Payment Card Industry Data Security Standard < Payment Industry News Home
Service providers must meet complete compliance validation requirements. Both the issuing and acquiring members must use, and are responsible for ensuring that their merchants use, service providers are compliant with PCI security standards. Visa members are held responsible for any liability that may occur as a result of non-compliance.
Service providers are defined as organizations that process, store or transmit Visa cardholder data on behalf of Visa members or other merchants. There are three main service provider levels. 1) All VisaNet processors (member and nonmember) and all payment gateways, 2) Any service provider that is not in Level 1 and stores, processes, or transmits more than 1,000,000 Visa accounts/transactions annually, and 3) any service provider that is not in Level 1 stores, processes, or transmits fewer than 1,000,000 Visa accounts/transactions annually.
Not only is adhering to PCI security standards important, compliance validation is required for all service providers. There are a couple of ways that merchant accounts can expedite the credit card processing. 1) Payment gateway - is a mixture of secure software and hardware that sends out payment information from customer to merchant, that provides an interface, credit card processing, billing, reporting and operational services. 2) Internet merchant account - relationship between a retailing company and a merchant bank which gives authorization to collect funds from customer’s credit card account. 3) Bank account - an account or account number that holds funds from which they can make withdrawals.
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