When a credit
card is presented for payment, the
payment card industry (PCI) standard
established on June 30, 2005 goes into
all companies that are accepting credit
cards with a
high risk merchant account, must
among other requirements, make sure all
credit card data is encrypted, must do
network scans and must actively monitor
banks, they are the ones that give
merchants the O.K. to accept credit
cards, have to follow PCI standards.
Failure to do could bring fines up to
$500,000.00 per occurrence.
issue is one of compliance. Compliance
usually is based on self-assessment –
but should be based on audits from a
At present the
only companies that are required to
comply are companies that have over six
million transactions a year – while
other companies have to answer a simple
yes or no self assessment.
Then there is
the question – How do you know the
merchant is telling the truth? Obviously
more controls are needed.
According to a
Stamford, Conn based data security
vendor, Protegrity Inc., more than half
of the respondents to their
questionnaire, said they would flunk an
audit because they do not understand PCI
is, what penalties are assessed when
needed? Vagueness has to be removed from
the industry and strict attention should
be paid to PCI’s standards. Once this
begins to happen a more responsible,
positive feedback will evolve from the
established a solid basis for a good
start. Growth must continue from this
point forward for a healthy and viable
data security environment.
one of our helpful account
representatives to assist you in the
high risk merchant account or
offshore merchant account for a
high risk merchant.