TransAct Standards and Credit Card Processing is PCI Compliant
Maintaining PCI compliant payment processing can be a major problem, but failure to do so can be catastrophic. Businesses in any industry can become targets for those looking to steal sensitive financial information. The need to protect and secure this data is critical for your business and your customers.
At TransAct, we focus on PCI compliance every day. We will give you a complete risk assessment and management plan to ensure your payment processing, related financial transactions, and merchant services are fully compliant with PCI standards.
Security and PCI Compliant Standards
PCI compliance is defined by the PCI SSC (Payment Card Industry Security Standards Council), which has a vested interest in keeping consumer data safe. Because the PCI organization is focused on protecting customer and credit card information, there are specific audit, or “scan” guidelines. These requirements are updated regularly and consequences for non-compliance or breaches continue to change.
PCI guidelines are quite rigorous, but we have specific procedures to help you take the necessary steps for payment processing security.
If you would like to learn more, you can check out the PCI organization site directly.
The Penalties for Non-Compliance
PCI guidelines are put in place by the payment card industry. (Currently) there are no criminal penalties involved. However, failure to comply can result in fines that can easily amount to tens or even hundreds of thousands of dollars. Even worse, non-compliance can even result in the loss of card processing privileges, severely harming your ability to conduct business.
Going Beyond PCI Compliant Payment Processing
The PCI organization and industry governance deals exclusively with payment processing standards. It is best practice to have a security plan in place and to regularly review your record keeping practices. Learn more on the topic of PCI compliance and secure payment processing here.