Processing is available for these devices but all technology and compliance requiremnts have not caught up with the technology as of yet. Tablet or phone devices are becoming popular ways to capture payment data. Make sure you are not storing card data. Update your operating systems and apps regularly. Install anti-malware and anti-virus software for your apps to help keep them clean. Finally, set a password for that device to keep unwanted users out of your payment systems.
When your merchant account is first opened, you receive an email notification from the preferred PCI vendor your processor works with. Frequently we are asked if this is spam. Contact your sales agent to verify any relationships prior to giving personal data. If you do not proceed with the PCI process you will receive monthly additional fees. Mark your calendar for an annual renewal process. Maintaining compliance is part of the privilege of accepting credit cards and is meant to protect your and your customers from fraud.
Secure computer networks, encrypted cardholder data, updated hardware, security and software, data access controls are the pillars of PCI compliance. Monitoring and testing these systems is an important process to keep you compliant. You can outsource your compliance testing – but do run the annual tests. Lastly, train your employees who handle credit cards on all the procedures that protect you and your customers. Once again, don’t make the mistake that you are not required to be PCI compliant.
The simple answer is for the protection of your business and your customers. Following the procedures and security measures outlined in the PCI compliance guidelines will protect the safety of your digital network reducing your liabilities in the event of a data breach. PCI DSS standards apply to businesses large and small and are required by all major credit card companies.
A typical application can take 24 hours to approve once we have gathered all the documents the underwriting department requests. Its an easy process and our staff manages all the communications for you.
Your rates may be assessed in a number of different ways. A valuable merchant service relationship will begin with education and transparency regarding your merchant account options and rates. This education process is normally cut short and where many misunderstandings arise.
Discount rate – Fee for each transaction, shared by acquiring bank and merchant services provider, sometimes includes interchange rate
Interchange rate – Fee set by card companies and shared with issuing bank of the cardholder
Qualification category and/or tier – Qualified, Mid-qualified or Non-qualified transaction, normally used to group the 125 categories, to simplify fee structure, this is where you should ask the most questions and understand the level of transparency of the fees being charged
Other factors: Volume, Product or Service provided, Purchase method, American Express pricing plans and volume and accounting integration processes
Make sure you feel comfortable with your representative and their explanation of programs and fees. Assistance with cash flow management is dependent on a valued relationship.
Storing recurring payment transaction data must be done very carefully. The data must be encrypted, held on secure networks, workstations and servers, have limited access by users and password and antivirus updates regularly. Visa® has more on PCI and Recurring Payments.
Do you need to store data for recurring transactions? Check out EvolvePay.
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