SAN FRANCISCO — Visa USA has warned its tier I and tier II merchants that they have until Oct. 1 to proof their compliance with the industry's card security data standards or lose their most favorable interchange rates.
Visa sent that message to the banks that process card transactions for merchants. The acquiring banks are charged with enforcing the PCI requirements and were expected to pass the warning on to their client merchants.
Visa initially warned last December, and then reiterated this month, those merchants failing to comply with the deadline will face higher interchange in addition to monthly fines. The card brand has also announced that while less than 50% of its biggest merchants have certified their compliance with the standards, most are on their way to doing so.
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