All businesses suffer some financial loss from credit card fraud. This risk increases when accepting payments online for payment of services, to pay bills, and to purchase merchandise. It is up to each business to verify the owner of the credit card. In addition, businesses must make certain that they protect their customers’ personal information when taking payment from cards.
The PCI (Payment Card Industry) Security Standards Council has created a standard to protect customer’s data. This council was formed by the card brands. They created the PCI Data Security Standard (DSS) for merchants to assure their card holders information is protected.
Any business that does the following must comply with the PCI DSS controls and processes:
- Stores customer’s private information
- Processes cards
- Transmits customers’ data
Lack of compliance with the standards can result in costly fines, audit costs, or restrictions. The biggest risk is if the private information and data are compromised and it results in fraud or identity theft of the customer.
With services like ControlScan, it is easier to comply with PCI requirements. The affordable costs of products like this are worth it to avoid fines, fraud, and other risks. Compliance is achieved with the following:
- Self-assessment questionnaire (SAQ)
- Scanning
- Policy builder
- Security awareness training
- Breach protection
- Individual support
Keeping in compliance not only prevents loss from accepting payment from cards that are being used fraudulently, but encourages customer trust. With all the cases of identity theft, customers need reassurance that their information is safe and protected. Using services that reduce the risks to both the merchant and the customers will result in more sales and less loss due to credit card fraud.
Merchant Data Systems can provide all the services needed to securely process card payments. You can use services like ControlScan and purchase card processing equipment through Merchant Data Systems. The services they offer include card processing, card verifying, electronic check processing, supplies, technical support, and more. Contact a specialist today and fill out the approval form to get started.
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