The Merchant Processing Guru Tip#26 PCI Compliance, updates, review & why this is critical to your business
It has been two or three years since I first wrote about PCI Compliance for the credit card processing industry, which back then was still in it’s infancy and no one really knew what to expect from this new development. I will dedicate the next several posts to updating you on a review of the past couple of years, the new developments of PCI and it’s implications to you as a business.
Most business owners that process credit cards are now well aware of some (I emphasize SOME) of the requirements that PCI requires of every business that accepts credit cards as a form of payment. Some of these requirements include the “Self Assessment Questionnaire”, a scan of your network once a quarter by a PCI approved vendor and truncating your credit card receipts so only the last four digits show up on the receipt. That is about the extent of what most processors have educated their merchants on. I will tell you in the coming posts about what is not common knowledge about being PCI compliant and why not having this knowledge is hurting your chances of staying in business for the long haul.
To start with there are 12 overall requirements that the PCI Security Council has mandated every business adhere to. These requirements are not suggested policies or procedures, they are exactly what they say they are, requirements. If a breach occurs in your business and you are not compliant with just one of the PCI DSS requirement then you are not compliant in their eyes period. This opens you up to crippling fines, the cost of mandated forensic audits and of course chargebacks that could close your business for good.
My intention here is not to put fear in you as much as it is to implore you to take this seriously! Is it easy to become compliant? Surprisingly the answer really is Yes! It just takes a little effort and knowledge to get there and you can start here by reading each one of my posts to educate yourself and start taking the action required to becoming compliant.
Russell Harverson has over 9 years experience in the card processing industry and has build a reputation for “being there” for all his merchants! The goal of The Merchant Processing Guru is to provide you with the right, cost effective processing solution for your individual business needs, no matter how large, small or different, he has done it all. He is your Guru of Merchant Processing, shedding light on the credit card processing industry. To contact him via email [email protected]
Or call him at: 1-888-368-GURU (4878)