Monday, June 27, 2005

Net insider calls for banishment of noncompliant processor

Networkworld's "Net Insider" is calling for the banishment of Cardsystems in light of relevations that it was not following the industry's rules:

The winner so far: CardSystems Solutions:

"... According to the payment card industry, failure to meet the requirements can result in a permanent prohibition of participation in credit card programs. If the payment card industry is as serious about security as it claims to be, it will use this willful disregard of its own rules to send a message - it will permanently ban CardSystems from processing credit card transactions.

I feel sorry for some of the people that work at CardSystems but not sorry enough to suggest that the company be given a slap on the wrist if it promises to be good in the future...."

This may amount to the death penalty, but it certainly would send a very strong message to whole industry. If that were to happen (I don't expect it will), I'd bet there'd be a huge class-action suit against the directors and officers for overseeing the destruction of the company.

Also ... imagine if retailers who didn't follow the rules were cut off from accepting credit cards....

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