What Exactly Is PCI Compliance and How Much Will It Cost Me?

What Exactly Is PCI Compliance
and How Much Will It Cost
Me

What is PCI Compliance
PCI (Payment Card Industry) Compliance is a uniform directive created by the Card
Association to maintain a specific level of security among all of its members (merchant
providers, gateways, software developers and merchants). This was created to maintain a
standardized level of security for all credit card transactions and is required to be followed by
everyone accepting credit cards. PCI Compliance is important because it increases the level
of security across all platforms to better protect credit card data and transaction information
from potential fraud and theft.
Do I Have To Be PCI Compliant
Since July 2010, the Card Association has mandated that all businesses accepting credit
cards must be PCI compliant. Failure to do so can result in fines from merchant providers
and banks and even the loss of ability to process credit cards. To find out if you are PCI
compliant, contact your merchant provider. They have to let you know and usually state
whether they are PCI compliant on their website. Also, if you are using a third party
gateway or processing software they must be PCI compliant as well.

PCI Scans
If you are accepting credit cards through a website, many processors require you to scan
your website and office network much like you would use a virus scanner to scan your
computer. You can use any PCI network scanner available online or you can opt to use
the network scanner provided by your merchant acquiring bank. There are some ways to
get around this however.

How Much Will This Cost
PCI compliance cost varies by both the size of the business and the merchant provider one
is using. Most providers now charge a monthly fee for PCI compliance or some an
annual. This can run anywhere from $10-$30 a month to $300 a year. Some have programs
available where they will assist you in your scan and charge you a lump sum for the entire
process. Scans can run anywhere from free to thousands of dollars depending on the size
of business.
What is the point
Besides being mandated by the Card Association and the potential fines for non
compliance, PCI compliance is important for the safety of your business. Credit card fraud is
at an all time high and with the increase in online credit card processing there is potential
for great financial damage with a security breach. Even a small company can be found liable
for such a breach and end up owing thousand of dollars in restitution. By being PCI
compliant a merchant can rest assured knowing that they have taken the steps to
protect them self from fraud and in turn, not be liable for such a security
breach. Furthermore, customers feel more assured when they see a PCI compliant logo on
a website. This can increase business and ensure customer satisfaction.

Is There A Way To Get Around These Fees
So here is the big qustion: is there a way to be PCI compliant without paying all of the extra
fees The answer is yes. There are companies out there that don't charge for PCI
compliance and provide systems that are self maintained, thus not requiring network
scans.

One of these companies is called PayJunction. I have often sold their Trinity System to
people looking for exactly this. What is great about PayJunction is that they offer both the
online gateway and merchant account bundled together in a completely secure, PCI
compliant package. No network scans are required and they never charge for being PCI
compliant. PayPal is another route to go as are most third party providers because the
processing is done on their website. However, you are limited to their basic plan (eg:
Website Payment Standard) and if you use their more advanced merchant solution you will
need to do scans.
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