Credit Cards and the Payment Card Industry Data Security Standard

For most retailers the primary source of revenue comes from credit card transactions. In order to accept credit cards, a retailer must enter into a contractual agreement with a payment processor and a merchant bank. As discussed in previous sections, those agreements typically required that the retailer represent and warrant its compliance with the Payment Card Industry Data Security Standard (“PCI DSS”). Alternatively, they require a representation and warranty that the retailer complies with the rules of the payment card brands (i.e.,American Express, Discover, MasterCard, and Visa), and some of the payment brand rules could be interpreted as requiring that a retailer be compliant with the PCI DSS. …

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