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Credit Card and PCI Compliance
Why PCI Compliance is More Important than Ever

Now that EV chip cards are here, you can relax and take a deep breath when it comes to cyber theft, right? Wrong. The truth is, EV chip cards only reduce credit card theft in “card present” transactions. That means brick and mortar stores where a customer physically hands their card to a cashier. For companies who take orders over the phone or through an online portal, like an ecommerce site, the threat is greater than ever.

Studies done in Europe and Canada following the introduction of EV chip cards show that online cyber theft actually increased after the chip cards were introduced. The simple fact is, criminals aren’t going to stop being criminals just because a new layer of security is introduced. They are going to go after the easiest targets. Here is the what, why and how on PCI compliance.

What is PCI Compliance

PCI stands for Payment Card Industry, and as you might have guessed, it was created by the two major credit card distributors, Visa and MasterCard. They put forth a set of regulations that companies who process credit card transactions must follow in order to protect the safety of their customer’s sensitive financial data. As technology has advanced, the focus has been on how and where financial data is stored and what sort of cyber security protocols a company has in place to counter hackers and data thieves.

Why is PCI Compliance Important

The obvious answer is the protection of your customers. Odds are your customers aren’t going to be too happy if they find out that your processes are the reason why their corporate credit card number is being bought and sold on the black market. But even beyond potentially losing customers, the major credit card companies have the authority to audit your processes. If they deem that you aren’t in compliance they can fine you and even rescind your right to process credit cards altogether until you put systems in place that meet their requirements.

How do you Get PCI Compliant?

The best way is to implement a PCI compliant credit card processing software that integrates with your ERP system. Systems like EBiz Charge take the burden of compliance off of your shoulders and shift it onto them. They do this taking your customer’s credit card information and assigning it a code or token and storing that token on their servers. When you need to process a customer’s order, that token is encrypted and sent to your ERP system. You never store another credit card on your system, leaving you completely safe from any fines or audits.

For more information on what PCI compliance requirements are, or what you need to do in order to achieve compliance you can call the Attivo Group at 877-428-8486 or contact us here.