What are the laws and regulations regarding online payment processing?

Online payment processing is subject to several laws and regulations in South Dakota. The most important of these regulations is the Payment Card Industry Data Security Standard (PCI DSS), which was created to protect customers from fraud and other security risks related to online payments. The PCI DSS includes requirements for businesses to properly secure payment data by ensuring that hardware and software used for payment processing are kept up-to-date and secure. Businesses must also install firewalls, maintain secure networks, and have procedures to detect, prevent, and respond to security incidents. Other requirements include an annual vulnerability assessment, regular employee training, and physical security measures such as CCTV. In addition to the PCI DSS, small businesses in South Dakota must also comply with local and state regulations. These include the South Dakota Money Transmitters Act, which covers businesses involved in the transmission of money, as well as laws covering consumer protection, privacy, and contracts. Finally, businesses should always review the terms of service of the payment processor to ensure they are in compliance with all applicable laws and regulations. Businesses should also be aware of any additional liability they may assume when accepting payments, such as chargebacks for fraud or returned merchandise. By following these regulations, businesses can ensure that online payment processing is secure and compliant.

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What are the laws and regulations regarding online payment processing?

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