PCI Compliance and How It Protects Your Customers' Sensitive Information

Every business should make maintaining PCI compliance a priority in order to safeguard customer information. From restaurant to retail, service and government industries, every corporation that deals with card payments must ensure that it is following the PCI standard. As technology continues to evolve, so must our commitment to securing customer data against those who would steal it and engage in fraudulent activity.

What Is PCI Compliance?

PCI (Payment Card Industry) compliance entails following the standards set forth by the industry. This is mandatory for all merchants that process, transmit, or store any cardholder data. If you accept payment through any form of payment card, then you are held responsible for becoming and remaining PCI compliant.
Whether you conduct business over the phone or in the mail, in store, or online, you still qualify as a merchant and are accountable to the industry standards. All credit card brands support the PCI standard, including: Visa, Mastercard, Discover and American Express. To show your compliance as a business, you must possess a secure collection of customer data that is tamper-proof and ready for analysis. You also need to prove that data protection controls are in use, and that you have an auto-alert system that continually monitors access and usage of data.

The Cost of a Security Breach

Some business owners think that keeping up with PCI standards costs too much money and effort to be worth it. In fact, a security breach for a company of any size can have severe consequences. A small or medium sized merchant can face hundreds of thousands of dollars due to a security leak—and that is not all.
Not following the PCI standard can run you up to $500,000 in Card Association fines, while replacement cards for breached accounts cost around $20 to $30 per card. If you have to undergo a forensic investigation of your point of sale systems, you will pay $10,000-$20,000. There can be long-term implications due to a lack of PCI compliance and ultimately a breach in security, like losing your reputation and customer loyalty. So when you add it all up, ensuring PCI compliance is much easier and safer than running the risk of neglecting the security of sensitive data.

Methods Used in PCI Compliance

You may be wondering what PCI compliance actually translates to in your business. It could mean performing self-assessment questionnaires to ensure that your company is on track, or it could mean removing the complete numbers and expiration dates of credit cards from receipts. Quarterly scans could also be conducted to scout out any vulnerability in your system and pinpoint troublesome areas. Perhaps your company needs to install new credit card processing equipment that offers Triple DES PIN encryption. Full PCI compliance is an ever-changing task for businesses that needs steady attention—it is not a one-time achievement.

Additional Benefits of PCI Compliance

Aside from escaping monetary losses, there are numerous advantages to keeping your business PCI compliant. Improving organizational security will help fend off hackers so that you can rest assured that cardholders' information is safe from harm. This will help build up your customer base, as happy and confident shoppers turn into repeat customers. Your overall brand image will be positive, showing your company as a responsible and productive member in the market that not only adheres to but also promotes PCI compliance. Business partners and investors will become confident in your capabilities as a company, and you will sleep more soundly at night knowing that you are doing everything in your power to protect your firm.

How Merchant Services Can Help

Selecting the right merchant service provider can help you in your journey to stay PCI compliant. Many merchant service companies offer security awareness training, self-assessment questionnaires, vulnerability scans and more. Some even have a protection program that helps cover merchant fines and other expenses associated with a security breach. If you have a good merchant service provider, you will also be supplied with state of the art processing equipment that is up to date with the latest PIN encryption standards. By enlisting the services of a company that puts PCI compliance at the top of its priorities, you can be sure that your business is well taken care of.
As a business, you owe it to your customers and your brand to be in compliance with the PCI standard. The size of the establishment or the trustworthiness of the employees should not deter you from keeping up to date with the latest rules and technologies. If you or someone you know has ever dealt with theft or fraud, then you know firsthand how damaging it can be. Take the necessary steps to protect your company—you will be happy you did.