Non-Compliance Fines
January 21st, 2007 Posted in Card Associations, Merchant
The Green Sheet, a well known industry paper, has a straight digest of the benefit and penalties headed towards merchants as they outline their compliance timeline. The Visa Compliance Acceleration Program (CAP) promises a benefit to its member-banks that have merchants in compliance and fines for merchants that are not.
Merchants in compliance:
“To qualify for an incentive payment, acquirers of level 1 and 2 merchants who have validated full compliance with the PCI DSS by March 31, 2007, will be eligible to receive a one-time payment for each qualifying merchant,” Visa stated.
“Acquirers whose level 1 and 2 merchants validate compliance after March 31, 2007, and prior to August 31, 2007, will be eligible to receive a reduced one-time payment for each qualifying merchant.”
Merchants not-compliant:
“For prohibited data storage, acquirers failing to provide confirmation that their level 1 and 2 merchants are not storing full track data, CVV2 or PIN data by March 31, 2007, will be eligible for fines up to $10,000 a month per merchant, subject to escalation in the event material progress toward compliance is not made in a timely manner,” Visa stated.
“Acquirers will be fined between $5,000 and $25,000 a month for each of its level 1 and 2 merchants who have not validated by Sept. 30, 2007, and Dec. 31, 2007, respectively.”
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5 Responses to “Non-Compliance Fines”
By Cory Easterling on Jul 17, 2008
I was in Orlando, Fl and at Payless Rental Car I was taken aback to see that they were using the old style carbon copy credit card maching and throwing all copies just on top of their desk. There must have been about 100 in reaching distance from where I stood at the counter. The employees did not care and I could never get the manager. Who can I report this to?