Being “PCI Compliant” means that a business is following all of the rules to keep business and client information safe while processing credit cards. Compliance with PCI standards is required of all companies that store, process, or transmit cardholder data and applies to all acceptance environments; including retail (face-to-face), mail/telephone order, and e-commerce.
WHAT IS PCI:
PCI-DSS is a set of technical and operational standards designed by the Payment Card Industry Security Standards Council to protect cardholder data. The Council is made up of Visa, Mastercard, Discover, American Express, and JCB.
WHY IS COMPLIANCE IMPORTANT?
- A typical data security breach costs a small business merchant between $25,000 – $50,000, but can be much higher depending on how many card numbers were compromised.
- Non-compliance makes a business vulnerable to fraudulent activity and data breaches.
- 92% of cardholder data breaches occur in small business locations. They aren’t the breaches we hear about on the news, but they are the most common.
- PCI-DSS compliance is mandated by the card associations. The standard is overseen by an independent council of the five major card brands: Visa, MasterCard, American Express, JCB, and Discover.
WHO NEEDS TO BECOME COMPLIANT?
- If you accept credit cards as a method of payment for goods or services, you must comply with the PCI Data Security Standards.
HOW DO I BECOME COMPLIANT WITH PCI-DSS?
- Elavon has teamed up with a security company, Sysnet, to provide you with a program to become PCI compliant. Register today to get certified.
Keep Your Customers’ Data Safe with PCI