The importance of PCI compliance: Part 1
January 19, 2015

The importance of secure transactions stands at the forefront of both merchant and customer concerns. The Payment Card Industry Data Security Standard initiated specific rules and guidelines for more secure payment processing, according to the PCI Security Standards Council. Any business, no matter the size, must comply with PCI.

Adhering to PCI standards, your business can increase trust among patrons. Understanding your payment security and having the ability to relay this information to customers can improve your relationships and inspire consumer loyalty. In addition, hefty fines are distributed among businesses that are not PCI compliant. Penalties can cost you anywhere from $5,000 to $100,000 each month. It is crucial to adhere to requirements and also helpful to know what other steps you can take to further ensure payment processing security.

PCI security standards
Your PCI compliance level is determined based on the number of Visa transactions you conduct annually. If you process over 6 million Visa credit or debit cards each year, you are included among Level 1 merchants. Processing fewer than 1 million Visa transactions in a given year puts your company in the fourth level. Be aware of which merchant level your business is considered. Your requirements for adhering to the PCI DSS can vary among levels.

The PCI Security Standards Council offers questionnaires for businesses to self-assess PCI compliance, tools for monitoring, approved vendors and PCI compliance training options.

Not storing cardholder's personal information is one way to easily adopt PCI compliance. If you must store a customer's information, there are additional security measures you will have to take, according to PC World. A POS or carder that encrypts customer's information securely within the system provides a great solution.

Ensure that your business is complying with PCI security standards and take full advantage of resources available to you to guarantee the security of your patrons.

Nexus: G-WEBCD2