PCI Compliance, Why Credit Unions Need to Annually Review Their Compliance

The nature of a credit union is to hold and secure sensitive information. For that very reason, many companies choose to partner with payment providers because they need someone to help them meet the highest compliance and security levels to keep their customer’s banking information safe.

At BillingTree, we take security very seriously and comply with all applicable regulations. While some companies may take the fastest route to handle your payments, we take every precaution to ensure you and your member’s information is secure.

What is PCI Compliance?

So what exactly do we mean when we say PCI-DSS? This is the most well-known compliance standard, and it was created to enact controls around how companies handle cardholder data to decrease credit card fraud. If you’re shopping around for providers, then this is one you NEED them to have.

BillingTree is Level 1 certified, which means we successfully process more than 6 million Mastercard or Visa transactions annually.

Why Credit Unions Need to Review Their Compliance

One of the most damaging things to a credit union’s reputation is a data breach. You hear it on the news all the time. Understandably, when these issues happen, stocks for even Fortune 500 companies can plummet. You can imagine how devastating the impact would be on a smaller business.

When choosing which payment processor to handle this sensitive information, it is critical to see what level of compliance they meet and how well they stay up to date. Your business is protected from attacks and data breaches by adhering to best practices for security and compliance. It would help if you had a safe and reliable way to stay up to date with the latest compliance and security available; that’s where BillingTree comes in.

It may seem overwhelming to keep up with compliance for financial institutions. There are always new regulations, additional ways hackers can access systems, and updated compliance rules to learn for the variety of customers/industries you service.

Takeaways

Now you know the basics of areas you must master to minimize the chances of a breach. The great news is that BillingTree can help you stay compliant because we have an entire compliance department dedicated to reducing the risk and lowering your chances of a breach. In addition, at BillingTree, there are several Accredited ACH Professionals (AAPs) on staff, for an extra level of confidence and trust.

We recommend you take the next step by requesting a processing compliance review. We will provide a complimentary evaluation of your current environment and uncover some opportunities to fill any gaps in your payment acceptance process. Get started today.