Keeping card payments secure is important for all businesses and their customers. A financial data breach/hack can have negative impact on your business as your customers will lose trust and you be penalised or fined.
The Payment Card Industry Data Security Standard (PCI DSS) is a standard mandated by the card schemes to increase controls on cardholder data to reduce the risk of fraud. It applies to small businesses as well as larger service providers including PayPal.
- Compliance is a requirement laid down by the card schemes (Visa, MasterCard, Amex etc.) If your business is not compliant, then the acquiring bank which processes your credit card transaction can issue fines and eventually suspend your account. You could also be liable for any fraud on cards compromised through your system. PayPal may also limit, fine or eventually suspend, your account.
- Shoppers are security savvy and increasingly aware of the dangers of fraud and identity theft. PCI compliance ensures you have procedures in place to protect payment information. Compliance protects your reputation and builds trust.
- Compliance helps you reduce risk of liability in the event of fraud. It also reduces the risk of severe business disruption in the event of a security problem.
If you’d like any more information on PCI compliance, please get in touch.