The process of becoming PCI Compliant is quite simple and provides businesses with up to $100,000 of data breach protection.
The Payment Card Industry Data Standard is a set of requirements designed to ensure that all companies who process, store or transmit credit card information maintain a secure environment. Quite simply, you are taking the necessary steps to protect your customer’s valuable payment card data, whether you process one transaction a month or 100,000 transactions a week.
2014 5,000 + Data Breaches nationwide
92% of breaches occurred in small businesses
Cost of average breach is $100,000
The process of becoming PCI Compliant is quite simple and provides businesses with up to $100,000 of data breach protection. Companies like Trustwave and ControlScan provide tools to self-assess your PCI Compliance with an online portal that takes you step by step through the process. In some cases when transmitting payment data through an internet connection you will also be required to perform a vulnerability scan to ensure that your computer system has the appropriate safeguards in place.
Here at Preferred Payments we ensure that every aspect of the payment process is handled with ease and this includes PCI Compliance as well. We will walk you through every step of the compliance and upon completion you will receive a certificate of compliance. This is as good as gold to a merchant and will be your ticket to breach insurance.
Preferred Payments utilizes encryption tools and techniques to mask original data, then allows it to be encrypted. An algorithm scrambles credit card information, making it unreadable to anyone without a proper key. Our end-to-end encryption passes confidential credit card data at the point of entry, then its encrypted when the purchaser’s authorized credit card information reaches its intended destination.
Tokenization is the process of replacing sensitive credit card data with unique identification symbols, which retain all the essential information about the card without compromising its security. Tokenization ensures the security of credit cards and e-commerce transactions, while minimizing the cost and complexity of compliance with industry standards and government regulations. Upon request, Preferred Payments will handle the issuance of the token value and bear the responsibility for keeping cardholder data secure.
In 2014, 66% of organizations did not adequately test the security of all in-scope systems
73% of companies reported they had suffered actual or attempted payments fraud in 2015
69% of consumers would be less inclined to do business with a breached organization.
Companies that did not adequately test 66%
Companies that suffered fraud 73%
Customers less inclined to do business 69%
Source: Verizon 2015 PCI Compliance Report - digitaltransactions.net AFP
