What is so Important about PCI Compliance?

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PCI compliance might not seem important to a small business that only runs around one hundred electronic payments a day, but PCI (Payment Card Industry) compliance can make or break a business.

PCI compliance was created by the PCI Security Standards Council, and implemented in 2006 in an effort to keep sensitive electronic payment information secure. However, at first glance, PCI compliance can seem like more of a time-consuming and confusing hassle than a benefit, especially for a small organization or business.

PCI compliance and non-compliance can have huge positive and negative impacts on businesses, regardless of size. Below are some of the major reasons why PCI compliance is beneficial for your small business.

1. PCI compliance, or compliance with security standards established by the PCI Security Standards Council in 2006, means that your electronic payment systems are secure and that customers can trust your business with their sensitive credit card information. Customer trust means they will have confidence in your business and will feel secure purchasing from you in the future and recommending your business to friends and family.

2. Complying with current and up-to-date security standards for electronic payments means that your company will be less likely to have fraudulent charges and information theft, causing less stress and legal problems for your business.

3. Compliance builds a better reputation for your business with major credit card providers because they know that you are making an effort to keep their information secure as well. Security measures are important for all involved in the electronic payment process.

Now that you understand why PCI compliance is beneficial to your business, check out some reasons why being non-compliant can be an issue.

1. If your data is not protected by proper security measures that make your business PCI compliant, your data can be compromised-which can negatively affect consumers, business owners and financial institutions.

2. One compromised electronic payment transaction can hurt your business and reputation for years to come, damaging future sales and reliability-even if the problem is fixed and preventative measures are taken to protect future sales. Compromised data and electronic payment transaction can lead to loss of sales, lack of trust from potential clients, and a poor reputation in the community as well as other potential setbacks.

3. Compromised electronic payment data can result in various negative consequences including but not limited to lawsuits, insurance claims, payment card issuer fines, governmental fines, cancelled accounts, loss of customers and more.

The only way to prevent the negative consequences from a potential data breech is to protect data from the start with PCI compliance guidelines. Making and running a business is hard word, do not lose the client and customer loyalty, money and respect by falling victim to data breeches-protect your data with the guidelines laid out by the PCI Security Standards Council. PCI compliance can save you future headache even though it might cause some stress to implement.

PCI compliance also benefits companies and businesses because with PCI compliance guidelines in place, the company will be better equipped to comply with regulations such as HIPAA and SOX. Customers depend on you to keep their sensitive electronic payment information safe and secure; protect your customers with PCI compliance from your business or organization.

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