As a business owner, you are responsible for ensuring that your company is PCI compliant. This includes making sure that all of your employees’ credit and debit card information is safe and secure. One way to do this is to pay attention to your PCI non-compliance fees.
PCI compliance fees are charged by banks and other financial institutions in order to help cover the cost of compliance audits and other associated expenses. These fees can range from a few hundred dollars to several thousand dollars, depending on the size and scope of your business.
There are two main types of PCI non-compliance fees:
One-time Fees: These are typically charged when you first become PCI compliant. They can range from $500 to $5,000, depending on the size of your business.
Recurring Fees: These are charged every year that you remain PCI compliant. They can range from $100 to $1,000, depending on the size of your business.
The best way to avoid paying PCI non-compliance fees is to make sure that your business is PCI compliant from the start. This means paying attention to your credit and debit card processing procedures and making sure that they meet all of the PCI requirements.
If you are already PCI compliant, you can avoid paying non-compliance fees by staying up-to-date on your PCI compliance status and keeping your documentation up-to-date. You should also make sure to keep your employees trained on PCI compliance and credit card processing procedures.
PCI non-compliance fees can be a significant cost for businesses that are not PCI compliant. By understanding the fees and taking steps to avoid them, you can save your business money and ensure that your credit and debit card processing procedures are safe and secure.
