Get Pci Security Awareness For Ecu Payment Card Merchants

Any business or retailer that handles credit card information is required to be compliant with the PCI standards, and the penalties for non-compliance are severe. Banks and other financial institutions may impose penalties from $5,000 to $500,000 on non-compliant organizations.

PCI DSS Compliance Level 3 Applies to: Merchants that process between 20,000 and 1 million transactions each year. For example, small-to-medium businesses operating in a local area. PCI DSS Level 3 merchants do not need to perform an external audit, and do not need to submit a Report of Compliance (ROC).

PCI compliance is required for organizations of all sizes that handle cardholder data. However, the number of credit or debit transactions your business makes annually will determine what PCI compliance level you need to comply with.

Fines and Penalties Penalties will usually range from $5,000 to $100,000 a month until the issue is fixed and a company attains compliance. Fines of $100,000 a month are more likely for large Level 1 companies that process over 6 million card transactions a year and have been non-compliant for several months.

All merchants that store, process or transmit cardholder data must be PCI compliant. Determining merchant level often raises questions.

PCI Level 1: Businesses processing over 6 million transactions per year. PCI Level 2: Businesses processing 1 million to 6 million transactions per year. PCI Level 3: Businesses processing 20,000 to 1 million transactions per year. PCI Level 4: Businesses processing less than 20,000 transactions per year.

The PCI Security Standards Council Any business that transmits, stores, handles, or accepts credit card data — regardless of size or processing volume — must comply with the PCI DSS Standards.

Although PCI compliance is not a federal law, merchants must follow the PCI compliance requirements in order to accept credit cards as form of payment. Non-compliant merchants risk facing fines and much worse.