Home » The DoJiggy Fundraising Blog » What are the PCI fees on my merchant account statement?

What are the PCI fees on my merchant account statement?

What are the PCI fees on my merchant account statement?

All US based merchants (businesses or organizations) who accept, store or transmit credit card data are required to be PCI compliant. This required standard has been put in place to ensure the safety and security of your constituent’s personal and financial data.

A key requirement of this standard is to complete an annual Self-Assessment Questionnaire (SAQ) attesting your organization’s compliance. The SAQ will ask a series of Yes/No questions based on the PCI Data Security Standards that apply to your organization or business type.

PCI compliance

Generally there are two types of credit card processing fees that you may see on your merchant account statements:

  • PCI Compliance fees – Merchant services providers often assess a monthly or annual fee for compliance. This fee covers the costs of the merchant providers compliance program, which may include merchant training and resources, assistance with the required PCI Self-Assessment Questionnaire (SAQ), and even insurance in the event of a fraud. Total Merchant Services provides this website for their merchants that includes several PCI resources. In most cases, this fee ranges from $5 monthly to around $100 annually and merchants have no choice but to pay the fees. TMS waives the PCI compliance fees for the first year and merchants pay $4.95 monthly thereafter.
  • PCI Non-compliance fees – If your business or organization has not completed the PCI Self-Assessment Questionnaire (SAQ) as required, you will also be assessed a non-compliance fee. This fee will likely be around $20 per month and will be assessed every month until your organization comes into compliance. So be sure to review the requirements for your organization and become compliant. TMS merchants can call 888.848.6825 to complete the SAQ with a PCI Specialist by phone.

There are lots of financial details that can be very confusing when it comes to merchant services. Learn more about requirements for setting up a merchant account and contact our team to get you started processing credit card payments in just 1-2 days!

Lisa Bennett

About Lisa Bennett

Lisa is the Sales Director at DoJiggy. She joined DoJiggy in 2006 and loves her job. Prior to working with DoJiggy, she worked at several non-profits and managed special event fundraising.

See other posts from Lisa Bennett

productionb579