The Clover trademark and logo are owned by Clover Network, Inc., a First Data company. All other trademarks, service marks and trade names referenced in this material are the property of their respective owners. ©2024 PPSERVE. All Rights Reserved.
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Over a billion records have been stolen since 2005 in over 2,000 different incidents. The majority of the time, thieves sought payment card information. It is obvious that businesses must take every precaution to safeguard their payment and merchant credit card processing systems from fraud.
If you believe that your company is too tiny for thieves to attack, you should reconsider. Small companies are now viewed as easy prey. Small businesses accounted for more than 80% of data security breaches, according to a Visa analysis. A breach can cost more than $200 for each compromised record and expose your company to chargebacks, fines from banks or authorities, and loss of consumers’ trust, in addition to costing you money.
The main credit card firms developed PCI DSS, or the Payment Card Industry Data Security Standard (PCI DSS), to stop fraud. This standard has been in use for some time, and it is effective. Only 4% of all enterprises that experienced a data breach between 2005 and 2011 were PCI compliant at the time of the incident, demonstrating the effectiveness of PCI compliance for companies that take the necessary steps to do so.
Protecting sensitive cardholder data from thieves is the goal of adhering to PCI security regulations. Failure to become PCI compliant by your company could expose it to increased risk from the growing threat of payment card data breaches and theft, which could result in costly fines from banks, regulatory bodies, and card companies, fraud, chargebacks, as well as legal fees and lost business.
You can also be charged a monthly fee up until you comply with the PCI DSS or notify your merchant processing services provider of your status as PCI DSS-compliant via a third-party vendor.
You can potentially lose the ability to accept credit card payments if your company encounters a data security breach. Perhaps more significantly, you run the danger of losing clients. According to research, 43% of customers who become the victims of fraud cease doing business with the retailer where the scam took place.
To become PCI compliant, you must finish the tasks listed below by clicking the link at the bottom.
You might finish in less than 30 minutes, depending on how complicated your network is.
In order to preserve PCI compliance and strengthen your defenses against outside intrusions, you need also take the following crucial actions:
We are here to support you at any point in your payments journey, whether you are a merchant, agent, or partner developer.
The Clover trademark and logo are owned by Clover Network, Inc., a First Data company. All other trademarks, service marks and trade names referenced in this material are the property of their respective owners. ©2024 PPSERVE. All Rights Reserved.