Why Merchants Need To Be PCI CompliantMiCamp Solutions
Customers expect merchants to keep their sensitive payment information safe – an expectation many merchants are aware of. Merchants should employ a payment solution with the layered security of EMV, encryption, and tokenization to protect their customers’ data in transit and at rest. Merchants should also ensure that their payment systems and terminals are PCI compliant.
What is PCI compliance?
The PCI Security Standards Council is a global organization that sets security standards for the payment card industry with the aim of protecting cardholder data. The PCI Council was founded in 2006 by American Express, Discover, JCB International, Mastercard, and Visa. Compliance with the PCI Data Security Standards (PCI DSS) is required for merchants that accept card payments.
The main goals of the PCI DSS are to:
- Build and maintain a secure network and systems
- Protect cardholder data
- Maintain a vulnerability management program
- Implement strong access control measures
- Regularly monitor and test networks
- Maintain an information security policy
Why is PCI compliance important?
The PCI standards and requirements have been designed to protect all players in the payments industry from the devastating effects of a data breach. Compliance with PCI guidelines helps merchants maintain a strong and secure payment processing environment.
Merchants without PCI-compliant payment systems take on potential liabilities including fines and penalties, lost sales and customers, and even the termination of their ability to accept payment cards.
Quick Service Restaurant (QSR) Magazine summarizes it like this: “The security benefits associated with maintaining PCI compliance are vital to the long-term success of all merchants who process card payments. This includes continual identification of threats and vulnerabilities that could potentially impact the organization. Most organizations never fully recover from data breaches because the loss is greater than the data itself.”
With a payments provider, merchants should be able to simplify PCI compliance – however, an outstanding provider should not only comprehend and comply with PCI regulations, but should exceed requirements and go beyond the minimum necessary to secure a merchant’s environment. With MiCamp and proper implementation of our MiPoint solution, merchants may qualify for the shorter version of the Security Assessment Questionnaire (SAQ) and can spend less time and money on PCI assessments. A good payments provider should also be a proud merchant advocate and provide merchants with the resources they need to be successful. Working together, merchants and payment providers protect consumers and help increase the merchant’s bottom line.
Get in touch with us to find out more about MiPoint, our EMV-compliant and PCI-certified payment solution, or with any questions you may have regarding PCI and compliance.