These days almost all businesses accept credit cards. Thus, if you own a business, then chances are you have probably heard of the term “PCI Compliance.” What is PCI Compliance and how does it affect you? First of all, a handy definition is in order. PCI Compliance refers to a set of standards that seeks to make sure that the credit card industry is securing customer data effectively and securely. While this seems simple enough, PCI Compliance is a set of rules that applies to any business that accepts credit cards. If your business fits that description, then here are 3 things you need to know regarding PCI Compliance.
What Compliance Level You’re At
As Compliance 101 explains, there are four different levels of PCI Compliance. The highest level is Level 1, which are those merchants who process over six million credit card transactions per year. Level 2 are those businesses that have between one to six million transactions per year; level 3 merchants are those who process 20,000 to 1 million credit card sales a year, and level 4 is reserved for those who have less than 20,000 transactions a year. Different things are required for each level, and obviously, these levels can fluctuate somewhat based on the amount of sales one has. That is why it is to the business owner and employees to effectively account for all sales.
Your Procedures May Help or Hurt Your Compliance
There are a lot of things you should do in order to help your PCI compliance like storing card information. One example can be found in the realm of credit card data. Many companies have storage options for this. However, according to Merchant One, storing data may be useful in some instances, but electing to not store sensitive data may make being PCI compliant easier. Moreover, utilizing third-party software to take credit card payments is a wise idea, but there are still some steps you should take in order to remain compliant. Finally, if your business has multiple locations, it is important to make sure that all of your locations are operating under the same Tax ID.
Your Business Needs to Stay Up to Date on PCI Compliance
Security Metrics says that PCI Compliance issues are always evolving, usually in response to the latest data breach. It is important for all businesses to understand what the latest requirements are so they can stay in compliance.
These are just a few of the things you need to know in order to remain PCI Compliant. Even if your business refrains from storing card information, it is important to understand all of these rules simply because any violation will subject you to hefty fines. Be an asset to your business; be PCI Compliant!
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