Merchants are being charge for Monthly PCI Insurance fee, Monthly Regulatory compliance Fee and Monthly PCI/DSS Compliance and may want to know what they all mean. Some fees may be removed but not all. Please see below for definitions and to identify which fee can we removed.
Monthly PCI/DSS Compliance: Payment Card Industry Data Security Standards “PCI DSS” require all merchants accepting credit cards to have a Self-Assessment Questionnaire “SAQ” on file with their processor. In keeping with regulations, The Processor will require this SAQ to be submitted in order to avoid a quarterly “Non Compliance Fee” of $30.00
Monthly Regulatory compliance Fee: is set to cover monthly IRS reporting.
Monthly PCI Insurance Fee: is for data breach coverage up to $50K
Many are looking to save money and fortunately you can save by opting out of the PCI Insurance Fee but it is all up to the merchant.
Any further questions please contact us at 626-248-8837 or support@hippocharging.com
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