virtual terminal) your system will require a PCI security scan to make sure that your processing transactions securely.
Whatever the case, whether you need a new merchant account or you’re looking for a new provider, make sure you ask about their fees for PCI compliance.
After all, it’s your money…
I hope you found this information helpful. Please feel free to share your comments below.
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