What Is PCI Compliance?
PCI stands for the Payment Card Industry. The Payment Card Industry Security Standards Council (PCI SSC, founded 2006) is the organization by the Brands (Visa, MasterCard, Discover, American Express, and JCB) to create a set of minimum security standards to ensure the safe handling of credit card data. That minimum set of security standards is called the Payment Card Industry Data Security Standards – PCI DSS. These standards must be adhered to by all merchants and anyone who collects, transmits, processes OR stores sensitive credit card information on behalf of merchants.
This video by Retail Services Providers Association illustrates just how important PCI compliance is to businesses.
To view a recording of the PCI 101 webinar, click here.
How Does PCI Compliance Affect my Business?
All merchants are required to be compliant with PCI DSS every year. This includes merchants whose credit card processing is handled entirely by a 3rd party (also known as a Service Provider).
PCI is not a government law – but if a merchant wants to process credit cards as a convenience to their customers, failure to abide by PCI and the Brands regulations can directly impact the merchant’s ability to do so - and have a very real impact to their business as a result.
Sage Payment Solutions has set aside a portion of our website to educate and empower our merchants to understand how PCI impacts them, why we (their Credit Card Processor) must enforce PCI compliance, and why it is in both of our interests (the merchant and Credit Card Processor) to ensure anyone who touches credit card data is not only compliant – but stays compliant with the PCI DSS.
More Information about PCI Compliance
How do I ensure my business is PCI compliant?