Understanding Payment Compliance in the US Virgin Islands
Payment compliance is essential for any business operating in the region, especially as digital payments and card transactions continue to grow. Following the right standards protects both merchants and customers while ensuring smooth transaction processing. Why Payment Compliance Matters for Local Businesses Payment compliance reduces fraud risks, protects customer data, and ensures that merchants meet regulatory requirements. It also builds customer trust, which is especially important for businesses that rely heavily on tourism, hospitality, and international visitors. Key Requirements for US Virgin Islands Payment Compliance To remain compliant, businesses must follow several major guidelines: Adhering to PCI DSS standards for secure credit card processing Using encrypted and tokenized payment systems Maintaining secure storage practices for customer information Following anti-money laundering (AML) and Know Your Customer (KYC) requireme...