Every business should make maintaining PCI compliance a priority in order to safeguard customer information. From restaurant to retail, service and government industries, every corporation that deals with card payments must ensure that it is following the PCI compliance standard. As technology continues to evolve, so must our commitment to securing customer data against those who would steal it and engage in fraudulent activity.
What Is PCI Compliance? PCI (Payment Card Industry) compliance entails following the standards set forth by the industry. This is mandatory for all merchants that process, transmit, or store any cardholder data. If you accept payment through any form of payment card, then you are held responsible for becoming and remaining PCI compliant. Whether you conduct business over the phone or in the mail, in store, or online, you still qualify as a merchant and are accountable to the industry standards. All credit card brands support the PCI standard, including: Visa, Mastercard, Discover and American Express. To show your compliance as a business, you must possess a secure collection of customer data that is tamper-proof and ready for analysis. You also need to prove that data protection controls are in use, and that you have an auto-alert system that continually monitors access and usage of data.
Why Should I Comply? As a merchant, you are probably wondering why you need to comply with the PCI Security Standards. These strict guidelines seem like a lot of effort, especially to small organizations. However Payment Card Security is becoming increasingly important and implementing precautionary measures could be potentially business saving. Some of the reasons why (as highlighted by the PCI Compliance Council*) it would benefit to comply with the PCI Security Standards are: Compliance with the PCI DSS means that your systems are secure, and customers can trust you with their sensitive payment card information. Trust means your customers have confidence in doing business with you.
You may be wondering what PCI compliance actually translates to in your business. It could mean performing self-assessment questionnaires to ensure that your company is on track, or it could mean removing the complete numbers and expiration dates of credit cards from receipts. Quarterly scans could also be conducted to scout out any vulnerability in your system and pinpoint troublesome areas. Perhaps your company needs to install new credit card processing equipment that offers Triple DES PIN encryption. Full PCI compliance is an ever-changing task for businesses that needs steady attention-it is not a one-time achievement.
Aside from escaping monetary losses, there are numerous advantages to keeping your business PCI compliant. Improving organizational security will help fend off hackers so that you can rest assured that cardholders' information is safe from harm. This will help build up your customer base, as happy and confident shoppers turn into repeat customers. Your overall brand image will be positive, showing your company as a responsible and productive member in the market that not only adheres to but also promotes PCI compliance. Business partners and investors will become confident in your capabilities as a company, and you will sleep more soundly at night knowing that you are doing everything in your power to protect your firm.
What Is PCI Compliance? PCI (Payment Card Industry) compliance entails following the standards set forth by the industry. This is mandatory for all merchants that process, transmit, or store any cardholder data. If you accept payment through any form of payment card, then you are held responsible for becoming and remaining PCI compliant. Whether you conduct business over the phone or in the mail, in store, or online, you still qualify as a merchant and are accountable to the industry standards. All credit card brands support the PCI standard, including: Visa, Mastercard, Discover and American Express. To show your compliance as a business, you must possess a secure collection of customer data that is tamper-proof and ready for analysis. You also need to prove that data protection controls are in use, and that you have an auto-alert system that continually monitors access and usage of data.
Why Should I Comply? As a merchant, you are probably wondering why you need to comply with the PCI Security Standards. These strict guidelines seem like a lot of effort, especially to small organizations. However Payment Card Security is becoming increasingly important and implementing precautionary measures could be potentially business saving. Some of the reasons why (as highlighted by the PCI Compliance Council*) it would benefit to comply with the PCI Security Standards are: Compliance with the PCI DSS means that your systems are secure, and customers can trust you with their sensitive payment card information. Trust means your customers have confidence in doing business with you.
You may be wondering what PCI compliance actually translates to in your business. It could mean performing self-assessment questionnaires to ensure that your company is on track, or it could mean removing the complete numbers and expiration dates of credit cards from receipts. Quarterly scans could also be conducted to scout out any vulnerability in your system and pinpoint troublesome areas. Perhaps your company needs to install new credit card processing equipment that offers Triple DES PIN encryption. Full PCI compliance is an ever-changing task for businesses that needs steady attention-it is not a one-time achievement.
Aside from escaping monetary losses, there are numerous advantages to keeping your business PCI compliant. Improving organizational security will help fend off hackers so that you can rest assured that cardholders' information is safe from harm. This will help build up your customer base, as happy and confident shoppers turn into repeat customers. Your overall brand image will be positive, showing your company as a responsible and productive member in the market that not only adheres to but also promotes PCI compliance. Business partners and investors will become confident in your capabilities as a company, and you will sleep more soundly at night knowing that you are doing everything in your power to protect your firm.
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Learn more about the pci compliance standards. Stop by Kate Bailey's site where you can find out all about the payment card industry compliance standards and what they can do for you.
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