Because identity theft and data security are so important today, security is critical for all businesses that accept electronic payments. Customers and businesses using electronic forms of payment expect their cardholder data to be stored securely and privately. As a leading credit card processor, we can provide you with critical information regarding identity theft and data security technology and programs.
The Card Associations (American Express, Discover, MasterCard, Visa) embrace a single standard, the Payment Card Industry Data Security Standard (PCI DSS), to ensure the protection of cardholder data. All businesses accepting credit/debit cards are required to comply with the PCI DSS. By knowing the facts about PCI compliance in advance, you can better equip your business to meet the required standards.
Why Comply with PCI Security Standards?
Why should you, as a merchant, comply with the PCI Security Standards? At first glance, especially if you are a smaller organization, it may seem like a lot of effort, and confusing to boot. But not only is compliance becoming increasingly important, it may not be the headache you expected. Compliance with data security standards can bring major benefits to businesses of all sizes, while failure to comply can have serious and long-term negative consequences. Here are some reasons why:
Compliance is an on-going process
not a one-time event.
It helps prevent security breaches and theft of payment card data, not just today, but in the future:
- As data compromise becomes ever more sophisticated, it becomes ever more difficult for an individual merchant to stay ahead of the threats
- The PCI Security Standards Council is constantly working to monitor threats and improve the industry’s means of dealing with them, through enhancements to PCI Security Standards and by the training of security professionals
- When you stay compliant, you are part of the solution – a united, global response to fighting payment card data compromise
If you don’t comply
- Compromised data negatively affects consumers, merchants, and financial institutions
- Just one incident can severely damage your reputation and your ability to conduct business effectively, far into the future
- Account data breaches can lead to catastrophic loss of sales, relationships and standing in your community, and depressed share price if yours is a public company
- Other negative outcomes possible include: lawsuits, insurance claims, cancelled accounts, payment card issuer fines, government fines, etc.