As a business owner, there are various rules and regulations that you must follow. From accounting regulations to insurance laws, all businesses must ensure they are operating according to the law. This also includes laws regarding security. For all merchants across the country, the Payment Card Industry Data Security Standard declares businesses must provide a safe environment for customer credit card data to remain in PCI compliance. Not only does safeguarding your customers’ credit card data matter in terms of following the law, but it is also crucial to the success of your business. Businesses who make efforts to secure their customers’ information will have better success retaining customers and attracting new clients to grow their business.
At PayFrog, a family-owned and operated merchant services brokerage, we offer secure payment processing for your business. With over a decade of experience, we understand just how important security is as a merchant. PayFrog provides credit card processing solutions and merchant services to businesses across the country. Our electronic payment processing is made with the security of your business in mind. As more customers turn to eCommerce solutions to buy products or services from businesses, it is more important than ever to ensure your customer can purchase from your business securely online or over the phone. This is why at PayFrog we offer the best merchant services to keep your customers’ credit card information secure and PCI compliant.
If you are wanting to know how to keep your business PCI compliant and your customers’ data secure, keep on reading to learn more from the experts at PayFrog.
What Does PCI DSS Stand For?
The Payment Card Industry Data Security Standard, or PCI DSS, is a group of requirements to make sure all businesses that process, store, or transmit credit card information maintain a secure environment for their customers.
The Payment Card Industry Security Standards Council, or PCI Security Standards Council, oversees the PCI DSS requirements. The merchant standards for compliance are maintained by the PCI Security Standards Council formed by American Express, Discover, JCB International, Mastercard, and Visa.
The goal of the PCI Security Standards Council is to help businesses better understand how to protect their customers’ cardholder data from security breaches and theft. The PCI Security Standards Council also assists merchants to implement higher security standards, technologies, and operational processes to protect their payment systems, such as with the PCI DSS requirements.
Definition of PCI Compliance
The PCI DSS requirements apply to all businesses that process, store, or transmit credit card information. The standards maintain that any merchant who deals with their customers’ credit card information must provide a secure environment for their data.
All businesses regardless of size that accept card payments from customers must be PCI compliant. Businesses must adhere to the standards set forth by the PCI Security Standards Council.
PCI Compliance Requirements
For businesses, being PCI compliant means adhering to the PCI DSS requirements established by the PCI Security Standards Council. There are 12 key requirements as well as hundreds of testing procedures according to the PCI DSS standards. The most recent PCI DSS requirements were updated as of March 2022. The 12 key requirements are as follows:
- Install and Maintain Network Security Controls
- Apply Secure Configurations to All System Components
- Protect Stored Account Data
- Protect Cardholder Data with Strong Cryptography During Transmission Over Open, Public Networks
- Protect All Systems and Networks from Malicious Software
- Develop and Maintain Secure Systems and Software
- Restrict Access to System Components and Cardholder Data by Business Need to Know
- Identify Users and Authenticate Access to System Components
- Restrict Physical Access to Cardholder Data
- Log and Monitor All Access to System Components and Cardholder Data
- Test Security of Systems and Networks Regularly
- Support Information Security with Organizational Policies and Programs
Benefits of PCI Compliance
Security is one of the most important parts of running your business. Not only do merchants have to provide regularly updated security reports as part of their card processing agreements, but strong security measures are essential for your customers.
Being PCI compliant is a necessary part of holding your business up to industry security standards. Businesses that store cardholder data must meet PCI DSS compliance standards per credit card processing agreements. Otherwise, your business could face fines for agreement violations.
Additionally, businesses that are not compliant with these industry standards face an extremely high risk of data breaches, fraud, and theft. By following the PCI DSS standards, you can have more confidence that your business’ sensitive data is protected.
Tips for PCI Compliance Over the Phone
In today’s world, more and more customers are looking for contactless ways to purchase products and services. From online payments and orders over the phone, more customers are using websites, apps, and phone calls to place orders.
For businesses with online payment platforms, it can be easier to understand what security measures should look like for eCommerce platforms. However, what if your business only accepts orders over the phone? For businesses that rely on phone orders, it can be challenging to maintain PCI compliance and great customer service.
To be compliant, PCI DSS requirements say that businesses must protect customers’ CVV security codes on phone orders. So, when your business takes payments over the phone, how do you protect your customers’ credit card data?
Here are a few tips to keep your customers’ data secure while providing the best customer service.
- Use a PCI compliant phone system that allows your business to redact card information
- Do not allow employees to write down card information unless it is in a secured payment processing system
- Train all employees on safe procedures for PCI compliance
- Track and monitor employee procedures and access
- Use firewalls and maintain antivirus software
- Restrict access to cardholder information
- Regularly update your payment processing systems for security updates
Keep Your Business PCI Compliant With Merchant Services From PayFrog
As a business owner, you understand how important it is that your business follows rules and regulations, especially when it comes to security. If your business stores, processes, or transmits your customers’ credit card information, it is essential that this data be kept secured. The PCI DSS requirements help to keep your business informed of the highest quality industry practices to keep cardholder information safe. It is vital that your business adheres to these standards to be PCI compliant when taking orders online or over the phone.
At PayFrog, a merchant services company, we help businesses keep their customers’ card information secure. We provide secure credit card processing solutions and merchant services to keep your business safe from threats. With PayFrog as your merchant services guide, you can have complete confidence in the security and PCI compliance of your electronic payment processing systems. If your business is ready to have the best and most secure merchant services possible, then contact PayFrog to learn how we can help!