If your business accepts any credit cards, then it is important to know what PCI Compliance is and how it applies. Knowing and abiding by the guidelines can save your organization from an expensive legal battle and ensure that your customers have the best security behind their purchases. Here are a few common questions regarding PCI Compliance:
PCI (or Payment Card Industry) compliance requires following a defined the set of standards developed by the PCI Security Standards Council (which consists of AMEX, JCB, Visa, MasterCard and Discover). These standards apply to any company that accepts credit card payments, and all standards share the goal of providing and maintaining a secure network for customers that purchase via credit card.
The Payment Card Industry Security Standards Council establishes and sets the standards that must be followed by all merchants that accept credit cards. This council is managed by an executive staff and committee that represents the largest payment conglomerations such as AMEX, JCB, Visa, MasterCard and Discover. These members of the payment industry are assisted by many advisors throughout the process of updating and creating the requirements.
Compliance Guide states that any organization, regardless of size or number of transactions, that accepts, transmits or stores any cardholder data, must comply with the PCI standards.
Among the twelve PCI Compliance guidelines, four general rules of thumb stand out.
As a small business, within level 3 or 4, PCI compliance is especially important for ensuring that your organization does not incur hefty legal fees. Providing a safe mode of transaction ensures that consumers trust not only your business with their information and payment method but also the purchasing process overall. Without these rules, payments would be much riskier. Therefore, to retain the trust of the consumer, these compliance standards are enforced upon all credit card accepting organizations.
The PCI Security Standards Council clearly outlines the risks of non-compliance. In the interest of protecting the consumer, liabilities of non-compliance can include:
The PCI Security Standards Council makes the updated version of their standards available here on their website.
Partnering with an experienced trusted payment processor such as Tidal Commerce simplifies the process and ensures that your business is always in compliance with the regulations. Going above and beyond, Tidal Commerce also enrolls each of their merchants into a breach coverage program, which provides up to $100,000 coverage to merchants in the event of a breach. This coverage is rare in the industry, as normally the merchant is the one to suffer if they are breached and did not understand the responsibility or severity.
Contact Tidal Commerce to get started accepting credit cards, switching payment processors.
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