The full form of PCI DSS is the “payment card industry data security standard.” this standard regulates the payment processing companies to process, store or transmit customers’ data in such a secure way that there remains no threat of data mishandling. Many recent incidents have been reported for card fraud, so merchants must comply with pci dss to gain customers’ trust. Apart from data security, there are many other benefits of having pci compliance for merchants. If you as a merchant are not in compliance with PCI DSS, then you must read this write-up to illuminate your mind about the benefits and importance of PCI DSS.
Helps In Preventing Data Breaches
As a merchant, your first aim must be protecting customers’ data. The PCI DSS sets firewalls and encryption around your database. That’s why digital thieves seem hesitant while breaching PCI-compliant systems. Being PCI compliant allows you to be tension free of any theft and security breaches. The anti-phishing systems and software protect your and your customer’s data. Upon noticing any malicious activities that can lead to data theft, the system immediately blocks it, reports it, and ensures the data is secure even more. However, most security breaches happen at the point of sale, i.e. ATMs, credit card processors etc.
You Achieve Global Security Standards
The 5 credit organizations set the PCI data security standard to protect cardholders’ data worldwide. Merchants must get pci compliance to get global security standards. Once you achieve the standards, you can advertise it to attract more customers, as customers are too cautious about maintaining their data and security. Therefore get a globally secured payment gateway to facilitate customers.
Helps you to gain customers’ trust.
A 3D-secured POS, including a credit card machine, card reader, ATM, or other payment processors, makes you stand out in customers’ eyes. The customers build loyalty towards your business and become your retaining customers. For a successful business, loyal customers play a crucial role. Therefore it is up to you how you win the trust of your customers, but the best way to win a customer’s trust is to ensure that their data, assets and privacy will remain unbreached.
Sets a baseline for advanced regulations
Once the merchants follow the basic compliance rules with PCI DSS, it gets easy to follow even more advanced security protocols. The more security protocols business owners follow, the more secure their business and point of sale become. However, basic compliance and security protocols are to limit the storage amount of sensitive data you transmit and dovetail with GDPR. However, the advanced protocols are to complete an annual self-assessment questionnaire, perform quarterly network scans and complete other additional requirements set by the merchant banks.
Helps you to put security first
The success of a business relies on how secure the business is for both the owner and the customers. An unprotected business is equally dangerous for both the buyer and seller. Therefore the priority of merchants should be a secured business that complies with PCI DSS and nothing else. With PCI DSS, business owners can establish a haven for cardholders. The cardholders can pay from their card, digital wallet, or another authorized payment gateway. Therefore when merchants put security first, customers put that merchant first for shopping.
There is no escape route for businesses to avoid PCI DSS; they should maintain those security standards at any cost so that cardholders and other customers can shop freely without any fear of data theft. It is a very off situation when customers lose hard-earned money paying via card and don’t get chargeback at all, even after cancelling the transaction. At the same time, the data and assets of the owner are also at stake, and hackers can easily steal them. If you, as a business owner worried about the protection of payment processors but want to get the services of a company that can help you in the true sense, then we recommend you to connect with MBE POS.
- Also Read:
MBE POS
The responsibility of upgrading POS systems and their security is on the shoulders of MBE POS, which has been fulfilled quite well across Canada. If any business struggles with a slow, ineffective, and less accommodating POS system, MBE POS provides expertise to help it leave behind that outdated system and upgrade to the latest one. However, MBE POS has also helped numerous businesses all across the country to maintain standard security protocols. Whether you want a 3D-secured point of sale, a limit to the amount of sensitive data, data tracking in real-time, end-to-end encryption, firewall protection or anti-phishing protection MBE POS is there to hold your hand through all thick and thin.
Conclusion
Security threat is a very sensitive concern for cardholders and needs to be addressed immediately. The PCI has set its security standards to protect the data of merchants and customers. Therefore merchants need to comply with those security standards, i.e. Data Security Standards, to justify merchant meaning in the true sense.