Several card payment security measures have come into effect in recent years. These measures were developed to counteract the rise in credit card payment fraud all over the world. Would-be criminals are always seeking new ways to breach any security measures. However, the card payment companies are also diligent in finding ways to stay several steps ahead. The five major card payment companies (Visa, Mastercard, Discover, JCB and American Express) came together to form the global security standards for data protection. The result was the formulation of the Payment Card Industry Data Security Standard (PCI DSS). In 2006, the five companies established the Payment Card Industry Security Standards Council (PCI SSC) to manage, disseminate and implement the data security standards. Certification of PCI compliance certifies that you are conversant and working within the data protection guidelines provided by the PCI DSS.
Importance of PCI Compliance
PCI compliance is important for various reasons. A central reason is that it protects you and your customers from credit card payment fraud. If any of your customers report experiencing card payment fraud after buying goods from you, it can be detrimental your business reputation, of course. Customers want to feel safe when shopping, whether it is online or face-to-face. Credit card payment security is complicated, and not all business owners understand exactly how it works.
The easiest way to ensure that your store is PCI compliant is to work with a reputable merchant account provider. If you want to accept credit card payments in your business, you need to get a merchant account. The PCI compliance requirements categorize merchant accounts based on the number and type of transactions the merchant processes in a year. The merchant accounts are defined in levels ranging from 1 to 4. You can obtain your merchant account from a merchant account provider. Merchant account providers provide you with everything you need to start receiving credit card payments.
For more information on why it is important for your merchant account provider to be PCI compliant, or to sign up for a merchant account, please call (888) 924-2743 or go to Charge.com