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Yes, you are correct. PCI compliance is mandatory for all merchants who accept credit cards, and failure to become compliant can result in monthly non-compliance fees and other penalties. Furthermore, in the event of a data breach, the merchant is responsible for any fines or fees associated with the breach, which can be very costly.
The advantages of being PCI compliant are numerous, including the ability to ensure that you are following all appropriate card brand regulations. By complying with these regulations, merchants can avoid making costly mistakes that could put their business and their customers' sensitive information at risk. Additionally, being PCI compliant helps to build trust with customers, as they can feel confident that their personal and financial information is being handled securely and responsibly.
Overall, becoming PCI compliant is a crucial step for any merchant who wants to accept credit cards and protect their business and their customers from potential data breaches and other security risks.