One of the most important aspects of any business is safeguarding customer information during the payment process. In the increasingly digital world, this is more crucial than ever. This is where PCI DSS compliance comes in.
If you’re not sure what exactly PCI DSS compliance is, or why it’s important, you’ve come to the right place. We’ll explore what it is, the benefits to being compliant, and what can happen if you’re not compliant.
What Is PCI DSS Compliance?
Payment Card Industry Data Security Standard (PCI DSS) compliance is a set of security standards for card transactions. It was created and maintained by the Payment Card Industry Security Standards Council (PCI SSC), which was established in 2004 by all major credit card companies to protect card users’ data from fraud and theft.
PCI DSS compliance includes 12 requirements that businesses must meet, if you accept credit card payments. These requirements cover six main objectives:
- Build and protect a secure network
- Protect cardholder data
- Create a vulnerability management program
- Apply strong access control measures
- Regularly monitor and test networks
- Create a policy regarding information security
What Are the Benefits of PCI DSS Compliance?
Being PCI DSS compliant is mandatory for any business that handles credit card payments, but there are also added benefits to it as well. These include:
- Improved security: Being PCI DSS compliant helps you establish and maintain a secure environment for your customers’ sensitive and personal cardholder data.
- Increased customer trust: With so many options for online shopping, customers need to feel confident that a business will protect their personal financial information during checkout. Having PCI DSS compliance helps build that confidence and increases customer retention.
- Reduces the risk of data breaches: Because PCI DSS compliance requires strong firewalls and advanced encryption, you’ll prevent hackers from easily gaining access to stored customer information.
- Meet global standards: PCI DSS standards were introduced by the leading global card companies. Becoming compliant ensures your business is in line with the standards that are recognized around the world.
- Avoid costly fines: Without PCI DSS compliance, your business faces monthly non-compliance fees, charged either by your payment processor or merchant service provider.
What Can Happen If Your Business Isn’t PCI DSS Compliant?
PCI DSS non-compliance is not only a hassle for your business, but also a major risk. Not being PCI DSS compliant is a costly expenditure for many business owners. The biggest overall risk comes in the form of data breaches.
If your business experiences a data breach and you’re not PCI DSS compliant, credit card companies may impose heavy fines. You may also experience increased rates charged by banks or even risk having your merchant relationship with credit card brands terminated.
In addition, you may also find yourself facing legal action after a data breach, which can cost thousands (or more) in monetary payouts. It’s also an extreme headache and can hinder your business significantly.
Finally, without meeting PCI DSS standards, customers are less likely to view your business as legitimate and may avoid shopping with you. If a breach happens, you’ll likely lose even more customers, who no longer trust your business with their data. This can permanently affect your business reputation.
The Easy Way for Your Business to Become PCI DSS Compliant
Pay.com is a full payment service provider that offers the highest level of PCI DSS compliance – Level 1.
When you switch to Pay.com, you’ll never have to worry about being non-compliant, no matter how many transactions your business handles. With the assurance of Pay.com’s compliance, you’ll be able to focus on other important aspects of your business.
Once you’ve signed up with Pay.com, you’ll also gain access to a host of innovative and user-friendly features including:
- A wide range of payment methods, including credit and debit cards, digital wallets, ACH transfers, and more.
- Global payment processing, so you can receive payments from customers across the world.
- Custom checkout options, either using our no-code solutions or our API integrations for a more tailored approach.
- Advanced security support with 3D Secure 2.0 authentication for card payments.
- Transparent, per-transaction pricing, with no hidden fees.
Onboarding is simple and straightforward, so you can get started quickly.
Click here to sign up with Pay.com now!
The Bottom Line
Being PCI DSS Compliant is essential for most modern businesses. Whether you process 20 credit card transactions a month or 20,000, PCI DSS is a requirement set forth by the credit card industry. Putting these standards in place help prevent data breaches and boost the trustworthiness of your business.
Pay.com makes it easy to ensure your business is fully PCI DSS compliant. We offer the highest level (level 1), so you’ll never have to worry. We also offer additional security support through 3D Secure 2.0, to further protect your business from fraudulent card payments resulting in costly chargebacks.