No matter if you’re a small business or a large corporation, if you accept credit card payments, you need to ensure that you’re PCI compliant. The Payment Card Industry Data Security Standard (PCI DSS) was created to ensure that both merchants and consumers are safe from data compromise. For business owners, PCI compliance means completing the PCI DSS Self-Assessment Questionnaire annually and paying the annual fee. If you do not complete the annual PCI DSS Self-Assessment Questionnaire, you will incur a penalty fee monthly until it is completed each year. However, the cost of time to do the questionnaire far outweighs the consequences you will face if you are not PCI compliant and are victim of a data breach.
The question is, would you rather endure what might be a bit of frustration filling out the questionnaire annually, or would you rather cough up $20k+ to clean up a security breach and the liabilities that can come along with it? This includes card replacement costs, financial audits, and fines! Worse than the money it takes to recover from a data breach is the loss of trust in your company from loyal customers. To put it simply: a data breach can cost you your business.
So why wouldn’t you do all you can to be PCI compliant?
Completing the annual questionnaire and paying your yearly fees may be a hassle, but it’s time spent making sure you’re not just doing business, you’re doing smart business. There are fraudsters out there actively monitoring companies for vulnerabilities so they may steal credit card information. If you’re a small business, you’re at greater risk of data compromise. Large corporations are spending superfluous amounts of money to ensure their brand, their customers, and their livelihoods are protected, so hackers are focusing on smaller businesses which may not be as focused on data protection.
If you’d like to learn more about PCI compliance, want to make sure you’re doing the best you can do keep you and your customers safe, or need assistance completing your survey, call Electronic Money Company today! Our goal is to watch out for you and your business.