The Payment Card Industry (PCI) Security Standards Council has developed a set of financial and information technology standards, called Payment Card Information Data Security Standards (PCI-DSS), to protect credit cardholders' data. These standards govern all merchants and organizations that collect, process, store, or transmit credit card information.
By July 1, 2010, banks were required to ensure their credit card merchants (including Baylor) use only payment applications that are compliant and that use of these applications follow strict requirements. Therefore, Baylor must be PCI compliant, which involves stringent standards regarding manual and electronic handling and processing of credit cards. Failure to comply with the standards may result in fines and/or penalties being assessed against an organization. In the event of a credit data compromise, the credit card association may levy fines of as much as $500,000 and $25 per card compromised. In addition, there would be a number of other costs associated with such an information breach. In certain cases, an organization could have its ability to process credit cards terminated.
Because of the proliferation of credit card acceptance locations throughout the University, Baylor is at considerable risk in this area. Past reviews of card acceptance processes in a number of departments identified inconsistencies in processing card information. To standardize across the University and provide a formal point of contact, a Payment Card Oversight Committee was established. This Committee coordinates ongoing reviews of the University's credit card systems and processes, manages credit card policy and procedures, and retains consultants when needed to assist with the University's required PCI certification.
Assistant Vice President for Financial Systems & Assistant Treasurer Dave Clendennen, is the primary functional contact for Baylor's credit card processing and services. If you have questions or need additional information about credit card processing in your department, please contact Dave at Dave_Clendennen@baylor.edu. He will coordinate your questions or requests with the Payment Card Oversight Committee, as needed, and provide you with a response.