"what is PCI DSS and why do i need to do it?"
It's a great question, and something retailers are only just discovering. Here at nexpay, our PCI specialist gives their input into one key reason for taking action today.
To be compliant
You will be rewarded! By becoming compliant, you will ensure no non-compliance fees appear on your merchant statement from your acquirer. these can range from £10 to £1,000 + per month! you will be surprised how these fees mount up hidden away in your invoices.
The most notable charges are nearly half a percent of your turnover as a penalty!
These are all savings you can achieve by spending the time yourself to understand the 12 requirements and complete the assessment. Alternatively you can choose a specialist to complete, educate and ensure your staff are all helping to combat credit card fraud.
PCI DSS was created to minimise the amount of card fraud that effects businesses. There is no legal requirement but is a mandatory part of your merchant agreement.