If your business processes credit card payments and you store customer credit card information, you already know there are numerous federal and state regulations with which you must comply.
Most likely you have heard of Payment Card Industry or PCI credit card compliance.
Any business that processes, stores, or transmits customer credit card information is required to follow this regulation.
Therefore, if your business uses card payments, your business is affected.
Why Comply? Smaller businesses often wonder if they need to be PCI compliant-especially with the added effort and costs.
Not only is PCI credit card compliance important; it is beneficial for a business regardless of its size.
When you fail to comply, you open the door to numerous risks, such as: • Using unsecure systems, which can result in a lack of trust from paying customers • Customers are unlikely to repeat business once they find out you are not PCI compliant • Your reputation and business partners may be at risk • Your company is vulnerable to security breaches, identity theft, and the associated legal ramifications • Your company may face lawsuits, insurance claims, cancellations, payment issuer fines, and government fines PCI credit card compliance offers you a variety of benefits that have long-term effects on your company.
When you comply your company takes advantage of: • Secured systems that offer customers trustworthy, safe payment options • Improved reputation with card issuers, payment brands, and acquirers • Improved reputation with business partners, including financial institutions • Increased protection against identity theft and security breaches since compliance ensures you are up-to-date on the latest security technology and software In addition, if you are PCI compliant, your business sets the groundwork to become compliant with other federal regulations, such as HIPAA or SOX-if they apply to your industry.
PCI credit card compliance also helps build a base for corporate security and allows you to identify ways your IT infrastructure might be at risk for breaches in the future.
How to Get Started Each company has its own program for PCI credit card compliance.
Visa, for example, offers a PCI Compliance Accelerated Program that breaks down your requirements based on the number of transactions processed each year.
The PCI Security Standards Council offers advice for new and existing businesses on how to become compliant regardless of the company for which you are processing.
Some basic steps to get started include: • Buying and using approved PIN devices at your point-of-sale terminals • Buying and using validated payment software in your point-of-sale terminals • Never storing customer or cardholder information on paper or computer • Using an advanced firewall to protect all computers and networks in-house • Ensuring your wireless router is encrypted and password protected • Using strong passwords-meaning those with a combination of letters and numbers-on all applications, computers, and point-of-sale terminals • Checking PIN entry devices to make sure skimming devices or software are not installed on them • Teaching your employees the value of protecting cardholder information and boosting your company's security overall Even if you only process a few transactions each year, PCI credit card compliance protects your business from costly legal consequences and the loss of customer trust associated with security and data breaches.
Ensure PCI credit card compliance while reducing transaction costs, providing better customer service, and doing business virtually anywhere with cutting-edge technology by partnering with an innovative merchant payment processing company.
Most likely you have heard of Payment Card Industry or PCI credit card compliance.
Any business that processes, stores, or transmits customer credit card information is required to follow this regulation.
Therefore, if your business uses card payments, your business is affected.
Why Comply? Smaller businesses often wonder if they need to be PCI compliant-especially with the added effort and costs.
Not only is PCI credit card compliance important; it is beneficial for a business regardless of its size.
When you fail to comply, you open the door to numerous risks, such as: • Using unsecure systems, which can result in a lack of trust from paying customers • Customers are unlikely to repeat business once they find out you are not PCI compliant • Your reputation and business partners may be at risk • Your company is vulnerable to security breaches, identity theft, and the associated legal ramifications • Your company may face lawsuits, insurance claims, cancellations, payment issuer fines, and government fines PCI credit card compliance offers you a variety of benefits that have long-term effects on your company.
When you comply your company takes advantage of: • Secured systems that offer customers trustworthy, safe payment options • Improved reputation with card issuers, payment brands, and acquirers • Improved reputation with business partners, including financial institutions • Increased protection against identity theft and security breaches since compliance ensures you are up-to-date on the latest security technology and software In addition, if you are PCI compliant, your business sets the groundwork to become compliant with other federal regulations, such as HIPAA or SOX-if they apply to your industry.
PCI credit card compliance also helps build a base for corporate security and allows you to identify ways your IT infrastructure might be at risk for breaches in the future.
How to Get Started Each company has its own program for PCI credit card compliance.
Visa, for example, offers a PCI Compliance Accelerated Program that breaks down your requirements based on the number of transactions processed each year.
The PCI Security Standards Council offers advice for new and existing businesses on how to become compliant regardless of the company for which you are processing.
Some basic steps to get started include: • Buying and using approved PIN devices at your point-of-sale terminals • Buying and using validated payment software in your point-of-sale terminals • Never storing customer or cardholder information on paper or computer • Using an advanced firewall to protect all computers and networks in-house • Ensuring your wireless router is encrypted and password protected • Using strong passwords-meaning those with a combination of letters and numbers-on all applications, computers, and point-of-sale terminals • Checking PIN entry devices to make sure skimming devices or software are not installed on them • Teaching your employees the value of protecting cardholder information and boosting your company's security overall Even if you only process a few transactions each year, PCI credit card compliance protects your business from costly legal consequences and the loss of customer trust associated with security and data breaches.
Ensure PCI credit card compliance while reducing transaction costs, providing better customer service, and doing business virtually anywhere with cutting-edge technology by partnering with an innovative merchant payment processing company.