ASP Level 1 Authorization Agreement: What You Need to Know
If you are a merchant that processes credit card transactions, then you need to be familiar with the Payment Card Industry Data Security Standard (PCI DSS). This is a set of security standards that merchants must follow to ensure that they are properly protecting their customers` credit card data.
One aspect of the PCI DSS is the requirement for merchants to obtain an Authorization Agreement from their payment processor. An Authorization Agreement is a document that outlines the responsibilities of both the merchant and the payment processor when it comes to handling credit card data.
There are different levels of Authorization Agreements, with Level 1 being the most comprehensive. ASP Level 1 Authorization Agreements are agreements specifically for payment processors that process more than 6 million credit card transactions per year.
If you are a payment processor that falls under this category, you will need to have an ASP Level 1 Authorization Agreement in place. This agreement will outline your responsibilities for securing credit card data, as well as requirements for meeting annual PCI DSS compliance.
As a payment processor, it is your responsibility to ensure that your merchants are also in compliance with the PCI DSS. This means that you may need to provide guidance and support to your merchants to help them meet their own compliance requirements.
Additionally, as part of the ASP Level 1 Authorization Agreement, you will need to undergo an annual PCI DSS audit. This audit will assess your compliance with the standards and identify any areas where you may need to improve.
If you are a merchant that is working with an ASP Level 1 authorized payment processor, it is important to understand that this does not mean that you are automatically PCI DSS compliant. You will still need to take steps to ensure that your own systems and processes are in compliance with the standards.
Overall, the ASP Level 1 Authorization Agreement is a critical component of the PCI DSS compliance process for payment processors that process large volumes of credit card transactions. If you are a payment processor in this category, it is important to work closely with your merchants to ensure that everyone is meeting their compliance obligations.