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PCI Compliance Is Now A Requirement

Over the past few years, there has been a concerted effort on the part of the credit card associations and the issuing banks, with the influence of the federal government, to introduce procedures in an effort to reduce fraud through stolen credit card information. Towards this end, the industry now looks to you, the merchants, to strengthen the security procedures you have in place to protect this sensitive information. Requirements have been put in place, under a series of rules and regulations that have been termed Payment Card Industry Data Security Standard or “PCI DSS”, or PCI compliance.

Until now, the focus has been to ensure that the processors, issuing banks, equipment manufacturers, and third party software vendors made the proper changes to ensure their products and service offerings met these new, stringent requirements. Some of you are aware of these changes as these changes required you to upgrade your software or point of sale terminal equipment.

The PCI compliance rules require every merchant to complete a self assessment questionnaire (on an annual basis). The self assessment questionnaire (SAQ) you are required to complete is based on how you process your credit card transactions and the procedures you have in place to protect this sensitive cardholder data. We, at QOS Merchant Solutions, have been working for months to put together the most cost effective and efficient way for you to accomplish this new requirement so as to minimize cost, as well as minimize the time it takes for you to successfully certify.

To complete the appropriate self assessment questionnaire (SAQ) for the way you currently process your credit card transactions, click on the link below.

QOS-Assessment-Normal

 


 

Breach Protection Insurance Is In Place to Protect Your Business

A breach is the term that is used to describe the process whereby credit card data a merchant has obtained from a customer or patron is stolen from the place of business and used for fraudulent purposes. When a breach has occurred, the cardholder identifies transactions on their credit card that are not transactions that they authorized. When the breach is reported to the card associations, they work with the processor to determine the source of the breach. Once the source of the breach is found, the merchant involved is required to pay the cost of a forensic audit, associated penalties, fines, and for the charges that were levied on the cardholder’s account. If it is believed the breach occurred at your place of business, you would have to pay these costs which could range anywhere from $10,000 to $75,000 or more, depending on the magnitude of the breach. These penalties and fines would be devastating to all small businesses, forcing many out of business. We don’t want this to happen to you. Effective February 1, 2010, your business is protected against a possible breach up to $50,000. You don’t have to do anything. We have arranged for this coverage for you and your business. If you would like to view some of the details concerning the coverage, click on the link below.