When you accept credit and debit card payments at your business, it benefits both you and your customers. Offering consumers a variety of ways to pay for your products or services usually makes the payment process more efficient. By offering alternatives to cash payments, your customers will be able to buy now and pay later, which adds convenience to their shopping experience. Research shows that shoppers tend to buy more and spend more per item when paying with a credit card than they would if cash payments were the only available option.
There are risks and responsibilities associated with accepting credit cards and other payment alternatives. Failure to maintain strict controls over this information could result in unauthorized use of a credit card number and serious problems for both the customer and the merchant. Individual credit card information is confidential and your customers trust and expect that you will keep their sensitive payment data safe. All businesses that accept credit and debit card payments are contractually required to adhere to standards of the Payment Card Industry (PCI).
The Payment Card Industry Data Security Standard (PCI DSS) encompasses a set of requirements established to ensure that all merchants who process, store or transmit credit card information maintain a secure transaction environment. In 2006, the major payment card brands (Visa®, MasterCard®, Discover®, etc.) formed the Payment Card Industry Security Standards Council (PCI SSC) in response to a growing number of data security breaches. Any merchant, bank or processor that handles payment card information is responsible to achieve and maintain PCI compliance.
The best practices for security set by the PCI standard can help you protect your business and your customers’ sensitive data. Credit card breaches can cost your business millions of dollars in expenses for detection, notification, legal fees, customer loss and damage to your brand. It just makes sense to be PCI compliant to preserve your livelihood and to earn the trust of your customers. They expect your business to keep their personal sensitive data out of the hands of cyber thieves.
At goEmerchant, we would do everything in our power to protect our clients’ sensitive data and continuity of operations, even if it wasn’t required. Security is always our top priority. Our Reliable Triple Redundant Data Center (N + 1) and Data Storage Standards (DSS) provide security and reliability you can count on — giving you the peace of mind you and your customers deserve. We combine cutting-edge technology with boutique-style service for innovative payment solutions that make running your business easier.
For more information about PCI Compliance visit https://www.pcisecuritystandards.org or contact goEmerchant and speak to one of our friendly associates. We can answer your questions about secure payment processing for your business, and are the one-stop shop for all your payment processing needs!
