Merchants 5 Step Guide
To PCI Compliance
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ISO / Acquirers 5 Step Guide
To PCI Compliance
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Why Must Businesses Meet the PCI Standards?
PCI Standards must be met by all businesses that take credit/debit or paycards from the top four major card industry providers: American Express, Discover, MasterCard and Visa. PCI Compliance Standards are not laws - they are contractual obligations with the credit card companies. Credit card companies may enforce the terms of their contracts by imposing fines and/or sanctions against companies who do no comply with the standards for each credit card company.
What Happens If My Business Does Not Become PCI Compliant?
PCI Compliance is a requirement of your contract with the credit card companies. If you do not make your business PCI compliant, you are in violation of your contract. The credit card companies can take the following actions if your business does not abide by the security standards.
- Visa may charge your business up to $500,000 per incident if your network and the information of consumers is compromised.
- You may be banned from allowing your customers to use credit cards issued by the company that finds your business non-compliant.
- If you do not notify the companies of probable or actual violations or thefts of our customers' information, you will also be fined. Again, Visa can charge you as much as $100,000 per incident.
- Other fines may be charged if the credit card company feels that the your company's violations pose a risk to the credit card company and/or its members.
Why Is PCI Compliance Important To Businesses?
The PCI Compliance regulations were created to protect businesses and individuals. All parties benefit from abiding by the regulations, and companies not complying will face stiff penalties, which will include fines and loss of business.
Businesses accepting credit or debit cards or issuing payroll cards to employees owe it to themselves and their customers to protect the sensitive data contained in credit/debit card and payroll data.
PCI Compliance is important to businesses issuing paycards because a business' employees are the lifeblood of every organization. If employees' paycards are not protected through PCI Compliance standards, the employees stand to lose the money they have earned. If this happens, they open themselves up to many lawsuits by disgruntled employees.
PCI Compliance is critical for businesses because companies need to protect their bank accounts, the most liquid assets in any organization. Building and maintaining a safe and secure network provides protection against identity theft, one of the fastest growing crimes. These measures protect a companies' most valuable resource, the employees.
Here are some other reasons why PCI compliance is important for businesses:
- Consumers have increased confidence in the paycard industry.
- Abiding by the regulations minimizes risk and maximizes protection.
- Merchants' reputations are protected.
- Businesses gain a competitive edge.
- Companies enjoy increased revenue and improved bottom lines.
- Organizations maintain a positive image.
- Customers are protected.
- Information is shielded from intrusions by unwanted hackers and other industry thieves.
| Step 1: An Introduction to PCI Compliance
Step 2: Finding The PCI DSS Merchant, Service and Compliance Level
Step 3: Attaining PCI DSS Compliance-Merchant
Step 4: Finding a PCI DSS Approved Scanning Vendor (ASV)
Step 5: Completing the PCI DSS Self Questionnaire
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