As a small business owner, it is important you be aware of and are adhering to PCI Security Standards.
In fact, it’s beyond important. It’s like how automobile insurance is required for every vehicle owner, but it’s actually insurance for all business owners.
There is an obvious need for security in the world of credit card processing. Seems like every day we hear about another threat to our security, in more ways than one!
Criminals have gotten sophisticated in their efforts to steal cardholders’ information to use for their own devious purposes. Because of this, credit card companies came together in 2006 and formed the Security Standards Council.
This security council has one goal in mind: developing the best and safest security standards for merchants to follow to help them keep up with the ongoing evolution of security threats.
It is an ongoing process of monitoring security threats and continually adjusting security standards to stay ahead of those threats.
Many of the security standards which were developed since the Security Council was first established look very different now because of the shift to EMV smart credit cards. These cards utilize built-in circuits to communicate with payment terminals.
Because of this very drastic change in the way cards are accepted and processed, new standards have been developed to ensure those transactions are processed safely and the cardholder’s information is kept secure.
Maybe you are a small business owner and you think, “This doesn’t apply to me! This is for the big dog, multi-billion dollar companies out there.”
Actually these security standards apply to any business who accepts, stores, or transmits credit card holder’s information.
So even if you only take payments over the phone, you are still transmitting cardholder’s information to your processor, who transmits the information to the customer’s bank or credit card company for verification.
The security standards still apply to your business and must be followed. Each credit card company has their own specific set of requirements in addition to those set by the PCI/DSS and those must be followed as well.
The ramifications of not being compliant with PCI Security Standards can be potentially far reaching and devastating, especially for small and medium sized businesses. So much so they might go out of business because of it!
When it is discovered your business is not PCI compliant (and it will be discovered eventually) the credit card companies will charge your bank penalty fees which they will then pass down to you.
In many cases, the bank will also discontinue your account with them and will refuse to do business with you, or they will increase their transaction fees.
Why do they increase your fees? To pay for any potential fraud! To pay for your “fraud insurance”!
These increases can be significant and will really add up over a period of time.
Most small and medium sized businesses can’t afford any extra costs, let alone huge fees and having their bank cancel their merchant account. The cost can be astronomical and many businesses are forced to close their doors because they can no longer afford to do business.
Meeting these standards is in your best interest and has many, many benefits. Some which can’t even be quantified in words.
Not only will it help your business avoid huge fees for non-compliance in the case of a data breach, it will also help you avoid lawsuits, insurance claims, your merchant account being cancelled, fines from the payment card issuer, fines from the government, etc.
“Why wouldn’t you want to meet security standards?” is the question every business owner should really ask themselves. Being PCI compliant means your systems are secured with the latest security standards.
When you run a business your customers can trust with their credit card and bank card information, which turns into repeat business and could turn into an increase in business when they tell all their friends.
(Plus, there’s the free loyalty rewards program you get for life when you team up with RedFynn to grow your business beyond your dreams.)
Getting the picture? PCI Security Standards are good for everyone… except criminals. But who wants to cater to their needs? Not smart business owners, this is for sure!
PCI Security Standards make the world a safer place. When we all start to take away criminals’ ability to steal customers’ information, they start to lose the game.
It’s a hard fought battle which is never ending, and the Payment Service Industry Security Standards Council is determined to do whatever is necessary to combat these ever-present, ever-evolving threats to our security.
Give us a call over here at RedFynn if you have any further questions about PCI Security Standards or how you can make sure your business is 100% PCI compliant.
We’ll assign a dedicated rep to take you by the hand and walk you through the entire process of becoming PCI compliant, so there’s no guesswork or headaches involved at all on your end. Just streamlined efficiency. Get it done and get out.
We live for this stuff! (888) 510-9871