![]() ![]() Security must be a priority for merchants processing customer and payment data. A data breach can impact not only sales, but can involve fines and cause irrevocable damage to the reputation of the business. As an ongoing effort, PCI compliance examines how data is handled across the organization to identify potential vulnerabilities that could put cardholder data at risk so they can be addressed. The level of compliance to be achieved is based on the number of transactions processed by the organization each year. With 12 high-level requirements the standard enforces controls around the storage, transmission and processing of cardholder data. The standard was developed by the Payment Card Industry Security Standards Council (PCI SSC) which is made up of American Express, Discover Financial Services, JCB International, MasterCard and Visa. The PCI DSS standard was designed as a minimum standard to protect cardholder data from fraud. ![]() PCI Compliance What is PCI DSS compliance? This starts with knowing the payment processing compliance standards they are obliged to adhere to. Merchants that do business domestically and internationally need to protect their own businesses and the personal and financial data of their customers. And that means understanding compliance requirements and working with a payment service provider that helps you manage and maintain compliance and protect against data breaches and fraud – allowing you to focus their efforts on expanding your business. Being proactive is the best defence against a data breach. Merchants face a complex challenge to understand and achieve compliance across all the jurisdictions in which they operate. How Can Merchants Make Payment Processing Compliance Easier? Understanding and making sure you are meeting these requirements is essential to protecting your business and your customers. Many countries have their own unique set of regulatory and licensing requirements to securely govern payments. Costs include regulatory fines, internal time and effort, lost opportunities, customer churn and bad publicity.Ī number of privacy and data security standards have been established to protect businesses and individuals from fraud.Costs have increased 12% over the last five years and continue to increase every year. ![]()
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