Make Payment Security Your Best Friend
There’s a reason why businesses make it a point to remain compliant with the Payment Card Industry Data Security Standards (PCI DSS). It’s because this standard helps to keep all businesses better protected from potential data breaches.
As our current business climate shifts to much more accessible payment methods, security is even more critical. To put it simply, security must remain the high point of any entrepreneur’s current focus.
Without digital security within payments, a business owner faces dire consequences. From fines and data breaches to full-on site takeovers, maintaining security remains pivotal in any business owner’s strategy.
Get Your Focus on Payment Security
No matter your business’s size or scope, you need to focus on maintaining a high level of payment security. When security takes a secondary role, the rest of your business will suffer the consequences. That’s why securing your payment processing must remain at the top of your business considerations. Otherwise, you’ll risk alienating your customers, risking their financial information, and facing an enormous amount of potential fines and penalties for your lack of security provisions.
Several analysts within the financial services industry were surprised by the current number of PCI-compliant businesses and entrepreneurs. What they found was an impressively positive trend – most businesses were improving in their ability to meet all of the stringent policies to meet PCI compliance.
The Rise of Compliance
The good news for most organizations is that meeting compliance is much more prevalent than even just a few years ago. For instance, Verizon’s 2014 Initial Report on Compliance (IRoC) determined that businesses were much more likely to hit at least 11/12 of their PCI DCC requirements than they were in 2013.
Verizon’s data indicated that the number of 100% compliant businesses or organizations almost doubled in 2014 over 2013. What this means is an increasingly upward trend of businesses making a point to understand and work toward full compliance with PCI DSS standards.
Sustaining PCI DSS Compliance
While the number of businesses and organizations meeting PCI DSS standards has risen, the true challenge of maintaining those standards remains real. In fact, many organizations may not be able to sustain these standards within any sort of long-term objective.
Maintaining PCI compliance poses a difficult challenge for entrepreneurs actively pursuing the #smartpayment movement. The biggest reason this standardization inevitably fails relates to payment security. In fact, payment security often leads to the 71.4% of organizations that were unable to maintain their PCI DSS compliance after just one year of validation and renewal.
As credit card processing firm Reliance Star Payment Services ensures that PCI compliance does not have to remain an elusive or complex procedure. In fact, download our 7 Steps To PCI Compliance Tipsheet and harness insights to PCI compliance and data security.
In this guide, you’ll learn:
- The data security threats small and mid-sized businesses face
- The financial risks of ignoring PCI compliance
- The ways a dedicated payment processing or merchant services provider helps you achieve PCI compliance
- The seven steps you need to follow to become PCI compliant
As you can see, making payment security your best friend is critical to your ongoing success.
No matter the size or scope of your operation, keep payment security up-to-date and in line with PCI regulations. This will ensure the ongoing operation of your business – no matter what it is. And your strong focus on payment security will always make your leads and customers feel more confident about choosing your business over the competition.