PCI compliance is one of the most important details factoring into a successful business today, but it’s also one of the most complicated topics for the majority of business owners. Before you can be sure that you’re looking at the right credit card merchant processing services, it’s important to understand the basics of credit card authorization and settlement services, and the requirements set by the Payment Card Industry Data Security Standard (PCI DSS).
What is PCI compliance?
This refers to a system of requirements that have been designed to protect companies that process, store, and transmit credit card information when customers make a purchase. The requirements were initiated by major credit card providers like Visa and MasterCard, but they are enforced now by a separate governing body.
Who needs to know the rules about PCI?
It’s the responsibility of any merchants in the U.S. to know and follow PCI standards, unless that merchant only accepts cash as payment. Any group that accepts credit cards or debit cards must abide by the regulations.
Does it benefit customers at all, or is more about protecting businesses?
PCI requirements aim to protect all parties, even though the responsibilities of following the guidelines falls entirely on the business. Digital security risks are more prevalent than ever before, and with so many businesses converting to card-only payment options, security breaches can happen to virtually any business at any time.
For more information about how the Chosen Payments team can help you with your PCI Compliance, please call us at 1-855-4 CHOSEN.