Keep Your Business PCI Compliant and Avoid Excessive Transaction Charges
Whether its online or offline, if your business takes credit and debit card payments for the sale of its products and services, you will need to ensure that you are complying with the standards of the PCI DSS (Payment Card Industry Data Security Standard), who have a clear set of requirements and standards that that have to be met by every business that wants to allow for payments from the major card companies. They also ensure that security measures are being met in order to lower the risk of data fraud and any other illegal activity.
It is 100% essential that a business complies with the PCI’s rules and regulations. There are transaction charges, fines and outright dismissal from merchant code services awaiting any business that doesn’t adhere to the standards set by the PCI, a cost that all businesses – from small and medium businesses to large corporations – will want to avoid for the sake of their profits and their reputation. Business owners will not want their customers to lose trust and confidence in them as a result of incompetence or simply not adhering to guidelines. This could have devastating effects on smaller businesses, and even large corporations – who will see increased media publicisation as a result of a case like this – could see long-term damage to their brand.
How Can Our Business Comply?
Businesses can work with fully accredited Tier 1 PCI Service and Solutions Providers to ensure that safe and secure transactions can be made via credit and debit card, via telephone, SMS and by internet payments via the website. This is the highest possible standard and comes highly recommended as it saves your business the trouble of dealing with these issues yourself. You could forget to do so and risk being fined, so it saves time and could save you money in the long run, both at the same time.
Your business can have an onsite or hosted PCI solution. The benefits of having a hosted service is that the service provider can make it simple for you to comply with the PCI regulations by simply having you fill out the SAQ (self-assessment) form once a year. You wouldn’t have to think about it again and the payment page hosted by the provider will function without any issues like transaction charges and fines. You can also have your company logo placed on the hosted payment page, allowing customers to see that it is you who they are dealing with and continue with the purchase of your products and services.
If you decide to have your payment pages on your own site, you can comply with the PCI by filling out the SAQ form annually and ensure that the servers that you use are scanned every 3 months to ensure they are meeting the requirements set by the PCI. It may seem like more trouble, but you will have complete control of your payment page, meaning that customers will feel more safe and reassured when making payments than they perhaps would if they were purchasing from a third party.
The best way to avoid any fines and transaction charges is to be vigilant. Keep checking your systems and keep up to date with the regulations and standards of the PCI to ensure that you are ticking all the right boxes. Continue to do this and there should be no issue with your business facing any kind of penalties.