Major Issuing Banks created PCI (Payment Card Industry) compliance standards to protect personal information and ensure security when transactions are processed. Due to the acute rise in data breaches, hackers and identity theft prevalent, all processors now charge breach insurance or PCI Compliance fees to insure against such a breach, which could result in hundreds of thousands of dollars in damages and fines. Banks, Processors, Gateways and Merchants ALL must follow PCI standards in order to accept credit cards. Failure to comply could result in fines or revoking your ability to accept credit cards, although it is not governed by Law.
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