If your business performs credit card processing to facilitate the purchase of goods or services, you must familiarize yourself and adhere to PCI-DSS compliance regulations. But even if you’ve never heard of PCI-DSS compliance, there’s no need to worry: You are not alone.
Typically, your credit card processing partner will tackle most PCI-DSS compliance-related tasks for you, but as a business owner, you’ll also be responsible for complying with these regulations. With that in mind, we will cover the essentials of PCI-DSS compliance so that you can protect your business and your customers’ confidential credit card data.
What Is PCI-DSS Compliance?
The Payment Card Industry Data Security Standard (PCI-DSS) is a set of regulations created by the payment card industry. In total, there are 12 compliance requirements listed in the PCI-DSS, which you can view by clicking the link above. These standards apply to any business that processes, stores, accepts, transmits, or handles credit card data.
PCI-DSS compliance standards were designed to protect consumer data from malicious actors that would use that information for criminal purposes. These standards also protect credit card companies from fraud-related losses. Adhering to these standards has become more critical than ever in light of recent and growing credit card fraud trends.
According to a 2021 report, the credit card industry is expected to lose $408.5 billion over the next decade, and individual consumers are also being impacted at a record rate. In 2021 alone, almost 84,000 Americans filed a report of credit card or bank account fraud, a figure representing a 64% increase compared to the 51,000 fraud reports filed the previous year.
How You Can Achieve Compliance
The importance of PCI-DSS compliance cannot be overstated. As such, you must proactively work to achieve and maintain PCI-DSS compliance, which you can do so by:
Partner with a Reputable Credit Card Processing Company
A reputable credit card processing company will help you meet most of the 12 PCI-DSS requirements by leveraging established cybersecurity best practices and secure technologies. On that note, you should consider partnering with a total business solutions provider like Simpay.
At Simpay, we provide low-cost credit card processing services that are secure and PCI-DSS-compliant. We also offer several other simple solutions that are just as simple to implement, including online payment processing and transaction tracking. We even provide business insurance. Connect with us today, and allow us to help you achieve PCI-DSS compliance.
Use Modern Antivirus and Anti-Malware Software
Even if your credit card processing partner uses antivirus software, you are still responsible for securing your network. You can do so by implementing anti-malware and antivirus software. Alongside that, you should also implement firewalls to safeguard customer data. Cumulatively, these technologies will make you far less vulnerable to a cyberattack.
Create a Detailed Credit Card Processing Policy
Under the PCI-DSS, your company is required to create a detailed credit card processing policy. Such a policy should be documented under your company’s employee handbook or general directives and be clear, concise, and easy to adhere to.
Falling out of PCI-DSS compliance can negatively impact your company’s ability to process credit card payments. But, perhaps, more importantly, non-compliance can lead to a data breach that compromises customer data and destroys your company’s reputation.
Therefore, you must always be diligent about PCI-DSS compliance and cybersecurity in general. You should carefully vet all vendors, provide employees with training on compliance best practices, and continuously prioritize information security. Doing so can protect your customers and your company’s reputation and set you up for sustained success in your respective industry.