What is PCI Compliance and Why Do I Have to Pay Fees for It?

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What is PCI Compliance and Why Do I Have to Pay Fees for It?

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What is PCI Compliance? PCI stands for Payment Card Industry.

So a little background here… the United States used to have more fraud from credit card processing than all the other countries together. So one of the new adoptions was the chip card because the magnetic stripe can be copied easily by thieves and the chip card is encrypted and much more difficult to copy and create fake cards.

The other adoption has been that the industry decided it should police itself and also educate merchants on how to prevent fraud. So now we have PCI Compliance. It is a requirement that every merchant complete a survey annually.

Now the survey is very geeky and it actually takes an army of people to help guide merchants through this PCI annual survey and answer all the geeky questions. It’s a 50 or 60 questions sometimes depending on how you take the card.

There’s different sets of questions for:

  • are you using a mobile device
  • or do you have an e-commerce site
  • or using a credit card terminal

So it takes a bunch of people to support all this and therefore they charge you an annual PCI Compliance Fee or sometimes it’s broken down into a monthly fee.

Now there’s another fee relating to PCI besides the annual or monthly collection of the PCI annual fee and that is that if you don’t do the annual survey you decided i can’t be bothered with this i don’t want to waste my time doing this then the processor slaps a monthly Non-PCI Compliance Fee onto your account and that fee can range anywhere from $19.95 a month to $79.95 a month.

Now you may think that this is very unfair and why do i have to pay these extra Non-Compliance fees? It is a pittance compared to a fee for a cyber attack and your system gets breached. If you get breached the fee is $100,000 and upward.

Hi, I’m Ginger Gay, President of Electronic Money Company and we help our merchants through the PCI compliance. We can be on the phone with you as you go through the web annual survey or stay on the phone with you if you choose to do it verbally with the PCI Compliance companies.

Another thing we do is we send out reminders if you don’t renew your annual survey you’ll get reminders to do it and if you don’t do it we try to catch it and help save you from the slap on the rest.

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