05 Mar PCI Compliance Never Ends—Are You Getting the Help You Need?
More and more companies are experiencing security breaches and compromised data. The last decade saw 300 data breaches, compromising more than 100,000 records. But even though data breaches are becoming more common and more expensive, most businesses still aren’t prepared to prevent them. Verizon’s 2019 Payment Security Report revealed that only 36.7% of businesses were fully PCI DSS compliant in 2018. Is your credit card processor helping you understand and complete PCI Compliance requirements? Here’s why that’s so important:
What is PCI Compliance?
If your business accepts credit cards, you’ve probably heard the term “PCI Compliance” before. Compliance with PCI Data Security Standards is required for all organizations that accept debit and credit cards. Non-compliance can result in additional fees, compromised data, and—in extreme cases—being unable to accept credit and debit cards.
For all businesses, achieving compliance requires completion of an annual self-assessment questionnaire (SAQ). For e-commerce businesses and companies accepting credit cards via internet connection, an additional network scan may also be required. Overall, PCI Compliance Data Security Standards are complex and time-consuming—even the shortest version of the questionnaire is 20 pages long! For some businesses, especially sole proprietorships, handling the process alone can be intimidating.
For a more in-depth explanation of PCI Compliance, read What is PCI Compliance?
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How do processors typically handle PCI Compliance?
Most processors do not assist their customers with the annual PCI DSS Compliance SAQ, or quarterly network scans. However, these very same processors will still bill your business for non-compliance. Non-compliance fees generally range from $20—$30/month but can cost upwards of $100/month with some processors. And the costs don’t end there.
If your processor doesn’t include PCI Compliance services in their processing program, your business might need to enlist a third-party provider for help. Even just a basic PCI Compliance service can cost hundreds of dollars a year, so partnering with a processor that has a comprehensive PCI Compliance program can end up saving your business thousands down the line.
Is achieving PCI Compliance ALWAYS such a hassle?
PCI Compliance is usually expensive and complicated, but does it have to be? Absolutely not! When you accept credit and debit cards, the compliance requirements are unavoidable. Still, it doesn’t have to be something you dread each year. Your processor should be able to simplify the process, reducing both the time and money it takes for your business to become PCI compliant. If you’re looking for PCI help, ask your processor if your merchant account includes the following:
• Notification of non-compliance
• Online PCI SAQ
• Network vulnerability scanning
• Live support
• Compliance certificate
• Breach protection
If your merchant account DOES NOT include PCI Compliance support for the items above, BASYS can help!
Here at BASYS, we do things differently. That’s because every merchant account opened with BASYS comes with comprehensive PCI Compliance support. No expensive 3rd parties and NO surprise fees.
When you partner with us, we’ll reach out to walk you step-by-step through the PCI Compliance SAQ, and we’ll follow up every year to help you maintain compliance. And, since we work with you all year long, our in-house team of experts already knows how you’re processing, so PCI Compliance is just a few easy questions away.
BASYS Processing as a business partner
Does your current processor understand the unique struggles of your industry? Do they provide great rates and personal customer service? Are they offering solutions to grow your business and being proactive about helping you reduce risk and increase your savings?
BASYS Processing features:
• A friendly, live voice will answer the phone when you call; no automated phone systems
• In-house PCI Compliance team to walk you through the process step-by-step, improving security and reducing costs
• Accept payments in person, over the phone or online
• Next-day funding options
About BASYS Processing
BASYS Processing provides credit card and debit card processing services, plus solutions that include terminals, virtual terminals, e-commerce, mobile, and point-of-sale, customized to fit any need. Banks, associations, and software partners depend on us to strengthen their reputations and relationships with their customers by providing remarkable service paired with ultimate flexibility and pricing. Merchants depend on us to make accepting credit cards and debit cards convenient, safe & affordable. BASYS was founded in 2002 on one philosophy: to take care of our merchants, partners, and employees so they never want to leave. We are dedicated to working one-on-one with our customers to design the perfect solution. BASYS is Personal Payment Processing.
Learn more at basyspro.com, and connect with us online at: