Do you have compliance fees on your credit card processing statement? Do you know what they are? If you have them on your statement you should definitely educate yourself. Call your processor and find out what you are getting for this fee. 3 might be:
- PCI Non-Compliance Fees: Visa and MasterCard do not charge businesses or processors a fee for PCI non-compliance. However, the cards brands may impose compliance fines if non-compliance leads to a security issue or breach. PCI non-compliance fees typically range from $10 to $30 a month, but can go as high as $100 a month for processors. Sometimes you have have both! Typically, it's a source of profit for the processor. If you are being charged this fee call your processor and find out what you need to do to be compliant. Most often the process is painless and should be completed to avoid unnecessary fees.
- Data Breach Insurance: Some processors offer this for a monthly/annual fee. However, this does not guarantee you will be covered in the event of a data breach. This insurance also does not cover you for being out of compliance If you are being charged for this, get the terms or details.
- Compliance Support: A typical annual fee for any type of support that you may need. For example, when your processor contacts you, helps you, answers questions, educates you, etc. The problem is that many processors don't hold up their end of the bargain offering you something for the fee you are paying.
Bottom line: If you don't understand the fees you are being charged call your processor to get more information. You might be paying unnecessary fees!