03 May What is PCI Compliance?
PCI DSS stands for Payment Card Industry Data Security Standard.
It is a set of requirements based around how a merchant or entity is processing credit cards. PCI was developed by the PCI Security Standards Council in 2006. The council is made up of the five major card brands: Visa, MasterCard, American Express, Discover, and JCB.
Why is PCI Compliance important?
The requirements assist in creating a secure credit card environment and educating merchants on safe credit card handling practices. Being PCI compliant can help prevent data breaches and uncover problems in credit card security before someone with malicious intent does.
Who is affected by PCI Compliance?
Any organization which accepts credit cards must comply with PCI DSS. It does not matter how the credit cards are processed or the amount of transactions, the standards still apply.
How do most credit card processors handle PCI Compliance?
Typically processors take a reactive approach to compliance. The merchant is left to complete the requirements on their own and no assistance is given. The requirement is typically buried where it may be missed and non-compliance fees are viewed as a revenue generator. Often there is no direct contact from a processor to a merchant regarding PCI Compliance.
How is BASYS Processing different?
BASYS Processing takes a proactive approach to PCI Compliance. We have a fully-staffed compliance team that contacts our merchants regarding PCI. We reach out by phone and e-mail to remind merchants of their requirements and answer questions. We also walk through the annual PCI Compliance questionnaire with our merchants over the phone. We explain the different requirements and make the process easy for our merchants.
What are the risks of non-compliance?
The largest risk of non-compliance is the increased risk of susceptibility to a data breach. The average cost to recuperate from a data breach is $215 per compromised card number – and 70% of small-medium sized businesses never recover from a data breach.
There can be large fines in the event of a breach. While PCI Compliance cannot remove this threat entirely, it can educate a merchant on industry best practices and allow the merchant to take active steps to prevent a breach. There can also be costly non-compliance fees if a merchant chooses not to comply.
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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?
Contact BASYS today to learn more about innovative payment solutions that will save you time and money. We make accepting debit cards and credit cards convenient, safe and affordable.
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: