What Are Avoid PCI Non-Compliance Fees How Does It
Work ?
PCI compliance fees are fees charged by credit card companies to businesses that
process credit card payments. These fees are designed to cover the costs associated
with complying with the Payment Card Industry Data Security Standard (PCI DSS).
The PCI DSS is a set of security standards that were created by the major credit card
companies (Visa, MasterCard, American Express, Discover, and JCB) to help protect
cardholder data. businesses that process credit card payments are required to comply
with these standards in order to avoid PCI non-compliance fees.
PCI compliance fees vary depending on the size of the business and the number of
credit card transactions processed. However, they typically range from $5,000 to
$10,000 per year.
Businesses that are not in compliance with the PCI DSS may be subject to a number of
penalties, including fines, suspension of credit card processing privileges, and even
loss of their merchant account. In addition, businesses that experience a data breach
may be liable for damages, including the cost of investigating and resolving the breach,
as well as any resulting legal fees.
The best way to avoid PCI non-compliance fees is to ensure that your business is in
compliance with the PCI DSS. This can be accomplished by working with a qualified
security professional to assess your current security posture and make any necessary
changes. In addition, you should keep your PCI DSS documentation up to date and
readily available, as this will be required in the event of a data breach.
If you are unsure of whether or not your business is in compliance with the PCI DSS,
you can contact your credit card processor or the card brands directly for more
information.
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