With a recent string of hackers breaching security, stealing sensitive customer credit card information and stealing money from customer bank accounts, it makes me wonder why service companies would not want to protect themselves further with simple painless measures.
One important step is becoming PCI compliant with credit card transactions. But you are probably wondering why … what’s the big deal? At first glance, especially if you are a smaller service company, it may seem like a confusing topic and a daunting task. But let me break it down for you.
PCI Compliance Benefits Versus Consequences
Compliance with data security standards can bring major benefits to businesses of all sizes, while failure to comply can have serious and long-term negative consequences. Here are some reasons why.
- Compliance with the PCI DSS means that your systems are secure, and customers can trust you with their sensitive payment card information. Trust means your customers have confidence in doing business with you and confident customers are more likely to be repeat customers, and to recommend you to others.
- Compliance improves your reputation with acquirers and payment brands — the partners you need in order to do business.
- Compliance is an ongoing process, not a one-time event. It helps prevent security breaches and theft of payment card data, not just today, but in the future. As data compromise becomes ever more sophisticated, it becomes ever more difficult for an individual merchant to stay ahead of the threats. The PCI Security Standards Council is constantly working to monitor threats and improve the industry’s means of dealing with them, through enhancements to PCI Security Standards and by the training of security professionals. When you stay compliant, you are part of the solution – a united, global response to fighting payment card data compromise.
But if you are not compliant, it could be disastrous. Compromised data negatively affects consumers, merchants, and financial institutions. Just one incident can severely damage your reputation and your ability to conduct business effectively, far into the future. Account data breaches can lead to catastrophic loss of sales, relationships and standing in your community, and depressed share price if yours is a public company. Possible negative consequences also include lawsuits, insurance claims, cancelled accounts, payment card issuer fines and government fines.
Achieving PCI Compliance is EASY
Through a recent partnership with Merchant Warehouse, ESC has become PCI compliant, in adherence to security and liabilities, when handling customers’ credit card information. Merchant Warehouse uses strong encryption technology ensuring the safe handling of cardholder information, which tremendously reduces your liability. Plus ESC Version 12 customers using Merchant Warehouse services have also seen lower rates and improved efficiency.
You’ve worked hard to build your business – make sure you secure your success by securing your customers’ payment card data. Your customers depend on you to keep their information safe – repay their trust with compliance to the PCI Security Standards. Contact dESCO or register for more information with Merchant Warehouse to take the first step toware PCI compliance today.
[Via PCI Security Standards Council: https://www.pcisecuritystandards.org/security_standards/why_comply.php]