The business industry is the one which works on the commercial level, all the deals, management and resources are arranged on a mass level. As this is the age of the internet and almost every single thing has been digitalized so the business also needs to be digitalised for making huge payments to other to their clients that need to be secured and done professionally. This is why PCI compliance for small businesses https://www.verygoodsecurity.com/blog/posts/pci-compliance-for-small-businesses is important to opt for. Since it is not suitable and recommended to carry a huge amount of cash when going outside or making business payments on a small or large scale. This is a global poll that says that only 13% of the customers prefer to bring along cash, while the rest of the 80% of people would rather use a card for paying the bills wherever they want and anytime with no hassle. If you are a small-scale business, then this article will be worth reading for you. Since In this article, you will get to know the all necessary information about PCI compliance and beyond all things, what are its features. Let’s get straight into this.
What is a PCI complaint?
PCI stands for payment card industry which is primarily a bunch of security checks to make businesses feel confident who accept, save or transmit sensitive payment card information that is all done under a secured environment while protecting the cardholder’s sensitive information. This is the main protection layer of transactions that are made in business to prevent cyber-attacks, breaches, payment card theft etc. This essential service was introduced by 5 leading payment card companies, which include Mastercard, Visa card, American Express, Discover and JCB.
Moreover, the eligibility criteria for this particular compliance also depend upon the type of business. There are a few typical requirements that a business must have to avail of this service.
Requirements a business must have to be PCI compliant:
- Establishing and maintaining a secure network.
- Must have systems for the protection of customers’ sensitive data.
- An enterprise Should have heavy-duty anti-virus systems to debug the system and always use the recommended system software.
- Should have restricted access to the customer’s payment card and the resources.
- Provide a unique name to every single individual in your system.
- A business should check the system’s health periodically.
- Follow the safety standards and don’t compromise on cardholder data.
Why PCI compliance is important?
The main feature of which it was mainly designed, is to control the data resources of the payment cards, and protection of sensitive payment card data to potentially lessen the risk of data breaches or any kind of security threats. This compliance helps institutions to detect and deal with digital and physical network-based data attacks. This compliance makes the businesses feel confident while making payments to other clients.
Does my business need to be PCI compliant?
Yes! Whether you are a small business owner or a large-scale business owner, the payment card industry or PCI is important as you deal with credit and money transactions regularly, so it is important to make the network payment safe to prevent security issues and protect the customer’s sensitive information. Many large-scale businesses annually renew their PCI complaint and if you are a new business in the market, this will be better to select this complaint at the start of trade,
Who qualifies for PCI compliance?
The payment card industry is applied to every single cardholder, small-scale business, and large-scale business that deals with credit.
What happens if my business is not Compliant?
This is such a question that most business owners ask what if we don’t certify our business for PCI complaints then what would happen? So, the simple and rational answer is, your business will be at risk of getting cyber-attacks very often. Your company’s payment system will be vulnerable to the breach of clients’ sensitive information. Beyond all things, if your business gets a data attack and all your sensitive information is leaked and you are not a PCI complaint at the same time, you are most likely to pay thousands of dollars as a penalty which will be harder to pay by your business. In order to not face all inconveniences and costly penalties, get PCI compliance for small businesses at www.verygoodsecurity.com/blog/posts/pci-compliance-for-small-businessesright right away.
Who is most responsible for PCI compliance in a company?
Most people think it as one time process, but this compliance system is completely an ongoing process. Business owners are the most responsible bodies for the management of their financial affairs. All the business operations are conducted by the will of the business owners so they should make some fair decisions for the betterment of their company which could maintain its credibility and confidence among its customers.
Standards of Payment Card Industry:
These are the 4 common standards of the payment card industry for businesses.
- 1) Companies that deal with more than 6 million annual transactions.
- 2) Business that deals with 1 million to 5 million annual transactions.
- 3) Companies that deal with 20,000 to 80,000 transactions per annum.
- 4) Businesses that deal with less than 20,000 transactions throughout the year.
How to achieve PCI compliance for the business?
This is another most frequently asked question by businesses once they make up their mind to get their business certified in PCI compliance. Do you know this process can take durations of months and in some cases years to get certified for pci compliance for small businesses? There are various ongoing tasks are attained to achieve and retain compliance which includes, submission of the application, paying a sum of money in different processes, and making arrangements for regular audits to guarantee your business is compliant. Therefore most merchants prefer to work with reputable companies that fulfil the PCI 1 compliance standards. This is the best and most recommend level of compliance standards along with the exceptional security restriction of data. By working with these types of companies, the merchant gets peace of mind and works effectively.