Business owners often worry about the complexity of PCI compliance credit card processing. However, the real worry comes from the mounting fraud hazards due to numerous factors.
One of those factors is technology advancements that criminals are using to hack into business systems.
But there’s also the human factor. So, as we simplify PCI compliance for you in this article, we are also giving you helpful tips for managing the human element of data security in your business.
Before we get started, it’s good to know PCI compliance history. These standards were launched in 2004 by major credit card brands. The purpose was and is to protect cardholder data, prevent fraud, and have consistent security methods across all industries.
Today, these standards are managed by the Payment Card Industry Security Standards Council (PCI SSC). While these rules are not law, they are enforced by credit card companies, meaning businesses have to follow the rules or can lose access to payment systems.
PCI is designed to protect businesses and consumers. So, let’s see how compliance standards are evolving to overcome new security pitfalls.
Merchant Data Security
A lot goes into PCI compliance. But many of the details get overlooked since business owners naturally assume compliance is all about securing payment data.
That’s critical, no doubt. However, protecting cardholder data is just one of the foundations of trust your business must build.
For instance, any data you store should be secured and encrypted. Data is valuable to criminals.
They can utilize seemingly harmless information (a recent story highlights this).
Even when you use best practices for storing data, have you considered potential problems that come with transmitting that data?
Data breaches could happen when you email files, upload to the cloud, or move files to a backup hard drive.
Credit card fraudsters know how to exploit openings
That’s why it’s a must to go beyond basic PCI compliance and implement a strategy for securing your business data at every point of access.
Good starting points include:
- Put in access control measures
- Require unique staff IDs for accessing data
- Restrict physical access to data
- Regular security assessments
- Monitor and test your strategies
Much of that work is off your shoulders when you partner with a competent provider with major experience with PCI compliance credit card processing.
PCI Compliance Credit Card Processing Standards
Here’s how serious data security is.
Some companies have had to pay up to $10 million dollars to settle data breach cases!
And that incredible amount doesn’t include fees paid to their legal teams. Even more alarming is that major corporations made many of those negative headlines.
That tells you how crucial it is to stay vigilant with any data your business collects, stores, or sends. No business wants the pain of a lawsuit, not to mention non-compliance fines and audits.
The business disruption would be awfully stressful too.
The thing is, even if you are careful with PCI compliance, what about your staff?
As you grow your business, this risk grows as well. One way to guard your business is through thorough employee interviews.
5 ways to test the trustworthiness of staff during interviews
- Ask about past situations that tested their integrity. For example: “Describe a time when you faced an ethical dilemma. How did you handle it?“
- Compare their resume, interview responses, and reference feedback for things that don’t line up.
- Present moral dilemmas and assess their responses.
- Observe non-verbal cues like eye contact, posture, and tone of voice when discussing sensitive topics.
- Do reference checks, asking specific questions about the candidate’s reliability and integrity.
While not perfect, these interview strategies can protect your business from data breaches and fraud that would ding your business’s reputation.
Credit Card Fraud Prevention
Think of PCI compliance as rules (and a security checklist) that keep customers’ credit card information safe from thieves.
These rules cover basic but important things.
For example, businesses must use strong passwords and change them regularly. As anyone knows, this step is easy to skip. Why? Everyone is busy and has countless passwords to keep up with today!
Another rule to check off is creating digital barriers to keep hackers out of your business computer systems.
These PCI compliance rules also mandate businesses can only let trusted employees see customer credit card data, and must track who has access to this information.
Regular security checks are required too, and they help protect business owners from fraud and improper data management. These checks protect customers’ money in the same way a building inspection might protect customers and employees from physical hazards.
And while encryption, tokenization, and fraud-prevention tools are good shields against credit card fraud, the human element again comes into play.
Employee training and awareness
The tightest technological security will fail if your employees are not fully trained in PCI compliance credit card processing.
So let’s hone in on ways to encourage your team members to be the best in your industry at data security:
- Bonuses for keeping up data protection practices
- Gamify the process (studies show gamification to be effective)
- Additional paid leave for maintaining perfect security compliance
- Handwritten letters of recognition
- Consideration for promotions based on excellent data security
- Access to premium cybersecurity courses and certifications
Benefits Of PCI Compliance Credit Card Processing
Once you get higher levels of employee “buy-in” for PCI compliance rules, your business will reap the benefits for years to come.
What entrepreneur doesn’t want their business to be seen as the most trustworthy one in their city?
It brings pride, of course, but also the most profitable businesses are the ones that garner the most trust from their customers. These businesses grow and thrive for decades due to that trust factor, which brings in repeat sales and countless new customers via referrals.
Just as important? Taking PCI compliance for credit card processing seriously means business owners cut down on headaches and hassles.
When you don’t have to worry about fines due to non-compliance, you sleep better at night. The same applies to knowing you won’t have an angry customer calling you to tell you their credit card number was stolen and your business was the last place they used it.
Challenges In Maintaining PCI Compliance
Now let’s look at three key concerns facing merchants.
One is balancing compliance with business operations. If you have a great credit card processing provider, this should not be a concern. The provider should help you stay compliant. An unhelpful provider, well, that’s a different story.
In those unfortunate cases, you could be left to put out “compliance fires” yourself while juggling business duties at the same time.
The same holds true for the second concern — resources you have to use to stay in line with PCI compliance. A good provider will set you up for long-term success. A provider that overpromises, may leave you holding the bag when it comes to updating equipment or software or creating your own training systems for staff.
Lastly, keeping up with changing PCI standards is a challenge for busy merchants.
Below is a sampling of changes
- Stricter password requirements (complex sequences)
- Passwords must be changed every three months if not using Multi-Factor Authentication
- Multi-Factor Authentication (MFA) is now mandatory for all access to cardholder data environments
- Hard-coding passwords into scripts, files, or custom code is no longer allowed
- When checking for security weaknesses, approved log-in credentials are mandatory
- All vulnerabilities must be addressed (not just critical ones)
- New rules for detecting malware communication attempts
- Updated measures to detect changes to payment pages
The Future Of PCI Compliance
In the past, we have discussed quantum computing as a serious threat to all types of computer systems. That technology is alarming, though not yet available.
While quantum computing will affect the future of PCI compliance for credit cards, it isn’t alone.
Cloud computing isn’t new, yet this trend shows no sign of slowing. Organizations are having to use new testing tactics that fit the “cloud environment.” PCI compliance rules are likely to shift to help companies keep data secure while leveraging advantages of using endless resources via “the cloud.”
Then you have biometric authentication that has evolved from passwords to fingerprint scans to facial identification. Even Multi-Factor Authentication is adapting to new fraud threats.
Many online services are nudging users to not use text messages as the second part of identification. They are moving toward authentication apps or asking users to open a specific (the YouTube app, for example.)
What about changes in e-commerce PCI compliance due to new threats?
“Change-and-tamper” detection requirements are increasing for payment pages. Automated detection systems must be set up to run checks every seven days at minimum to stay compliant. Real-time alerts and detailed logs are also mandated for PCI compliance credit card processing.
These new e-commerce mandates are set to start in March 2025. However, more changes could arrive, so it’s crucial that your payment provider is on top of these new rules and keeps you updated so you stay compliant.
Clearly, compliance is going to get more complex as bad actors find diabolical ways to steal credit card information. So, we will wrap up with one more set of special tips for ensuring your employees stay up to speed on PCI compliance (plus, two FAQs on the topic).
Finding Diligent Employees For PCI Compliance
Accounting businesses have no room for error. That means they have perfected the art of hiring diligent employees. That knowledge can help you spot employees (regardless of industry) who can be trusted to adhere to payment compliance standards.
See the following employee traits accounting firms look for:
- Detail-oriented and organized
- Meticulous record-keeping
- Committed to continuous learning
- Stays updated on industry trends
- Embraces new practices
- Pursues professional development
- Ethical and responsible
- Maintains confidentiality
- Provides accurate information
- Adheres to ethical standards
Conclusion
Now you have a clear picture of PCI compliance and how technology mingles with human factors to stay secure.
National Processing invests in the best technology and people to serve our customers.
We also have the most comprehensive PCI compliance experience in the payment industry.
If you want that experience to go to work for you and give you peace of mind, get started with National Processing now.
Our $500 Lowest-Rate Guarantee means there’s no risk for you at all!
PCI Compliance Credit Card Processing FAQ
Who needs to be PCI compliant?
All businesses that accept, process, store, or transmit credit card information must be PCI compliant. This applies to small, medium, and large companies, whether offline or online or a mix of both. If you accept non-cash payments, being PCI compliant is a part of being in business.
How do I become PCI compliant?
Check your transaction volume level and match it to the compliance level requirements. Complete Self-Assessment Questionnaire and vulnerability scans—if required. Adhere to the 12 PCI DSS requirements, complete Attestation of Compliance and submit required documentation to your payment processor.
