Is Your Business PCI-DSS Compliant? If your business accepts credit cards, you must comply with PCI-DSS. MasterCard and Visa have similar PCI levels, but American Express and JCB define them differently.
For example, American Express defines level 1 as processing 2.5 million transactions annually. In addition, potential clients, partners, and payment providers may require organizations to achieve PCI compliance.
Does your Business Need to be PCI Compliant?
Do you accept credit cards on your website? If so, you should have a payment card industry compliance. PCI DSS stands for Payment Card Industry Security Standard, which applies to all businesses that accept credit or debit cards. Even if you don’t accept credit or debit cards, it’s still important to be PCI compliant.
You need to abide by the rules and regulations of the PCI SSC, which are set to prevent data infringement and non-compliance fees.
Is Your Business PCI-DSS Compliant?
Therefore, it is vital for your business’s security and peace of mind. In addition, the regulations apply to all companies regardless of size, so if you accept card payments, you must be PCI-DSS-compliant.
1. Ensure Data Security
Generally, to be PCI compliant, your business must take steps to ensure data security. Using a PCI-compliant server to store customer information will prevent fraud, increase customer trust, and reduce costs.
Those steps vary according to the size of your business, the number of transactions you process each year, and the payment card brand you accept. Levels 2 and three merchants must undergo quarterly vulnerability scans and are required to update their SAQ regularly.
Businesses may pay up to $10,000 to a QSA, though the cost depends on the number of locations and the complexity of their networks. These fees go toward updating and maintaining the data servers and networks. Payment gateways and processors are responsible for transmitting and storing customer card information.
The PCI standard requires that you use secure storage, processing, and transmitting cardholder data. The Payment Card Industry Security Standards Council, an independent organization, created by major credit card brands, set this standard.
However, the requirements can be challenging to understand and implement. As a result, small businesses that want to avoid falling victim to card fraud must ensure they meet these requirements.
2. Approved PTS Device
Keeping a list of approved PTS devices on hand is easy to meet these requirements. These tools are excellent for PCI compliance as they integrate the POS and payment processing into one. These systems also come with PCI compliance support. There’s nothing worse than not being able to pay attention to PCI compliance and losing customers.
There are many ways to ensure your business is PCI-DSS compliant. One way to be PCI-DSS-compliant is to install video cameras and electronic access controls. Having video cameras and electronic access controls can help protect your business against unauthorized access to sensitive card data.
You should also keep logs of personnel movements and separate authorized personnel from unauthorized users. Finally, removable media that contains cardholder data must be securely stored and disposed of when no longer needed.
3. Security Policy
Payment Card Industry Data Security Standard is a set of security requirements for businesses dealing with credit and debit cards. Major credit card brands and merchants support the Payment Card Industry Data Security Standard (PCI DSS) initiative.
While compliance requirements vary by business size, the general conditions apply to any business that processes credit or debit cards. You can download a sample of the security policy you need to comply with PCI DSS.
Level 1 merchants are required to conduct scans quarterly. You can get a scan for less than $100 and submit a certification form. If your business is low-volume, you may want to consider PCI-DSS-compliant solutions.
Those who aren’t PCI compliant will need to take extra steps to ensure cardholder data security. For example, if you accept credit cards online, you must create a secure cardholder data environment. The security environment entails people, processes, technology, and integration.
In addition, there are additional requirements regarding virtualization and integration. PCI-compliant software will ensure that your business meets the needs of the PCI SSC.