Owning a company or running a business, whether it is an online store or a retailer, accepting card payments has become common. If so, adhering to PCI DSS Compliance is important.
What Does PCI DSS Do?
PCI DDS represents Payment Card Industry Data Security Standard. It is a standard set by five credit companies to combat credit card fraud. As such, there is no hard and fast rule by law to have PCI certification. But, businesses handling credit or debit card payments must fulfill PCI requirements.
PCI DSS Compliance provides businesses with guidelines to accept credit cards, and there is an actionable framework working to safeguard the cardholder data. The PCI Council governs it, and the original creation was to use information from the security programs of MasterCard and Visa.
Being a PCI complaint allows your business to abide by the standards of data security established by PCI DSS. The standards assist merchants in handling their customer data safely. They can store it securely and process sensitive information hassle-free. Businesses accepting credit cards are to meet the standards.
What are PCI regulations?
PCI regulations include:
Protecting cardholder data and information
Having a secure network for card processing
Create an information security policy and maintain it
Put robust access control measures
Test and monitor the networks regularly
Protect systems from malware
Securing a card processing network requires installing firewalls to safeguard sensitive data such as credit card numbers, passwords, PIN, and CVV. The POS system is all about card payment, and so there is a need for PCI regulation. To ensure security, store card data, transmit data and encrypt, it must have PCI Compliance.
With PCI Compliance, you can protect your systems; maintain secure applications and systems from malware. However, you have to ensure limited access to your employees with the cardholder data. Also, authorized personnel to have access and track the cardholder data that has access. Monitoring and tracking regularly set clearly the security of the cardholder data.
Is PCI Compliance a must?
Yes, it is a must for all businesses accepting debit or credit card payments. It is a must, even if your company has little volume. Validating PCI Compliance is now the responsibility of processors, individual acquirers, and merchant service providers.
With PCI Compliance, there are costs involved, and it varies as per your processor, setup, and more. You have to pay for assistance to set up firewalls and secure networks. It can be an external company or an employee. Some processors ask for a PCI Compliance fee. If you need to be up-to-date to meet the compliance requirements, there is a fee if it is a reminder from outside.
The POS system processor should help with compliance. However, with a data breach, you may incur expenses such as fines to pay, replacement of customer card costs, and more. The charges with a breach may be huge and outweigh the cost of being a PCI Compliant. Ensure to reduce data breach likelihood by accepting PCI Compliance.
Whether you have a POS system or are planning to buy one, it is time to consider the transition. You may accept EBT processing. Your POS existing system can integrate with EBT processing. But, if you do not have a point of sale terminal or a system, there are various options to accept all card payment forms, including EBT.
The biggest problem is that many businesses have a problem paying the upfront expense to buy the PCI equipment. For a startup or a small business, bringing $300 to $600 is not easy. Instead, you may slash the expense to purchase the equipment and switch to process EBT payments. It is given through the government and is coming for free.
EBT merchant services
A program designed to run businesses easier is to give an option to pay with EBT cards. Businesses are switching to EBT merchant services as the process is simple.
The equipment comes for free, and thus you can enjoy reduced overhead expenses. You can eliminate the lease or invest in costly equipment.
There is only one monthly flat fee, and you can enjoy the cost convenience that will not fluctuate. It helps in budgeting effectively, and you can save money and time on bookkeeping.
Enjoy the support 24 x7 while you run or troubleshoot. All your queries will receive answers, and problems are fixed if anything arises.
No restriction on transactions. You need not worry about the swipe limits and can do EBT transactions unlimited.