The security of your customer’s payment information is one of the most important aspects of running a business that processes payments. Not only is it ethically and morally right to protect your customers’ data, but it’s also a legal and regulatory requirement in the United States. This requirement is known as PCI Compliance and is enforced through the Payment Card Industry Security Standards Council (PCI SSC). In this blog post, we will explore the importance of PCI Compliance, who needs it, how to obtain it, and how you can maintain it.
Who needs PCI Compliance?
Any business that processes payments, regardless of size or type, is required to be PCI Compliant. This includes businesses that process even just one transaction annually. Not complying with the regulations can result in severe consequences, such as fines and penalties, a loss of your ability to process payments, and damage to your business’s reputation.
How to become PCI Compliant?
There are three ways to become PCI Compliant: complete the security assessment and questionnaire on Clover’s website, work with a Qualified Security Assessor (QSA), or contact a payment processing provider to determine compliance. We highly recommend the first option, as it’s fast, free, and user-friendly. However, some businesses may prefer to work with a QSA for additional security assessment assistance or with their payment provider, who may offer extra compliance resources.
Maintaining PCI Compliance
Maintaining your PCI Compliance is crucial, and it requires annual updating of your compliance. You must follow all regulatory requirements and keep up to date with any changes to rules or regulations. For new businesses, they have 90 days to register before incurring fines. Failing to maintain compliance can lead to penalties, fines, legal liability, and even losing the ability to process payments. PCI Compliance is a must for any business that processes payments. Not only is it a legal and regulatory requirement, but it’s also a necessary security measure to protect your customers’ data and your business’s reputation. Failing to comply with the regulations can result in significant consequences. Therefore, we strongly recommend that you take the necessary steps to become and remain PCI Compliant, as it’s a critical aspect of ensuring that your business runs smoothly and securely. So, don’t wait any longer, become PCI Compliant today!
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