A majority of consumers now prefer to do their shopping online. As a result, the number of electronic payments has increased dramatically over the past decade, with approximately 1.06 billion being recorded daily. Unfortunately, this puts consumers at risk as the amount of credit card data stolen annually has also increased significantly. The good news is that by being PCI compliant, you can protect your customers. Find out all you need to know about PCI Compliance solutions below and how to choose the right service provider for your business.
Get Free Demo: Best Compliance Management Software
What is PCI Compliance Solution?
Consumers began making electronic payments as early as the year 2000s. Even though back then credit card data theft wasn’t as prevalent as today, businesses still reported incidences of security breaches. To determine the solution to the problem, the five major credit card companies joined hands in 2004 to create the Payment Card Industry Standards Council. They later came up with the first set of Payment Card Industry guidelines, which is what we know as PCI Compliance today.
In a nutshell, PCI Compliance is a set of universally accepted obligations aimed at ensuring businesses accepting electronic payments take necessary measures to safeguard consumer data.
What Does PCI Compliance Solution Mean For Your Business?
If you’ve just started accepting electronic payments, PCI compliance might seem tedious and too expensive for nothing. However, it’s vital to note that being compliant is for your good. For instance, consumers want to deal with a brand that safeguards their wellbeing. When they learn you’re not PCI Compliant, you’ll likely lose customers as no one wants their credit card data stolen.
Also, being PCI Compliant is not a matter of choice as every business accepting credit card payments is expected to comply. These rules are enforced by the Federal Trade Commission and failure to comply means thousands in fines and penalties. To sum it up as long as you accept credit card payments, PCI Compliance solution is the lifeblood of your business.
Factors to Consider While Choosing a PCI Compliance Service Provider
While you can deal with the process yourself, letting a PCI-Compliance service provider do the work for you is an ideal way to lessen your PCI obligation. However, with myriads of service providers in the market right now, choosing the right one can prove to be quite hectic. Here is what you should consider making the process a tad easier.
1. The Type of Service Provider Right for You
By now, you already know that a PCI Compliance service provider is any business that shoulders the burden of processing, transmitting, or storing cardholder data. You may be unaware that there are different types of service providers in the market. The most common examples include transaction processors, Independent sales organizations, and hosting companies, among many others.
With that in mind, do due diligence and find other entities which qualify as service providers. Then, choose the one you feel will work best for your business.
2. The Provider’s PCI Compliance Status
Any service provider will tell you that they’re PCI Compliant, but this doesn’t mean you take their word for it. They might be compliant, but their compliance doesn’t address the services your business offers. They might be compliant, but their services only offer physical security. With that in mind, ensure you go the extra mile to confirm that the provider you choose is both trustworthy and secure. To verify your potential PCI Compliance service provider, you can ask them to show you their documentation. For instance, ask them to show you the self-assessment questionnaire that they filled in the process.
3. The Incident Response Plan
Also known as an IR, an incident response plan is a document that highlights the steps that your provider takes to detect a data breach, how they contain it and how they reduce the impact of the breach. The service provider might be compliant, but if their incident response plan isn’t good enough, you’re signing up for trouble. Thus, ensure their IR is good enough and also review the type of compliance software they use.
4. Their Track Record
Besides their status, also ensure you review their portfolio. While at it, ensure you ask about the number of data breaches they’ve experienced and what PCI compliance solutions they provided afterward to protect the compromised customers from future violations.
How a service provider handles a data breach says a lot about how they’d handle the same scenario if you were the affected customer. As part of reviewing their track record, ensure you ask for referrals and whether there are any complaints against them from previous customers.
Such information can help you determine what kind of service providers they’re and whether you can work with them well in the long run.
All of the PCI guidelines were created in your best interest. For instance, it gives you peace of mind knowing that your business cannot be interrupted by data breaches or lawsuits from angry customers.