Evaluation Of A New Business Manager

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If you’re a new business owner and have just begun accepting credit cards for payments, you don’t want to be caught unaware of the regulations involved in handling sensitive personal data. The consequences of improper procedures could be penalties, fees and even termination of your card processing account. Read on to learn about PCI regulations and what you need to do to remain compliant.

What is PCI?

PCI stands for Payment Card Industry. When referring to the subject of PCI compliance, you are actually talking about a set of industry standards known as PCI DSS, where the “DSS” stands for Data Security Standards. These standards were designed to ensure that businesses handle credit card information in a secure manner.

The first version of data security standards was released in December 2004 to combat the increasing rate at which cardholder information was being stolen online. The PCI DSS was established in 2006 with the formation of the Payment Card Industry Security Standards Council (PCI SSC). The council focuses on improving security of credit card transactions as technology and market trends change the security concerns in the industry.

The PCI SSC was created by the major credit card brands, including MasterCard, Visa, American Express and Discover; however, the council is not responsible for PCI compliance. It’s the payment brands that actually enforce the standards.

Who needs to comply with PCI security standards?

In short, any organization or business that
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