If your business accepts payment cards, then you’re probably already familiar with the concept of PCI compliance. If not, you should be. Payment Card Industry compliance protects you, your customers, and the security of your financial transactions. If you accept, transmit, or store cardholder data, you are required to be compliant. However, you also need to make sure you don’t get caught in one of the many pitfalls along the way.
It’s very easy to assume you’re meeting the basic rules for compliance when you actually aren’t. For example, you may assume that because you’re outsourcing your card processing to a third party that you’re in the clear. However, you can’t always guarantee that said third party is working in accordance to all the requirements, which is why it’s so important to take care of compliance in-house. Similarly, becoming PCI compliant isn’t a one-and-done deal. There are always new security risks, so you always have to keep up with the latest security improvements. Assuming that compliance will automatically protect you from security breaches indefinitely is a mistake.
You may also feel that because you’re a small business, you don’t have to be held to the strictest standards. Who would come after your business when they can go after major brands and giant corporations, right? Don’t fall prey to this mindset. Card information is lifted from small businesses all the time, and the result hurts both your customers and your reputation. If you’ve been behind the curve when it comes to meeting the most recent regulations, it’s time to take it seriously and upgrade your system.
Don’t be deterred when you review all of the current requirements. It may seem too big or complicated, but it doesn6’t have to be. It may seem like a lot, but it’s really mostly basic common sense and good practices. It’s important to not just complete a self-assessment questionnaire, but also implement all necessary steps. You don’t have to spend exorbitant amounts of money on an in-house security professional, and the benefits of being compliant far outweigh the negatives. For advice or assistance with PCI compliance, contact us here at Bay Cities Payments!