To protect and secure your business, and your customers’ data, the credit card industry has introduced uniform data security standards. These credit card processing standards require all merchants accepting credit and debit cards to provide annual proof of compliance. This includes taking measures to secure networks and prevent data breaches.
Adept Payments makes it easy for you to comply with all PCI mandates. Through partnerships with proven and accredited providers, we connect you to a simple process backed by knowledgeable support and proven systems.
What Does PCI Compliant Mean?
Compliance with the Payment Card Industry Data Security Standard (PCI DSS) means your business meets a set of requirements for securely processing, storing, and transmitting credit card information. PCI DSS compliance requires organizations to:
- Maintain a secure network
- Protect/encrypt cardholder data
- Update anti-virus software and maintain security systems
- Restrict access to data
- Perform routine network monitoring/testing
- Create/enforce an information security policy
To be PCI compliant, your organization can install and maintain a firewall configuration to protect cardholder data. You can also complete a self-assessment questionnaire (SAQ) and maintain restricted access to computer data and physical storage devices for optimal security control.
Who Enforces the PCI Data Security Standard?
It is administered by the PCI Security Standards Council, while the Federal Trade Commission (FTC) is responsible for oversight of credit card processing. However, compliance is enforced by individual payment card brands and acquirers. These include financial institutions such as American Express, Discover, MasterCard, and VISA. Your organization must be PCI DSS compliant even if it uses a third-party processor.
Do You Have To Be PCI Compliant?
The courts have regarded PCI compliance as mandatory, although a regulatory mandate requiring it does not exist. Nonetheless, PCI compliance is not optional. Non-compliance can put your business at risk of major security incidents. Breaches of sensitive data can harm your organization in the form of heavy fines and damage to your brand reputation.
Your company can see substantial losses in the aftermath of data breaches, especially when consumer fraud occurs. Issuing banks can experience significant losses. Your business may then be liable for these if payment card information hasn’t been protected. This means you will have to pay the estimated losses to issuers.
Selling online without PCI compliance is a security risk. Depending on transaction volume, you could face extremely high penalties. This means you may pay anywhere from $5,000 to $100,000 per month if consumer information is exposed. Any problem involving non-compliance can lead to losing your right to accept payment cards, which can devastate a small business.
Furthermore, you need to prove your ability to prevent data breaches. How you go about this depends on monthly transaction volume:
- Small Volume: Complete assessment questionnaires and provide the information to an acquiring bank.
- Moderate Volume: You need an external Qualified Security Assessor (QSA) to issue an Attestation on Compliance (AOC).
- Large Volume: A firm-specific Internal Security Assessor (ISA) is needed if you process a large volume of card payments. It must provide a Report on Compliance (ROC).
Why Do Small Businesses Choose Adept Payments?
Our goal is to make it easier for businesses to operate and be profitable. Whether you need a PCI compliant credit card terminal for in-store or mobile operations, or a complete transaction processing system that tracks sales, buying activity, and other metrics, we can find the right solution for your company at a low cost.
At Adept Payments, we offer flexible contracts, transparency, and personalized customer support. Our goal is to ensure you get the most out of our solutions and remain compliant with the latest security standards. Contact us at 888-732-3838 to get started.