What does PCI Compliant mean?
‘PCI compliance‘ IS A TERM that gets bantered about by software companies, credit card companies, financial firms, banks and more.
So what is it? Basically it is a set of standards which have been agreed upon by the 4 largest Credit Card companies – ie, Visa, MasterCard, Discover and American Express. to guarantee the security of customer data and identity.
One of main tenets that applies to Retail and Hospitality location owners is that credit card information can no longer be stored at the local site in full format, ie, all numbers visible. Read this article for an example from the WALL STREET JOURNAL: In Data Leaks,Culprits Often are Mom, Pop”Many older POS systems, stand alone credit card terminals and cash registers with integrated credit card programs stored the entire credit card number within the system. It is greatly useful before the theft of personal information over the internet, hard drives and every other electronic device. Use the customer information to storing the credit card number allowed easy recall of sales orders, crediting back charges, establishing subscription or monthly recurring charges and being the neighborhood best buddy when mom called and said ‘Put it on the card and Junior will pick it up.”
Today those numbers can not only be easily stolen, they can also be transmitted around the world in one moment. Even though you may live in Muncie, Indiana the purchase of a computer in South America can easily be accomplished by anyone using your credit card or identity information.
So credit card information can not be stored directly on the system now. Numbers can’t be easily accessed. Receipts which must blank out a portion of the numbers,then they can not be duplicated.
So what does that mean for you, the merchant? If your Cash Register, POS System, Credit Card Terminal or Computer Program is displaying and printing the FULL CREDIT CARD NUMBER, you are in violation of PCI compliance and subject to very heavy fines for EACH INCIDENT! Up each Card Number stored to $25,000. Add up the numbers and the cost of a NEW POINT OF SALE SYSTEM that is PCI compliant is a ripple in the pond.