The Most Common PCI Compliance Myths
When you own and operate a small business, the last thing you want to spend your time on is understanding all the tiny details about EMV systems and PCI compliance (Payment Card Industry) regulations. The industry of credit card authorization and payment processing systems really would not be so complicated if everyone knew fact from fiction. Here are some of the basic myths surrounding PCI compliance rules, so that you can make better decisions for your business and for your customers when it comes to PCI best practices:
🕵️Myth 1: Only big businesses need to be PCI compliant; a small business does not process enough credit card payments.
It is never too early to start implementing PCI standards into your business. If you are waiting until your business grows but you end up experiencing a security breach, the cost of that breach will be higher than what you would pay to begin implementing PCI regulations.
🕵️Myth 2: PCI compliance is an IT issue the business owner does not have to learn about.
Yes, if you have an IT staff, they’re probably the most knowledgeable about PCI compliance, but it’s an ongoing process, and as the business owner, you need to know where your technology falls short to make the best decisions now and in the future.
🕵️Myth 3: PCI compliance means your payment processing system is secure.
It does provide a better idea of how secure your system is after you have completed a scan, but it is important to remember that security breaches can occur at any time.
🕵️Myth 4: Being PCI compliant will require the system to store credit card data.
No. In fact, the best systems will not store any credit card data but have card encryption technology.
🕵️Myth 5: Only e-commerce businesses must worry about PCI.
PCI applies to every business that processes, stores, or transmits consumer payment information via credit or debit cards. If your business accepts card payments, you’ll need to pay attention to PCI.
These five myths are just the beginning. We’re here to help debunk them all and assist you with PCI compliance standards. Looking for more information on everything about merchant services and choosing the right solutions for your business? Read our definitive guide to merchant services.