PCI DSS, Compliance and Fraud

If you are currently a merchant in the USA processing credit cards, you should be aware by now that PCI DSS (Payment Card Industry Data Security Standards) are no longer an option.  All merchants, even those that process a single transaction - must become compliant. 

Merchants will pay for the process - a monthly fee passed along by the processor or a single, annual fee.  While XBS is passing along minimal cost to merchants - we are not in any way profiting from the charge.  Our cost is your cost. 

The payment industry has long been dealing with the repercussions, including the substantial costs, of fraud and theft, an issue that intensified with the growth of wireless capability and technology.   The Privacy Rights Clearinghouse - a non- profit consumer advocacy group keeps a chronological report of all data breaches in the US since 2005 - the list is large. Hackers, dishonest employees, stolen laptops etc. - the breadth and depth of incidences is astounding. 

Fraud and theft is an inherent risk in all business - electronic payments is but a singular risk facet in commerce.  There are many others.  We still contend at XBS, that the benefits far outweigh the risks and there seems to be little possibility of a pull back in the industry - customers will not be resorting to "cash" anytime soon.  

It is only too typical that the majority (honest) pay for the minority whom persist in ill gotten gains or dishonest pursuits. 

Our merchants should see our blog on the basics of PCI DSS compliance and make sure they take their SAQ -Self Assessment Questionnaire as advised by their processor or compliance costs will be higher than necessary.  If you have questions about "what to do" please call - credit card processing is an essential business tool, and a privilege.

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