PCI Compliance: 3 Reasons you Need To Be On-Board


PCI Compliance

PCI compliance can be done online and is easier than most believe. If you’ve been accepting credit card payments, chances are you’ve at least heard of the acronym “PCI”. PCI stands for “Payment Card Industry”, which is a part of the PCI Security Standards Council that oversees the standards and regulations to keep digital transactions secure and safe.

There are three important reasons every merchant should meet PCI security standards.

  1. It’s Risky Not to Comply: While businesses can process credit and debit cards without PCI compliance, they open themselves to heavy financial risk. It’s an international requirement for merchants who process credit/debit cards, both in person or online. There are severe risks and consequences for being non-compliant.
  2. Fines are Heavy: PCI violations are extremely costly. Payment brands (Visa, MasterCard, Discover) charge banks anywhere from $5,000-$100,000 per the PCI violation. These fines trickle down, and the merchants become financially responsible for the violation.
  3. Compliance can be Simple: If you are using EMV chip cards terminal or a secure POS system, chances are you’re already in good standing. These tools have been tried and tested to meet security standards and lessen the risk of credit card and online payment fraud. Merchants must also complete a PCI self-assessment as well as other documentation to confirm their PCI compliance. The requirements vary upon the processing volume of the merchant. Utilize this PCI resource to better understand the requirement for your business.

If you’re concerned about your PCI status you can contact a TransNational payment specialist to help you. Having a proactive and flexible approach to PCI can save money and stress in the long haul.

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