If your business takes credit card payments online, over the phone, in person or any other way, the Payment Card Industry (PCI) - Visa, MasterCard, American Express, Discover and JCB - require you to protect cardholder’s information by meeting certain security standards.
PCI compliance reduces credit card fraud, but...
... meeting PCI compliance is not that easy for small business as:
- there’s a lot of technical jargon
- the rules and mandates change often
- it can be expensive and time consuming to maintain.
Why should I become PCI compliant?
- You must do it if you want to accept card payments.
- It tells the world your systems are safe.
- Online shoppers will buy from you if they trust you.
- Happy customers come back and recommend you.
- Many businesses will only work with PCI compliant partners.
- It helps keep you safe from card data theft and fraud.
What happens if I don’t comply?
If your business isn’t PCI compliant and you have a security problem:
- it can severely damage your reputation
- you could loss a huge amount of sales
- customers might cancel their accounts
- the value of your business could plummet
- you may face fines, lawsuits and insurance claims.
A free, fast way to become PCI compliant
If you can’t afford to invest the time, money and effort needed to become PCI compliant directly, another way is to use a payment service that already is.
For example, PayPal have several products that accept and store credit card information. By using them you:
- can take credit card payments on your site, phone, etc
- automatically meet the PCI regulations
- won’t pay any more than the usual small fees they charge.
Or for more PCI compliance information, visit the PCI Security Standards Council website.