NEW YORK — About 20 firms with more than six million credit cardtransactions each per year are out of compliance with Visa's cardsecurity standards and face fines if they had not come intocompliance by the end of September 2006.
|According to a Sept. 25 story in The Wall Street Journal, Visahas roughly 330 merchants that process more than six milliontransactions each, per month. These represent roughly 50% of thecard brand's transactions per month.
|According to the story, both Visa and MasterCard have beenassessing fines on merchants for noncompliance with theregulations, though MasterCard said it was fining merchants morefor not cooperating, than for noncompliance with its regulations.Neither card brand has identified the merchants involved nor howmuch money may have been paid in fines or penalties.
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