What is AN ADULT MERCHANT ACCOUNT PCI Compliance fee?
If a business accepts payments made by
credit cards, then such traders will be
aware that a new fee will be charged
annually for keeping the trade compliant
with latest security regulations for
credit cards as followed by MasterCard,
American Express, Discover and Visa.
Following are a few terms explained with
respect to PCI compliance.
PCI is abbreviated as Payment Card
Industry. DSS is abbreviated as Data
Security Standard. Credit card issuers
have had to face huge losses because of
fraud prevalent in the credit card
industry. Hence, credit card issuers
have come up with a few measures in
order to curb credit card frauds to a
great extent. These measures include
coordinating along with traders to
enforce after establishing new
strategies for protection of card
numbers. It also includes better
encryption methods of card numbers when
it is transmitted by a trader during
sales authorisation and also later
storage of consumer card data.
There are mainly two methods of
authorising a sale – by using card
terminals of through the internet. The
traders either use dial-up terminals or
high-speed internet connections.
However, the main concern for all card
issuers is that the data needs to be
transmitted in a secure manner. Breaches
have been reported in a number of cases
wherein the card numbers have been
stolen. Hackers tap internet connections
and phone lines each day which leads to
breach in security.
Due to the increase in security
standards card processing firms and
banks will charge an extra fee to all
the merchants. Hence, this additional
fee should not be the reason for traders
to cancel their merchant accounts or
change their providers since all
providers will be charging this fee.
It is vital for merchants to know what
has to be done by them in order to
remain PCI DSS compliant. A merchant’s
cooperation starts with a SAQ or
Self-Assessment Questionnaire. The SAQ
can be completed online and the link to
do so will be provided in the merchant
account statements. This questionnaire
will acquaint security departments about
processing credit cards. Based on what
is answered in the questionnaire,
traders will be given instructions on
further steps that need to be taken, if
If traders use dial-up connection for
their terminals, it will be sufficient
for processing transactions. Whenever
transactions are processed online or if
the internet is used to transmit
information, security scan will be
performed so that vulnerabilities along
the internet connection can be checked.
After the completion of the SAQ, a
trader will be informed about the next
step to be taken, if required. After a
trader is deemed compliant, the card
processor will be informed about it.
There is a special logo that can be
displayed on a trader’s website which
will indicate consumers that his/her
company is PCI compliant. This in turn
will increase confidence of the consumer
on a particular business. The annual PCI
compliance fee charged not a huge amount
to be paid by the trader for
safeguarding consumer data.
Contact one of our helpful account
representatives to assist you in the
setup of a
high risk merchant account or
offshore merchant account for a
high risk merchant.