The payment processing industry is facing many exciting changes in 2010. These changes are:
- Regulatory driven, by PCI DSS, and chip and PIN technology
- Consumer driven, by mobile technology and the entry of Visa Debit.
These changes present new challenges and opportunities for all card-accepting merchants and include:
- Regulatory driven changes
- Consumer driven changes
- PCI compliance
- Chip and PIN technology
- Mobile technology
- Visa debit
Over the next few articles, we’ll take a more detailed look at these industry changes. Today, we’ll talk about regulatory driven changes in the payment processing industry.
Regulatory driven changes
Payment Card Industry Data Security Standard (PCI DSS)
The biggest regulatory change to impact your business in 2010 is the introduction of the Payment Card Industry Data Security Standard (PCI DSS).
What is PCI DSS?
The PCI DSS is a set of 12 requirements that covers everything from developing a secure network to maintaining an information security policy.
How does PCI DSS affect your business?
First, you may have to change your current systems in order to meet PCI DSS standards. If your current payment processing system is up-to-date, you may only need a slight upgrade. If your system is old, it may be worth getting a new system. Contact your payment processor to determine which option is best for your business.
Second, you must document your security compliance. There are two categories of PCI DSS merchants. The amount of documentation required depends on which category you are in.
- Lower level merchants have up to