The Payment Card Industry Data Security Standard (PCI DSS) is the basis of standards that all companies must follow in the way that credit card information is managed. These standards regulate the way businesses accept credit card payments and how the information is stored, processed, and transmitted. The goal is to maintain the safety of cardholder data, helping to protect both consumers and businesses.
The PCI Security Standards Council was created by five of the largest credit card companies in 2006. Even though these standards have been in place for a while, there are many businesses that aren’t maintaining compliance with the regulations.
You are Responsible for Credit Card Security
As a business owner, you are responsible for managing the security of payment transactions that move through your company. So, it is essential that you take preventive steps to avoid the risk of theft. If scammers get ahold of the information, it can result in millions of dollars of loss due to fraudulent charges and identity theft issues.
Not only does compliance protect your business and your customers, but it is important so that you can avoid higher credit card processing changes. Non-compliance fines that can range between $5,000 and $100,000 per month. These fines are usually charged to the payment processors, but the fees increase the overall costs for everyone involved as the companies try to recover the lost money.
Increased Security Industry-Wide
These regulations have helped to raise security awareness and implementation across the industry. You need to make sure that you are doing your part to reduce the risk of credit card and information theft.
It is important that you assess your credit card security practices right now to ensure that you are managing and protecting the information that moves through each transaction. The best way to ensure your PCI compliance is to work with your credit card processing provider. An individual assessment can be completed, and recommendations will be offered to improve your compliance.
What are your questions about credit card processing and PCI compliance? Our team is here to assist. Contact us anytime for information about the credit card services that are available to match your business needs.