In this day and age of virtual identity theft and fraud, it is vital to have a secure online business. Does your company need to manage daily e-commerce orders and payments? If so, the Payment Card Industry Compliance (PCI) is important for your online ﬁnancial transactions. All customer information entered into your website is sensitive data that must be protected.
As a business owner, it is essential to be educated about PCI compliance. Square Incorporated states that “30% percent of small businesses report that they don’t know the penalties for noncompliance with PCI DSS 3.0.”
What is PCI DSS?
The PCI Compliance Guide states that “The Payment Card Industry Data Security Standard (PCI DSS) is a set of security standards designed to ensure that ALL companies that accept, process. store or transmit credit card information maintain a secure environment.”
It will beneﬁt you to be PCI compliant if you plan to use well established ﬁnancial services. Both MasterCard and Visa require merchants and service providers to be validated according to the PCI DSS.
Securionpaycom states that implementing the PCI security standards into your business strategy will be an ongoing process and consistent responsibility. The primary purpose of the PCI DSS is to reduce the risk of debit and credit card data loss. It provides protection for both merchants and cardholders. The PCI DSS offers guidelines on how to detect and prevent data breaches.
When you become PCI compliant. you will have to go through an auditing procedure to meet the PCI DSS requirements. The audit is separated into 4 different levels depending on the number of processed transactions that your company has per year. Level 1 is for merchants that process the highest amount per year, and level 4 is for merchants that process the smallest amount.
Reasons why the PCI DSS is important for your business.
. PCI compliance can build customer conﬁdence in your business-increasing proﬁt and sales.
It’s important for customers to know your website is secure when purchasing your products or services online.
SecurityMetrics Blog writer George Mateaki states that ‘Customer conﬁdence can really affect whether your ﬁscal year is proﬁtable or not. People are less likely to take your business if they don’t feel conﬁdent in you keeping their data safe.”
Mateaki continues that “Two-thirds of US adults wouldn’t return to a business after a data breach. Should you get breached, or if your customers aren’t conﬁdent in your security, you could lose business.”
. PCI compliance can help you avoid large ﬁnes, penalties, and lawsuits that result from company data breaches.
Square, Inc. reports “lf your company violates PCI-compliance standards, credit card brands may levy ﬁnes from $5,000 to $100,000 per month to your acquiring bank. The banks often pass this cost along to the merchant and can terminate contracts or increase fees for transactions, in response to breaches and violations.”
Writer George Mateaki states that other ﬁnes can include customer lawsuits. third-party lawsuits, government ﬁnes, card brand ﬁnes and more.
. Protecting your clients can strengthen your business credibility and brand identity.
Customers can pay online with ease knowing that you are protecting them from identity theft and fraud. You communicate to customers that your company is reliable. secure and professional, which will establish your brand.
For example. Amazon.com is America’s largest internet retailer. With a reputable brand, Amazon customers feel secure when purchasing online. Amazon’s subsidiary, Amazon Web Services has been PCI 088 Certiﬁed since 2010.
The PCI-DSS Level 1 compliant order management software, Orderwave, can help with storing your customer credit card information. Orderwave enables your e-commerce processes and subscription selling to be PCI-compliant with optimized speed. You can also conveniently integrate Orderwave with Magento and Shopify.
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