What is PCI Compliance?
All merchants processing card transactions must comply with the Payment Card Industry (PCI) Data Security Standard (DSS) mandated by Visa®, MasterCard®, Discover® and other major Card Organizations. The PCI DSS applies to all businesses accepting credit or debit card transactions.
Businesses that don’t comply could face significant fines and be financially responsible for fraudulent transactions. If you have point-of-sale systems and computers that are connected to the Internet, the significant risks of having your business information and customer data stolen – such as credit card account numbers – will be reduced if you validate compliance with PCI DSS requirements. The stolen information is often used in counterfeit credit card transactions, and if this were to happen to your business, you could be financially responsible for these charges wherever the counterfeit card is used. Data compromises also threaten the business credibility that you’ve worked hard to create and maintain.
Visa®, MasterCard® and Discover® have mandated that businesses comply with the PCI DSS to ensure cardholder data (e.g. cardholder name, account number, expiration date) is protected. Under no circumstances can card track data (cardholder data contained in the magnetic stripe) be stored.