Question: Please explain PCI compliance, what is it? What is a PCI fee? Why am I being charged a PCI fee? Do all merchant service providers charge a PCI fee?
Answer: PCI stands for Payment Card Industry data security standard โ it is a set of requirements designed to ensure that all companies processing, storing or transmuting credit card information maintain a secure environment. Why is this important? The PCI standard is part of the operating regulations under which merchants are allowed to operate merchant accounts with a company, like North American Bancard. The regulations are signed when you open an account at the bank state that the VISA regulations have to be adhered to. Even if you have been in business for decades, PCI still applies if you store, process or transmit credit cards and is a requirement. You may notice from time to time a PCI fee on your statements. Generally, a PCI fee is assessed by NAB to help mitigate the costs associated with becoming and maintaining compliance, updating terminal software and replacing all non-compliant hardware.
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