What is PCI level compliance?
To address the growing threat of data breach among payment cards, the Payment Card Industry Data Security Standard (PCI DSS) was drafted. According to the PCI Security Standards Council, PCI DSS is a set of universally accepted standards that help protect the safety of customer data.
Is paysafe PCI compliance?
Achieving Compliance through Paysafe According to Visa, you can increase your data security and reduce the risk of compromises by using a PCI DSS–compliant service provider and a secure payment application. Paysafe has been fully compliant with Level 1 of the PCI DSS since 2001.
Is PCI compliance legally required?
PCI DSS is a security standard, not a law. Compliance with it is mandated by the contracts that merchants sign with the card brands (Visa, MasterCard, etc.) and with the banks that actually handle their payment processing.
What happens if Im not PCI compliant?
Without the protection that PCI compliance brings, your business could be vulnerable to costly attacks and data breaches. If a data breach occurs and you’re not PCI compliant, your business will have to pay penalties and fines ranging between $5,000 and $500,000.
What is the fine for not being PCI compliant?
$5,000 to $100,000 per month
PCI Non-Compliance can result in penalties ranging from $5,000 to $100,000 per month by the Credit Card Companies (Visa, MasterCard, Discover, AMEX). Penalties depend on the volume of clients and transactions; these volumes can help to determine what level of PCI DSS compliance a company should be on.
How do I know if I am PCI compliant?
To determine your PCI DSS level, you’ll need to know how many credit card transactions you complete annually. If you’re not sure what level your business falls into, your POS reports, as well as reports and analytics from your e-commerce store, may be able to tell you.
