Everyone who accepts credit and debit cards will be affected by the new requirement by card brands for acquiring banks and the largest independent sales organizations to file plans with the card brands outlining how they intend to bring the 5 million small merchants, restaurateurs, and other mom-and-pop businesses into line with PCI data security standards. The plans of the acquiring banks and the largest ISOs will encompass the smaller ISOs, and all of the plans' provisions trickle down to card-accepting merchants.
While it is reported that 96 percent of the largest Level 1 merchants have achieved PCI compliance, Visa's Jennifer Fischer says the successful compliance rate for small merchants is "moderate." The card brands have not done an adequate job to inform ISOs and by extension, small merchants on what are the best practices and expectations. Small business owners should become aware of the standards that apply to them whether they use simple standalone terminals that receive confirmation over phone lines, or employ integrated payment applications that run on the Internet.
To learn more go to ISO & Agent Weekly (09/01/10) McKinley, Ed
Loretta Hunnicutt
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