What Are the PCI Compliant Fees?
Posted on January 10, 2012 | No Comments
Michael Ohare asked:
The ever-increasing cases of stolen credit cards has led to the creation of additional security measures to keep things clean and safe. One of these advancements is called the Payment Card Industry Data Security Standard or PCI DSS. This is designed to ensure that all merchants who are processing, storing and/or transmitting credit card information are able to maintain a safe and secure environment for their clients. Right now, this set of rules and regulations applies to all merchants who accepts, transmits and stores cardholder data, no matter the size and scope of the organization. When it comes to the PCI compliance cost, it would depend on several factors.
The factors to look at in order to determine the PCI compliance cost of your organization includes your business type, the number of transactions that you process annually, your existing IT infrastructure, storage practices, and current processing practices. It has been estimated that an organization processing about six million transactions a year (or businesses classified as level 1) would spend at least half a million dollars in order to meet the requirements.
On-site audit of the card system is required for level 1 merchants. For levels 2-4 merchants, they need to fill out the Self Assessment Questionnaire. After this, they need to sign up for a quarterly scan to check for any weaknesses and/or vulnerabilities in the system’s IP addresses. These scans run from a hundred and fifty dollars to two thousand dollars per IP address.
Aside from that, there are also some additional PCI compliance costs to be aware about, such as hardware and software upgrades for merchants who store information themselves. It is estimated that you will have to pay around six dollars if you have a hundred thousand card information stored in your system.
Even small businesses with a single POS system or terminal are required to be compliant with these regulations. All merchants who are currently using a POS system should ensure that all the transactions are being transferred properly. More importantly, the system should not be storing any prohibited data from the cardholder.
Be it a big or small business, every merchant who makes use of a credit card system needs to be secure. Although the PCI compliance cost can be somewhat high for some businesses, these regulations have been placed to protect the consumers; and without the consumers, merchants will have no one to sell to. This is very beneficial in the long run.
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The ever-increasing cases of stolen credit cards has led to the creation of additional security measures to keep things clean and safe. One of these advancements is called the Payment Card Industry Data Security Standard or PCI DSS. This is designed to ensure that all merchants who are processing, storing and/or transmitting credit card information are able to maintain a safe and secure environment for their clients. Right now, this set of rules and regulations applies to all merchants who accepts, transmits and stores cardholder data, no matter the size and scope of the organization. When it comes to the PCI compliance cost, it would depend on several factors.
The factors to look at in order to determine the PCI compliance cost of your organization includes your business type, the number of transactions that you process annually, your existing IT infrastructure, storage practices, and current processing practices. It has been estimated that an organization processing about six million transactions a year (or businesses classified as level 1) would spend at least half a million dollars in order to meet the requirements.
On-site audit of the card system is required for level 1 merchants. For levels 2-4 merchants, they need to fill out the Self Assessment Questionnaire. After this, they need to sign up for a quarterly scan to check for any weaknesses and/or vulnerabilities in the system’s IP addresses. These scans run from a hundred and fifty dollars to two thousand dollars per IP address.
Aside from that, there are also some additional PCI compliance costs to be aware about, such as hardware and software upgrades for merchants who store information themselves. It is estimated that you will have to pay around six dollars if you have a hundred thousand card information stored in your system.
Even small businesses with a single POS system or terminal are required to be compliant with these regulations. All merchants who are currently using a POS system should ensure that all the transactions are being transferred properly. More importantly, the system should not be storing any prohibited data from the cardholder.
Be it a big or small business, every merchant who makes use of a credit card system needs to be secure. Although the PCI compliance cost can be somewhat high for some businesses, these regulations have been placed to protect the consumers; and without the consumers, merchants will have no one to sell to. This is very beneficial in the long run.
Create a video blog…instantly.