PCI DSS stands for Payment Card Industry Data Security Standard and it is imperative for all merchants who accept credit cards, whether small, medium or large, doing business either online or offline to be PCI compliant. Recognizing the vital importance of keeping your customer’s payment card data secure, the payment brands have collectively adopted PCI DSS as the requirement for organizations that process, store or transmit payment cardholder data. The size of a business determines the specific requirements needed and compliance of the standards is managed and enforced by the businesses payment processing company.
Being compliant with the Data Security Standards protects both businesses and card holders from potential threats of card holder information being stolen. Each business that accepts any one of the 5 payment types (American Express, Discover Financial Services, JCB International, MasterCard Worldwide, and Visa Inc.) have set protection methods put in place that are mandated by the above payment companies as well as the PCI Council.
Electronic Payment Systems' (EPS) was actually one of the first payment processors to be compliant, even before it was an industry requirement. Due to increased security risks, today it is mandated for all payment processing companies to adhere to these standards. This in turn protects both the card holder and business from unknowingly being defrauded.
PCI DSS compliance is not a one-time event, it is an ongoing process. EPS continuously and vigorously assesses our operations, improves any vulnerabilities that are identified, and submits the required reports to both the acquiring bank and payment card brands you do business with on a daily basis.
The following web link is a perfect guide full of additional resources: https://www.pcisecuritystandards.org
If you have any questions regarding PCI compliance and your merchant account, contact EPS PCI Analyst Lorrinda Dyer at 800-863-5995 ext. 4207 or email ldyer@eps-na.com
Wednesday, September 21, 2011
Wednesday, September 14, 2011
Merchant Accounts are Inexpensive
Today’s processing rates are low enough that even the smallest mom and pop business can easily afford to accept electronic payments. Also, keep in mind that it is all relevant, the increase in sales your business receives by accepting electronic payments more than covers the small costs involved. Just as your company needs to make a profit in order to sustain itself, so do merchant service providers, after all it is a business like any other.
It’s important to understand the various fees associated with merchant services as they can vary greatly across different providers. Typical fees include: transaction fees, statement fees, discount rates, and termination fees among other miscellaneous fees. Refer to “Understand Credit Card Processing Fees” for a detailed explanation of the various fees. Lastly, don’t be fooled into making a decision based on receiving a “Free” terminal, as it will likely cost you much more in excessive fees over the long run.
EPS offers free statement analysis with no obligation for any business to learn what the true cost of their processing is, call 800-863-5995 to see what you are really paying.
It’s important to understand the various fees associated with merchant services as they can vary greatly across different providers. Typical fees include: transaction fees, statement fees, discount rates, and termination fees among other miscellaneous fees. Refer to “Understand Credit Card Processing Fees” for a detailed explanation of the various fees. Lastly, don’t be fooled into making a decision based on receiving a “Free” terminal, as it will likely cost you much more in excessive fees over the long run.
EPS offers free statement analysis with no obligation for any business to learn what the true cost of their processing is, call 800-863-5995 to see what you are really paying.
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