Merchant Stronghold WHAT IS PCI? WHY IS PCI IMPORTANTÂ
What Is PCI?
#1
PCI is the shortened version of the acronym PCI DSS, which stands for Payment Card Industry Data Security Standard. It’s a set of best practices that was developed by a group called the Payment Card Industry Security Standards Council back in 2006. The purpose of the council was to set up an industry-wide set of security standards and used input from the five major credit card companies: JCB, Visa, MasterCard, Discover and American Express.
What Does PCI Compliant Mean?
#2
When a company is “PCI compliant,� it means that they are processing payments in a way that is in line with all of the standards set forth by the PCI DSS guidelines.
Why Does It Matter if I Am PCI Compliant?
#3
Many people believe that PCI compliance is required by law; however, except for in a few states that have adopted the PCI DSS as a part of their consumer protection laws, it is not. You won’t go to jail for not being PCI compliant, but that doesn’t mean that there are no consequences. For one thing, you could be fined by any of the credit card companies that you accept through your merchant account. The size of the fine varies, but it can be quite large if a data breach occurred that resulted in significant financial losses.
How Can I Make Sure That I Am PCI Compliant?
#4
Much of PCI compliance is the responsibility of the payment gateway or merchant services provider that you choose. The best thing that you can do to ensure PCI compliance is to choose a provider that meets all of the standards set forth by PCI DSS and install antivirus software on your computers.
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