Understanding the Value of PCI DSS Compliance
PCI DSS compliance is a practice all businesses must follow if they want to accept credit card payments. The Payment Card Industry Data Security Standards entail rules for how people can accept credit card transactions. These rules for mobile credit card processing include using encrypted and secure networks while also protecting and responsibly securing all customer card data.
It is necessary to watch how you’re going to manage PCI standards. People will trust your business if you manage PCI standards, plus you can avoid some of the most significant consequences that come with not handling what you hold. Here’s a closer look at how PCI compliance can be critical to your general success in work.
Securing Critical Pieces of Data
The most substantial value of PCI DSS compliance is that it ensures all pieces of customer data will stay safe. These include details like:
- A primary account number on a card
- The cardholder’s name as listed on the card
- The card’s expiration date
- Track data, whether it entails a magnetic stripe or an EMV chip
- The card verification value or CVV
- The personal identification number or PIN one enters during a transaction
All these items are necessary for payments, especially when handling online transactions where a physical card may not be present.
The PCI DSS rules you’ll need to follow to maintain your merchant services work include:
- Using secure networks to collecting these pieces of data
- Limiting access to the content on a need-to-know basis only to those who need to use it for any purpose
- Storing all cardholder data in a secure space with enough protection; this includes removing all CVVs or other numbers that are only to be temporarily used
- Handling mobile credit card processing efforts through safe encrypted spaces or offline connections if necessary
- Informing all your employees about all PCI rules any changes to your current plans
PCI rules cover every part of your business. Your work can be as complete as necessary, but it must put the safety of your customers and their data first.
What Parties Work In the PCI Process?
PCI rules are essential because just about every party in the credit card processing industry must follow them. The parties that will manage PCI standards include:
- Businesses securing all customer data in safe spaces
- Software companies that will produce programs that can handle all pieces of customer data
- Hardware companies that use these software programs
- A credit card processor that will collect all payment signals and details as they appear
- Card brands; they may produce unique safety standards and rules for preventing fraud
All parties participate in PCI processes to ensure every card transaction stays safe and secure. The work is about encouraging customers to use credit cards for everyday transactions. Those who don’t follow PCI rules will harm the industry, thus leading to various penalties and other issues where people won’t have access to the content they wish to manage.
A Legal Matter
PCI compliance is about legally providing useful card-handling services to your customers. While there are no specific mandates surrounding PCI compliance, there are enough court precedents in place that make this concept essential to follow for your success.
Credit card companies and networks traditionally produce agreements surrounding how people can manage credit card payments. These companies will also promote these rules to people who want to use these cards. They expect that the companies that accept these cards will meet all the rules the card networks and companies have produced in good faith. Those who do not follow those rules may be liable for damages, which can be significant depending on the size of the data loss or breach.
What Could Happen If You Don’t Meet PCI Standards?
You will be at risk of serious consequences if you don’t meet PCI DSS compliance standards. Some of these concerns that might develop include the following:
- You could lose a substantial amount of income from fraudulent activities.
- You would have to reissue new payment cards to any customers who were impacted by data losses.
- The legal costs of dealing with fraud and other data theft-related issues can be significant.
- You may also be subject to fines and penalties for not meeting PCI DSS rules. You may be fined thousands of dollars depending on the severity of the issue.
- Your company’s brand will be weakened, as people may not figure your business is trustworthy.
- Employees might not return to your business following a major issue. They may choose to work elsewhere, particularly a place that people might trust.
- Consumers will not be confident in doing business with you. They might figure you’re not going to protect their data as much as they would wish.
These problems can be significant concerns, but you can contact a merchant services provider today to see how you can attain PCI DSS compliance.
Preventing Human Error
It is estimated that most credit card breaches or losses of data come from human error. These errors come from improper storage and access rules and servers not being kept up as well. These losses aren’t from people stealing card data, but rather because companies aren’t capable of keeping their existing data stores under control.
You can talk with a credit card processing team to understand what works when you’re trying to manage PCI rules. You may find you might lose money if you don’t handle your content well enough. Your reputation will also take a significant hit depending on what happens here.
Contact a team to help you review your business needs and to see what you can fix to become compliant and secure for everyone. A team can complete a review of your business and see what you should be doing to reach or maintain PCI compliance. You can prevent various problems if you meet all PCI DSS rules and keep them under control. The losses from not maintaining compliance can be dramatic if you don’t keep things running right.