In recent years, a series of new rules and regulations regarding consumer safety and identity theft have been enacted by both the government and the Payment Card Industry (PCI). The new standards from PCI, the Data Security Standards (DSS), establish protocols for protection of cardholder data, while the government has passed the Fair and Accurate Credit Transaction Act (FACTA) mandating how card numbers and expiration dates must appear on receipts.
Bottom line – you must be compliant. It’s the law. If you aren’t compliant, you are leaving yourself open to fines and lawsuits and potential closure of your business.
We’ve taken proactive steps to make sure you have the tools you need to be compliant.
The payment card industry compliance and validation regulations apply to financial institutions, Internet vendors and retail merchants. The rules spell out what security measures must be taken to protect the private information of employers and employees during any transactions occurring with the use of a credit/debit card. They also require certain auditing procedures. The Payment Card Industry Data Security Standard (PCI DSS) is used by all card brands to assure the security of the data gathered while an employee is making a transaction at a bank or participating vendor.