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