Did you happen to find a PCI compliance fee on your statement? Want to find out what it is? Want to discover if it is legitimate? Want to get rid of it? Well then you are just in the right place to get all your questions answered.
Lately merchants are seeing annual or monthly PCI Compliance fee on their statements. In rare cases both the fees annual and monthly could be found on the statement. For merchants that don’t have any clue about PCI Compliance, find the PCI Compliance fee as another way of getting tricked by their processors to get some money. I won’t be saying that it is a lie; to a certain extent it is true.
What Merchant’s Wonder
A basic question that arrives in a merchant’s mind is what am I getting from paying PCI fee? This is a question that should not be asked in your mind but instead it should be asked from your credit card processor. And to further ask the processor about what type of service or product you are being provided by giving this extra fee.
As there are so much half truths about PCI compliance that its name is being used to take illegitimate charges from businesses. Don’t be that type of business that pays money without getting anything of value in return. What are the possible reasons that your provider is charging this fee lets know about it first.
Non compliance fee says it for itself. You get charged on a monthly basis for not being compliant with PCI DSS standards. The fee is in between $5 to $ 19.95 while a lot of processors might take in $30 per month for being non-compliant. Well the money getting paid this way is only going to a waste and is a reminder to you that your processor doesn’t have any proof about you being PCI Compliant. The only way of getting free from this monthly charge is by becoming PCI compliant.
Data Breach Insurance
Some processors also charge fee on the name of data breach insurance, on an annual or monthly basis. This insurance would be of great value if it was foolproof; but it isn’t. This is a fee being charged by the processor that won’t be covering you in the time of breach, because the insurer can easily “decline the claim”. If you happen to find yourself in such situation then consider getting terms from your processor. If the processor fails to provide you with one or you are not happy with the terms then consider getting a new processor.
If you are being charged for compliance support on an annual basis by your processor and the processor is in a regular contact with you and assisting you, educating you and offering scanning services to you; then such processor has the right to charge you with a fee. Most processors don’t do this and yet charge you with annual fees and even charge you extra for services so it is adequate to have the right knowledge about PCI compliance so that you stay away from paying extra money or for no reason.