What Is PCI Compliance and Why do you Need It?
Payment Card Industry Data Security Standards (PCI DSS)
PCI DSS is a set of security standards by which all merchants must comply. Launched in 2007, these standards help ensure the highest levels of digital security on behalf of cardholders, merchants, banks and the card brands themselves. These standards are in direct response to the ever sophisticated efforts of hackers to expose personal information and steal assets.
Failure to Comply
The card brands are responsible for enforcing PCI by imposing severe non-compliance penalties that can reach $5000 to $100,000 per month. Affected banks almost always pass these fees down to merchants in the form of higher PCI non-compliance charges as well as higher transaction and interchange fee.
PCI Compliance Fees
PreferredPay does not impose a separate PCI compliance fee. It is included in your basic $17.95/month membership, as seen below.
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