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3-13-2012

PCI Compliance and You

The Payment Card Industry Security Standards Council created the PCI Data Security Standard to help merchants protect customer account data.

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First Card Merchant Services - News


PCI Compliance and You

The Payment Card Industry (PCI) Security Standards Council (an organization formed by the card brands) created the PCI Data Security Standard (DSS) to help merchants protect customer account data. If you are a merchant that stores, processes or transmits cardholder data, or a service provider which does this on behalf of a merchant, you are responsible for protecting this information and complying with the PCI DSS. Failure to comply could result in costly fines, audit costs, restrictions or worse should a breach occur.

FirstCard has partnered with the industry leader in PCI support, ControlScan. The combination of FirstCard and ControlScan ensures that our merchants have the best level of PCI support available. Our dedicated PCI staff will work with you and ControlScan to make sure that you are fully PCI compliant. We strongly encourage all of our merchants to achieve full compliance with the PCI Security Standard and repeatedly remind any merchants who are not compliant to rectify that immediately.

IRS Regulations and how they affect merchants accepting credit cards.

As your June and July statement reflected, the Federal Housing Assistance Tax Act of 2008 included the enactment of Section 6050W of the Internal Revenue Code that requires reporting entities to annual report payments in settlement of card and payment third party network transactions to the IRS for all merchants. Since then, our processing company has been diligently reporting any taxpayer ID corrections in an effort to help our merchants validate their tax information. If you have received a letter or have been identified as being "not validated" please be aware that you must contact at 800-404-9118 so we can assist you in validating your information. The IRS will begin enforcement of the mandated 28% withholding of daily credit card receipts for any merchants whose TIN and DBA do not match IRS records in January 2013.

First Card Merchant Services Corp. is a registered ISO/MSP of Wells Fargo Bank, N.A., Walnut Creek, CA.

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