Merchant Pro LLC
Mastercard Visa (EMV) is the single-biggest thing impacting merchants today. In fact, it is the biggest thing to happen to the credit card industry in over a decade.
Merchants can opt to ignore it, but then will be liable for any fraud related charges arising when a stolen credit card from a customer is utilized at their POS terminal. This technology has been the norm in Europe and Canada for years, and is just now becoming a forced initiative in the United States.
EMV compliance is easily attained with Merchant Pro; often with just getting the right training and right EMV terminal. Merchant Pro makes it a point to install and train on the credit card machine in person, which is greatly appreciated by most merchants.
The Payment Card Industry Data Security Standard (PCI DSS) is an information security standard for organizations that handle branded credit cards from the major card schemes.
The PCI Standard is mandated by the card brands but administered by the Payment Card Industry Security Standards Council. The standard was created to increase controls around cardholder data to reduce credit card fraud. Validation of compliance is performed annually or quarterly, either by an external Qualified Security Assessor (QSA) or by a firm specific Internal Security Assessor (ISA) that creates a Report on Compliance for organizations handling large volumes of transactions, or by Self-Assessment Questionnaire (SAQ) for companies handling smaller volumes.
Interchange Optimization is a system in which a business processes a credit card payment correctly with all data required by the card associations in order to qualify for the least expensive interchange rate possible.
Interchange fees, which are set by card networks, are the fees paid by merchants to processors for processing card transactions.