Today, direct cash payment in the business world is plunging. Whether it’s an online business plan or offline business idea, the payments and settlements are done by internet banking, swiping or digital transaction. All such electronic transactions are governed by the Payment Card Industry (PCI), which is a major segment of the financial industry.
The industry has a set of policies and procedures that intend to safeguard all transactions and protect cardholders against misuse of their personal information known as Payment Card Industry Data Security Standard (PCI DSS). All businesses have to abide by technical and operational standards referred to as PCI-Compliance, laid by PCI Standards Council. An aggregation of various components ensures smooth functioning of PCI. These include – Credit Card Associations, Credit Card Issuing Banks, Credit Card Acquiring Banks, Credit Card Processors & Merchant Account Providers, and Payment Gateways. In this blog, we will look into each component in detail and also, walk you through the transaction cycle and Merchant Category Codes. The article will provide you with a detailed account of the Credit Card Processing Fee.