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News : The Top Five Misconceptions About PCI Compliance

The Top Five Misconceptions About PCI Compliance

The Payment Card Industry Data Security Standards (or PCI-DSS for short) are changing the way businesses make card payments for the better, but there’s still some confusion about exactly what PCI is and who it affects. Here are our top 5 most common misconceptions about PCI…

#5: The Payment Card Industry Data Security Standards are only recommendations, not requirements.

The Payment Card Industry Security Standards Council (made up of the 5 major payment brands ­ American Express, Discover, MasterCard, Visa, and JCB) have laid down a set of security requirements. If you’re a merchant or service provider that handles sensitive payment data, you MUST adhere to these requirements.

#4: PCI only applies to e-commerce.

If your contact centre stores, processes, or transmits any payment information, you MUST abide by the PCI DSS, regardless of the industry that you work in or the size of your organisation.

#3: Only large companies get fined for not being PCI compliant.

While non-compliance fines are usually only enforced on merchants processing over a million transactions a year, if you do experience a breach and your organisation fails to put adequate PCI measures in place, you may be fined, lose the ability to process payments and are likely to be charged thousands in future auditing costs.

#2: Only companies that store credit card information need to be PCI compliant.

PCI-DSS doesn’t just apply to the storage of payment data, but also to the handling of that data while it’s being processed or transmitted.

#1: PCI compliance is expensive and time-consuming!

That’s where we come in. Our simple and effective Cloud Secure solution takes the hassle out of PCI and ensures your business isn’t at risk, be it from data thieves or expensive compliance auditors. If you handle sensitive payment data ­ whether you’re storing it, processing it or just transmitting it ­ you NEED to be PCI compliant, and we can help. Get in touch today or take a closer look to discover how Silver Lining could secure your card payment process.

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