What PCI Law is and How it Affects Your Business
The PCI standards are technically not a law at all. They are policies implemented by the major credit card brands, but they are mandatory nonetheless. That’s because failure to comply with them can result in having fines levied against your company, being responsible for increased liability, having your merchant account funds frozen, and having your merchant account suspended or even terminated.
In order to comply with the PCI requirements, your site should include firewalls that protect data and prevent hacking as well as other customizable security options that you can work out with your merchant account provider. You will have control over passwords and access to your network and you should take advantage of these factors to ensure secure connections over your business site.
For instance, many merchant accounts come with default passwords. It is crucial to change those right away, and to create effective passwords that only you have access to.
High-Risk ACH Companies
People who buy products and services via ACH are volunteering their bank information through your servers to withdraw the necessary funds. If yours is a high-risk ACH business, you need to stay extra sure that your security measures are up to date.
High-risk ACH businesses are those whose transactions are statistically more likely to be disputed, such as in the gambling industry. These businesses are not only at risk of being responsible for security breaches but also for having customers attempt to cancel transactions.
PCI regulations mean that businesses can be held responsible for credit card fraud if they fail to take required security measures to keep their customers safe. To make sure that you won’t be responsible for information leaks on your system, make sure you’re staying compliant with PCI requirements, especially if you’re in a high-risk ACH industry.
“PCI Law” is not technically law, but particularly for high-risk ACH industries, businesses need to make sure they stay compliant with the basic security measures they entail. Most businesses have or will have an online component, so they need to make sure that they can securely process their customers’ financial information and keep their network safe.
To learn more about PCI law and the security options you have, or to sign up for a merchant account you can visit Charge.com or call (888) 924-2743.