New Threats And PCI Rules

Dec 21, 2016

The Payment Card Industry Data Security Standard (PCI DSS) turned 10 years old in September 2016. It has introduced a new 3.2 version of the industry standard that should be used by businesses to protect payment data before, during and after purchase. Now, businesses should take into consideration a large list of new requirements and clarifications. These will be regarded as best practices until Feb 1, 2018, and then, they will become enforced.

Data security experts speak of 2 main changes. These refer to multifactor authentication and responsibility if third parties are engaged. Multifactor authentication will be imposed on all administrator access. In the previous version, such authentication was required only for remote access.

When it comes to eCommerce merchants outsourcing online payment processing to a third-party service provider, they still bear responsibility for PCI compliance.

Merchants looking for a reputable payment processor to open a secure and reliable merchant account should consider turning to emerchantbroker.com. EMB is voted the #1 high risk processor in the US and boasts an A+ rating with the BBB. EMB is one of Inc 500’s Fastest Growing Companies of 2016 and is rated “A” by Card Payment Options.

The PCI standard kept on evolving over the past 10 years. Today, the changes in the PCI standard show how it responds to threats imposed by hackers each and every day that become more and more sophisticated.

According to Michael Aminzade, vice president of global compliance and risk services at Trustwave, 10 years ago, the standard focused on removing unnecessary data storage, network security and basic web application security. Today, the standard focuses on transforming account data.

Aminzade further notes that this new version is related to service providers and third parties, their card data security and management on behalf of merchants and customers. It’s around further card data encryption inside the payment track. There is a great difference between the first version of the standard and the current focus of the standard.

Companies that are involved in accepting, processing or receiving payments should adopt this new version as soon as possible. It will enable them to immediately detect and respond to cyberattacks so to be able to successfully prevent data breaches.

 

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Having a merchant account allows an account holder to take advantage of merchant cash advances. When a merchant is approved for an advance, the business agrees to receive a lump sum of cash in exchange for an agreed-upon percentage of future credit card sales.

Pricing varies depending the merchant’s industry, past credit card processing history, the type of business seeking the account, average ticket sales, and average transaction volumes.

Yes, EMB works with merchants who are building their credit, as well as those who have poor credit. EMB also approves merchants that have no credit card processing history and businesses that have lost their merchant accounts due to high chargebacks.

Several factors influence a merchant’s risk level. Though only one factor likely will not get a merchant classified as high risk, a combination of these may: business size, location, and industry, credit score, credit card processing history, a industry’s reputation for excessive chargebacks, a prior history of high chargeback ratios, and whether a merchant exclusively sells online.

Virtual terminals are stationed on a merchant’s website, making it easy for customers to make a payment or purchase online. Merchants or a payment processor can easily set up virtual terminals, so online businesses can accept credit and debit card and e-check transactions.

A merchant account is a business account with an acquiring bank. Without this business account, which actually works more like a line of credit, a merchant cannot accept and process credit and debit card transactions. Businesses need a merchant account to accept major credit cards via a static point-of-sale terminal, mobile card reader, or through a virtual payment gateway.

After filling out EMB’s simple online application and submitting any necessary, requested documents, many merchants get approved within 24 and 48 hours.

EMB specializes in working with high-risk merchants. EMB works with many merchants, including but not limited to businesses in these industries: gambling and gaming, adult entertainment, nutraceuticals, vaping and e-cigarettes, electronics, tech support, travel, high-end furniture, weight loss programs, calling cards, e-books and software, and telecommunications.

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