PCI compliance is mandatory for every merchant that accepts credit or debit card payments on their website. The information entered by customers is sensitive data, so it must be well-protected.
The systems often store consumers’ credit card information for long periods of time, so it’s important that customers feel confident their information will not be compromised. In fact, a huge part of every customer’s buying decision is the degree to which they believe a website is trustworthy.
Technologies are advancing and being developed every day, so the amount of fraud activity is growing, and businesses can face liabilities as a result. That’s why every merchant or payment service provider with card payment solutions must be PCI compliant. Some people have been questioning the need for it, but here’s why it’s so important.
– Eliminate Risk
When you have a payment security option, your consumers will be happier with your product. When there is no security behind an online purchase, it’s available to the black market nearly immediately. In turn, your company could get sued.
As mentioned, purchasing anything online can be dangerous without security options. The black market is waiting to scam people out of their money. PCI compliance helps the consumer and the provider of the product or service.
– Secure YOUR Business
The world of business is tough and keeping your business safe is even tougher. If your payment system isn’t secure, you will have a problem at some point, if you haven’t already. It’s important to hold your payment system to as high a standard as you hold the rest of your business.
– Avoiding Fines
Fines can happen easily when you’re an online company. Should your site get breached, not only will you have to deal with the loss of data, but you may also have to deal with fines or lawsuits from customers and other organizations. This could cost you hundreds of dollars if you’re extremely lucky, or hundreds of thousands if you’re only moderately unlucky.
If your company is PCI compliant, it improves your reputation for everything. Assure your customers that your bottom-line is not your only priority, and that your company holds itself to a higher standard than competitors.
Companies that are PCI compliant are significantly more successful and safer. Many business leaders think PCI is not important for their business, but it is necessary for the consumer and producer. Consumers knowing that the information they put into a website is safe is of utmost importance. Protect yourself and your company by protecting your consumers.