LINKS

"
THE LOWEST RATES...
MOST BUSINESS TYPES...
WE SAY YES WHEN
OTHERS SAY NO...
7 DAY APPROVAL...
NO HIDDEN FEES...

"

 
 
1.800.393.3230
 
 


   

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 any.

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.