The PCI (Payment Card Industry) continues to make it difficult for online merchants to comply with its requirements. What is PCI compliance? The PCI DSS (or Payment Card Industry – Data Security Standards) was created by five major credit card companies (Visa Mastercard, American Express and Discover) in collaboration to create a set standard and a single approach for protecting sensitive data and preventing fraud. The DSS, or Data Security Standards, are a set of best practices for handling, transmitting, and storing sensitive information.
What does this all mean for you, online merchant? The current regulations require that merchants who store, process, or disseminate credit card data must adhere to them. Otherwise, they could face hefty fines and additional fees from their merchant bank. Or even lose the ability to process credit card transactions altogether... which can put your entire business at risk. It is your responsibility as an online merchant to find an ecommerce provider that is PCI DSS compliant. This means the service provider can offer merchants a reliable and secure solution to their ecommerce needs, including payment processing and secure complaint hosting. Level 1 compliance means that companies adhere to the highest PCI standards. Look at the Visa and MasterCard "List of Compliant Service providers" websites to find service providers that have achieved this level of compliance. There's more to your role than just partnering with an ecommerce provider that is compliant. Even if your online merchant hosts and processes credit card transactions using a compliant service provider you still need to prove and demonstrate your compliance with the standards due to the activities you do in your business. If you don't show your compliance, your merchant bank may impose additional fees or ban you from taking credit cards. It is easy to comply when you are working with a compliant provider. You can complete a simplified self-assessment questionnaire (or SAQ) because you process cards through a Level 1 provider. This focuses on your activities, and it demonstrates that you take the correct actions when handling card data. After you have completed the questionnaire, you will need to have your website scanned by an approved scanning service for vulnerabilities. After a website scan is completed successfully and you have submitted the questionnaire, you will be issued a certificate of compliance to show your merchant bank that you are adhering to PCI standards. How do you start ensuring your merchant compliance? I recommend that you find an ecommerce provider that is compliant at level 1. I also advise you to make sure your business is compliant. Visit the PCI Standards Council to learn more about the PCI DSS. These cisco panama standards are set and monitored by the governing body. I hope you found this information helpful. I also hope that you will take the necessary steps in order to protect your business from credit card fraud and data security breaches.
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