The Dollar Churn Article Directory

Home | Legal
Search:
DollarChurn.com Article Directory

What Does PCI DSS Compliance Mean?

      By: Paul Meiffinger

PCI DSS stands for Payment Card Industry Data Security Standard and which is essentially a council that has designed and set a list of comprehensive standard requirements to ensure that all companies are able to protect their client's account information. What this means is that every company which either processes, stores or transmits credit card details are required to maintain a secure environment for every transaction. Put simply, if your firm allows credit or debit card payments of any type then you have to be PCI DSS compliant.

In September of 2006, major banks Visa, Inc, MasterCard Worldwide, JCB International, Discover and American Express. Their stated mission is to advance data integrity within firms. These companies established a council, the PCI DSS or Payment Card Industry Data Security Standard.

The standard is applicable to all firms or retailers, irrespective of their size or the numbers of transactions, that they store, accept or transmit. It is imperative that every business complies with these standards to ensure a safe shopping setting for all customers.

This council has made it mandatory for all small, medium or large organizations, as well as their financial institution to be in compliance and they can imply severe penalties for any PCI compliance violations. For any degree of noncompliance, firms could get fines from $5,000 to $100,000 a month of violation.

As the owner of the business it is your duty to ensure that your service providers are PCI DSS compliant. It is all very well that your organization adheres to the standards but if your financial institution does not then all your efforts could be in vain. Banks are liable as well for noncompliance fines. However, the probability is that the fines will make their way down the chain and could end up directly affecting your company. Fines of this amount could be devastating to smaller companies.

There are a range of principles by which companies and providers must abide in order to be in compliance. PCI DSS compliancy may well even make your firm more attractive to impending patrons as you can ensure that their information will be secure. This may make them more willing to use their credit cards to buy services or goods from your organization instead of one of your competitors.

Article Source: http://www.dollarchurn.com/articles

To learn more on PCI DSS compliance or purchase pci dss compliant shredders

Please Rate this Article

 

Not yet Rated

Click the XML Icon Above to Receive Legal Articles Via RSS!

Additional Articles From - Home | Legal
Sign Up for a free account

learn more.
Member Login

Submit Articles
Submission Guidelines

Top Authors
Most Popular Articles

Ezine Notifications
Article RSS Feeds

You ARE smart enough to make money online. You just need to know how.

Click here to get your FREE copy of "Dotcomology - The Science of Making Money Online" TODAY!

Link to Us
Privacy Policy
Terms of Service
DollarChurn.com - Your Online Home Internet Business Opportunity Resource - Home Business Ideas and Opportunities

Powered by Article Dashboard