If you're a business owner who accepts credit cards, then you're probably aware of the importance of PCI compliance. Not only is it important to protect your customers' data, but it's also necessary to avoid PCI non-compliance fees.
Unfortunately, many businesses are unaware of the steps they need to take in order to become PCI compliant. In this article, we'll give you a rundown of everything you need to know about PCI compliance and how to avoid paying non-compliance fees.
What is PCI compliance?
PCI compliance is the process of ensuring that your business meets the security standards set by the Payment Card Industry Security Standards Council (PCI SSC). These standards are designed to protect customer data and prevent credit card fraud.
There are four main goals of PCI compliance:
- To build and maintain a secure network
- To protect cardholder data
- To implement strong access control measures
- To regularly monitor and test networks
To become PCI compliant, businesses must complete a self-assessment questionnaire and submit it to their acquiring bank. They may also need to provide additional documentation, depending on their level of risk.
What are the consequences of non-compliance?
If you're found to be non-compliant with PCI security standards, you could be subject to a number of penalties, including:
- Fines from your acquirer or credit card company
- Loss of the ability to process credit cards
- Higher transaction fees
- Damage to your reputation
What can you do to avoid PCI non-compliance fees?
There are a few simple steps you can take to avoid paying PCI non-compliance fees:
- Educate yourself on PCI compliance requirements.
- Make sure you have all the necessary documentation in order.
- Self-assess your business to ensure you're meeting all the standards.
- Submit your self-assessment questionnaire to your acquiring bank.
following these steps, you can avoid paying costly PCI non-compliance fees and keep your business running smoothly.