Payment card Industry is standards that can help merchants to fight chargebacks. There are many PCI requirements that are based on research and current trends.
Payment card Industry (PCI) is a set of standards to help protect card data from exposure that can lead to the loss. The compliance which is applied to service providers and merchants is called PCI data security standards (PCI DSS). It consists of many requirements that are developed by PCI security standard council. It focuses on implementing data security procedures across payment industry to make it safe for merchants and card owners. PCI compliance is an important regulation that most card brands has put in place to address security issues.
What PCI compliance can do for the Business?
PCI compliance can help maintain a good status and remove threats to your business. Any business owner or merchant (I.e. shopping card, web hosting, Payment gateway, etc.) who handles, transmit, accepts, or stores card information has to validate it every year. These validations help merchants to understand steps that they should take in order to protect business and make it PCI compliant.
Will PCI compliance guarantee protection?
There are a number of requirements for merchants, they can reduce data breaches, but they don’t guarantee full protection. PCI compliance doesn’t guarantee 100% protection, but it will help increase security and reduce the number of chargebacks. There are various security means that can help fight with chargebacks as well. As the technology is developing, security threats are also increasing. It is important for a business to stay up to date. You can make changes any time in order to remain under current PCI standards.
Consequences of not Validating PCI compliance?
If your business doesn’t comply with PCI standards then it can undergo a data breach, which can cost you your business. You can be fined between $10,000 and $500,000 per breach. There are many incidents that lead to $12,000 in legal and forensic investigation. Merchants will be responsible for chargeback fees, reissuance fees, and all other fraudulent purchases. You may also have to pay for security monitoring of all the accounts. Your ability to accept credit cards could be revoked permanently. It is better to step up standards so that your business is PCI compliant, it will reduce threads and chargebacks. Chargeback Expertz can help merchants understand steps to make their business PCI compliant. We can provide an easy way to validate business with current PCI standards and make your business safe from chargebacks and security threats.
When should you validate your Business?
As the number of data breaches is increasing every year, PCI compliance has become important for every business. The longer a merchant will wait to make the business PCI Compliant, the longer merchant will put the business at high risk. If it is not PCI compliant, there will be fines, liabilities, penalties, and damage to operations and reputation of your business.
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