What is PCI Compliance? If you currently accept or are planning on accepting payment card transactions, you’ve probably heard of PCI Compliance. It can be tricky to implement, but the reasoning behind PCI is straightforward. No one — not businesses, consumers, or issuing banks want to be the cause or victim of a payment security breach, so PCI was created to help isolate liability and reduce breaches. Or more formally: The Payment Card Industry Data Security Standard (PCI DSS) is a set of standards created by major payment card companies to protect consumers and avoid liability by forcing businesses involved in the payment card ecosystem to implement safety measures and processes. Got it? Great. Why payment security matters The security of cardholder data affects your businesses, your customers, and the entire payment card ecosystem. If a breach occurs at your business, you’ll lose customers, you’ll have to pay numerous, often…
