Three Ways PCI Compliance Can Add Value To Your Business

Published November 6th, 2017 by Servistree

If you own a retail business that accepts, processes, stores or transmits credit card payments, you must be adhere to the Payment Card Industry (PCI) security standards. Major credit card merchants established these standards to ensure that sensitive customer financial information is secure, and that hackers cannot access your network to steal that information. But PCI compliance isn’t just a set of security standards. It’s a system that can add real value to your business in three distinct ways, which are outlined below.

1. Increases Customer Trust

Because PCI compliance offers enhanced security for financial transactions, your customers will have a greater sense of trust and assurance doing business with your company. Credit card fraud and identity theft have become so prevalent that any breach in security can devastate a company, and set it back for years.

In fact, 47 states have laws that require businesses to immediately notify existing and former customers of any data breach. Save yourself the trouble of bad worth of mouth by maintaining your PCI compliance, and using that compliance as a marketing tool to inform prospective customers and existing customers that your company cares about the security of their credit card information.

And guess what? If your competitors are not PCI compliant, you stand to benefit by luring new customers who care about the security of their financial information.

2. Helps Avoid Costly Fines

PCI compliance is not a law, which makes compliance voluntary, but any company that doesn’t adhere to PCI standards is subject to costly fines from major credit card merchants such as MasterCard and Visa. That’s why it’s vital that you go ‘all in’ and avoid the penalties of non-compliance.

Small businesses are especially vulnerable to security breaches, and few small business owners can afford the monthly fines, transaction rate increases, and financial audits that result after a security breach. By avoiding these fines, your business can put that money toward more inventory and advertising, which is good for your bottom line.

3. Strengthens Your Company’s Reputation

Data breaches are a lose-lose for both your company and your customers and clients. Not only will the credit card merchant have to spend money to issue new credit cards, but also your company will develop a reputation for not having sufficient security in place to safeguard sensitive information. And in the digital age in which social media can turn one complaining customer into an avalanche of bad press, business owners can’t afford to be PCI non-compliant.

A company’s reputation goes hand in hand with a company’s brand. If a company gains a bad reputation in the industry, the brand suffers as well, and that company will lose money. It takes years to build a good business reputation, and only one major breach to destroy that reputation. Maintain the good name of your business by adhering to PCI standards, and as your brand awareness increases, you’ll begin to see sales go through the roof.

An Ongoing Process

PCI compliance isn’t a one-time thing, because as security protocols change, you must remain flexible and continuously upgrade your compliance methods in order to maintain the highest levels of security. Remaining vigilant to all aspects of protecting your customers’ credit card information, enhances your company’s reputation, improves your branding, and helps attract new customers.

Do you need help making your company PCI compliant? We have all the tools you need to jump on the PCI bandwagon, and ensure that you are offering the highest security for your customers’ credit card information. Call us any time at 1-866-944-3244, or visit us online, and we’ll be happy to help you navigate through the murky water.

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