When you own a business, your top priority is to please your customers and make sales. With evolving technology and digital payments, most things have become cashless and contactless. Online payment security plays a major role in running a business successfully. That’s why PCI compliance is used to ensure the safety of online payment methods.
Payment Card Industry Data Security Standards (PCI DSS) compliance, or simply referred to as PCI compliance is a set of standard guidelines for the companies to manage and secure credit card information in a secure environment to protect both the customer and the merchant.
PCI compliance was established by the Payment Card Industry Security Standards Council (PCI SSC) which was formed in 2006 by top credit card companies in the world including Visa, Mastercard, Discover, JCB International and American Express with an effort to protect credit card data from theft and fraud.
Companies that follow and achieve PCI DSS are considered to be PCI compliant. Companies being PCI compliant reduce data breaches and prevents hacks by protecting the data of cardholders, avoids fine and improves brand reputation.
Credit card fraud is challenging to deal with. If businesses neglected this situation, it would lead to a massive blow on the revenue and company reputation, as customers lose trust due to vulnerable security breaches. According to the 2018 Verizon Payment Security Report, only 52% of all the companies were 100% compliant.
If your company uses any credit cards from the affiliate providers in the PCI SCC then you need to be PCI compliant. PCI Compliance comes in 4 levels with 12 requirements under 6 overarching categories.
Let’s form a PCI compliance checklist by reviewing their requirement categories.
This outlines the security network and its mechanisms.
This is concerned with data security elements regardless of their methods
It’s covered application security which includes antivirus software and security filters.
It is concerning how to authenticate the user and permit certain resources within the environment. It prevents unauthorised physical access by requiring locks, cameras, etc
This concerned with implementing new security mechanisms, and keeping up with threat management for malware and viruses.
This includes training programs and education to ensure proper practices.
To pass and be PCI compliant, your company needs to comply with 100% of the requirements and submit them to the acquirer.
PCI compliance payment gateways securely transfer money from customers’ accounts to your payment portal. They secure transactions by encrypting data and allow businesses to collect online payments.
It is a well-known and trusted payment platform. It offers a Payflow payment gateway to process payments.
It offers its payment gateway which is called Stripe Connect. It accepts a large number of other payment methods including Apple Pay, Google Pay etc.
It is a payment gateway established in 1996, it is not a merchant account provider; it’s purely a payment gateway.
It is a payment gateway that specialises in the e-commerce industry. It is both a merchant account and payment gateway provider.
When you have a seamless checkout experience, you are likely to gain more customers for your growing business. To maintain the reputation of your business it’s essential to have PCI Compliance, to secure and safeguard your customers’ data.
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