Yes, small businesses that handle payment card data are typically required to comply with PCI standards. The specific level of compliance, however, depends on the volume of transactions they process annually. Small businesses fall under one of four PCI compliance levels, ranging from Level 4 (the lowest) to Level 1 (the highest), based on transaction volume. Non-compliance can result in data breaches, financial penalties, and damage to reputation, so it’s crucial for small businesses to assess their compliance obligations and take necessary steps to meet them.