The 4 Merchant Levels of PCI Compliance

The regulation of payment cards is relatively new. But compliance with Payment Card Industry (PCI) standards is vital. The origins of PCI standards were in the 1990s, really the dawn of the modern era of computers. The security standards were developed because of serious incidence of credit card fraud once credit cards started being used for internet payments. Between 1988 and 1998, Visa and MasterCard reported credit card losses of $750 million. Although this is a sizable amount of money, it is a small percentage of the hundreds of billions of dollars in transactions recorded annually. History of PCI Security Standards Council (SSC) As increasing numbers of merchants began rolling out online commerce websites with poorly secured data systems, the rate of credit card fraud increased dramatically. The increasing rate of fraud prompted the development of industry security standards. In 2000, online credit card fraud grew to $1.5 billion, and the rate of fraud would…

Read Full Post

Merchant Cash Advances: What are They?

Merchant cash advances are based on the solidity of revenue streams going into the business, not the credit rating or creditworthiness of the business. That makes it a source of vital cash for a running business when it is needed fast! Merchant cash advance providers don’t have to evaluate the creditworthiness of a business, they look at the actual daily receivables and credit card receipts that give the provider a near certain estimate of the ability to pay back the advance on a regular basis. As soon as they take a look at daily receivables, the Merchant cash advance provider can deposit the money right into your business account. You are essentially buying money, paying for it using a portion of your revenues and credit card sales to pay for it. How Much do Merchant Cash Advances Cost? The cost of the cash advance may be more than the interest…

Read Full Post

What is PCI Compliance? Common Questions Answered

If your business accepts any credit cards, then it is important to know what PCI Compliance is and how it applies. Knowing and abiding by the guidelines can save your organization from an expensive legal battle and ensure that your customers have the best security behind their purchases. Here are a few common questions regarding PCI Compliance: What is PCI Compliance? PCI (or Payment Card Industry) compliance requires following a defined the set of standards developed by the PCI Security Standards Council (which consists of AMEX, JCB, Visa, MasterCard and Discover). These standards apply to any company that accepts credit card payments, and all standards share the goal of providing and maintaining a secure network for customers that purchase via credit card. Who Sets The PCI Standards? The Payment Card Industry Security Standards Council establishes and sets the standards that must be followed by all merchants that accept credit cards. This council is managed by an…

Read Full Post