IFA:
In the December 2006 issue of Franchising World, an article titled ‘PCI Compliance: Protecting Customers and the Franchise Brand’ explored what is known as the Payment Card Industry Data Security Standard, what are the requirements from the card associations - Visa/MC, American Express and Discover - and what are the risks involved for non–compliance. This article can be found at www.franchise.org for specific information on the requirements for securing and protecting your customer’s credit card information. As discussed earlier, these regulations are set by the card associations, but as this article goes to press, 5 states currently have legislation pending that if passed would make most of these regulations law in their respective states. This will be a trend that will continue to grow as well as the regulations will continue to become tighter.
Presented here are practical applications that franchise companies and franchisees need to address to not only protect their customers’ credit card information against theft, but protect their businesses and the valuable brand name they have worked hard to establish in the marketplace.
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