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For 1 year. Retain the rest of the document for your reference. This document applies to all business units, personnel, contractors, and computers involved in storing, processing, transmitting, or receiving Payment Card Cardholder Data at East Carolina University. Definitions for terms used in this document: 1. PCIDSS Payment Card Industry Data Security Standard (currently version 1.2, released in October 2008). Details of PCIDSS are available from the PCI Data Security Standards Council webs.

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Although PCI compliance is not a federal law, merchants must follow the PCI compliance requirements in order to accept credit cards as form of payment. Non-compliant merchants risk facing fines and much worse.

The PCI Security Standards Council Any business that transmits, stores, handles, or accepts credit card data — regardless of size or processing volume — must comply with the PCI DSS Standards.

PCI Level 1: Businesses processing over 6 million transactions per year. PCI Level 2: Businesses processing 1 million to 6 million transactions per year. PCI Level 3: Businesses processing 20,000 to 1 million transactions per year. PCI Level 4: Businesses processing less than 20,000 transactions per year.

All merchants that store, process or transmit cardholder data must be PCI compliant. Determining merchant level often raises questions.

Fines and Penalties Penalties will usually range from $5,000 to $100,000 a month until the issue is fixed and a company attains compliance. Fines of $100,000 a month are more likely for large Level 1 companies that process over 6 million card transactions a year and have been non-compliant for several months.

PCI compliance is required for organizations of all sizes that handle cardholder data. However, the number of credit or debit transactions your business makes annually will determine what PCI compliance level you need to comply with.

PCI DSS Compliance Level 3 Applies to: Merchants that process between 20,000 and 1 million transactions each year. For example, small-to-medium businesses operating in a local area. PCI DSS Level 3 merchants do not need to perform an external audit, and do not need to submit a Report of Compliance (ROC).

Any business or retailer that handles credit card information is required to be compliant with the PCI standards, and the penalties for non-compliance are severe. Banks and other financial institutions may impose penalties from $5,000 to $500,000 on non-compliant organizations.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232
Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
Industries
Forms in Spanish
Localized Forms
State-specific Forms
Forms Kit
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232