The world of payment processing is complicated and is constantly under security threats, which is why the PCI Council is so important.
The PCI Council is actually the Payment Card Industry Security Standards Council and it was founded in 2006.
This PCI SSC was organized to help the Payment Card Industry develop new standards for the businesses who accept credit cards as forms of payment.
They developed the standard for how businesses of all sizes accept, store, and transmit customers’ credit, debit, and pre-paid card information.
Because of the constant threat to consumers’ sensitive information, and because of the various and numerous security breaches we have witnessed since credit cards were first introduced, it was very important for the payment card industry to develop new and improved ways to combat security threats, in all its various forms.
This council is made up of all the major credit card companies you’ve heard of: Visa, Mastercard, Discover, American Express, and JCB.
These credit card companies combine their collective resources and data to develop security measures they then pass down as a directive to any business or company who accepts card payments.
These standards are called PCI/DSS. If you haven’t heard this term yet as a business owner, you will start to hear it referred to often.
PCI/DSS is very important for you because it literally represents very vital information for your business and what you need to do to be compliant with these standards. (RedFynn walks you through these standards by the hand, as a courtesy.)
Why is it something you need to be aware of?
If you’ve been paying attention to the news over the last several years you’ve seen the stories about the massive security breaches which have happened with big retailers like Target and Home Depot.
Thousands upon thousands of cardholders had their sensitive information stolen from those security breaches and the effects of those breaches can still be felt now by many people.
We will probably never figure out a way to keep all of our sensitive 100% safe at all times, sadly. There are a lot of very smart and yet very dishonest people out there. As long as there are bad people in the world, we will always face some sort of threat to our security.
But this payment security council is determined to focus on the ongoing evolution of Data Security Standards (DSS).
If it weren’t for their efforts, the world would be a more dangerous place. It’s already hard enough to keep credit card and sensitive information safe from fraudsters. Imagine if this council did not exist? What chaos would ensue?!
This council is here for your protection as a business owner and the protection of your customers. It’s also here for you, as a consumer!
By adhering to PCI security standards, you are helping keep your business from being held liable in the case of a data breach.
It’s like car insurance. Ya gotta do it.
The benefits of being PCI compliant are endless. By being PCI compliant, you are ensuring your systems are secure and your customers can trust your business to handle their information with care.
This trust is how your customers have confidence in doing business with you, which is the goal, isn’t it? Chances are, if they don’t have trust in the security of your systems or your business in general, they will take their business elsewhere. Somewhere they can shop with confidence.
But customers who do trust your business because you are PCI compliant tend to become repeat customers. (On top of the free customer loyalty you have access to when you streamline your business with RedFynn’s cutting edge Technologies.)
If they trust your business, why wouldn’t they continue to come back and shop confidently. They will probably tell their friends too!
Gaining the confidence and trust of one customer has more advantages than just one person. People talk to each other. We all share our experiences, don’t we? It’s in our nature to pass along information from one person to the next.
It can be difficult to gain the trust of a loyal customer base, and even harder if one of them experiences a breach to their personal data. People are twice as likely to report a bad experience as they are a good one. You don’t want to give them any reason to doubt your business, right?
The PCI Security Standards Council makes it its primary focus to develop methods and practices (standards) to keep cardholders’ information safe and secure.
Being PCI compliant has many ongoing benefits for your business as well.
It isn’t just a one-time-and-done thing. It is an ongoing effort by the Security Standards Council to monitor, update, and combat security breaches and help businesses implement the best methods to combat those threats.
It is the goal of the Security Standards Council to have every business PCI compliant so as to stand up as a united front against security breaches and fraudsters that are constantly attempting to steal customers’ personal information.
They aim to protect. Not just your customers, but you and your business. Lawsuits, loss of business, insurance claims, government fines, banks refusing to do business with you, etc. All these things can be avoided.
It’s not as hard as you might think to be PCI compliant. Especially when we take you by the hand and walk you through it, not just this year but for years to come!
The PCI Council aims to make it an accessible process. Does it require some time and effort?
Yes.
But doesn’t everything? However, we cut this ime into quarters.
For any questions you may have on the PCI Council or other questions related to PCI compliance (or any questions really), give us a call here at RedFynn at (888) 510-9871. We’re happy to help!
