The most important area of card acceptance impacted by The Dodd-Frank Act is the Federal Reserve oversight of interchange fees established by card issuing banks and MasterCard/Visa for the processing of debit card transactions. The impact on merchants’ costs to process is still unknown.
Not taking care to protect Personally Identifiable Information and credit card data under PCI compliance can be expensive in time, money while putting a priceless reputation at risk. Prevent cost and risk with some initial strategic due diligence to secure data.
PCI DSS compliance is required of all entities that store, process, or transmit credit cardholder data, including financial institutions, merchants and service providers.