The Importance of Compliance in Payment Processing

There’s always a certain level when you’re running a business. That’s just the name of the game. But when you accept credit card payments from your customers, you’re assuming quite a bit more.

Now, you run the risk of fraudulent charges, returns, cancellations, identity theft, disputes, etc. That’s why it’s crucial to meet the current standards and regulations for PCI compliance when you accept this form of payment.

What is PCI Compliance?

The PCI Security Standards Council is a global organization that “maintains, evolves, and promotes Payment Card Industry standards for the safety of cardholder data across the globe.”

Their focus is to help merchants and financial institutions implement the current standards for security policies to ensure the safety of both your business and your customers.

If you choose to employ the services of a payment processor, it’s essential to keep security and compliance in mind when making that ever-crucial decision.

3 Reasons You Need Your Payment Processor to be PCI Compliant

Data Breaches

A breach in security is always the most terrifying because it can end with an expensive settlement that could cost your company a lot of money.

According to Verizon’s PCI-DSS Compliance Report, over ten years, none of the companies they investigated had maintained compliance at the time they were breached. For example, Home Depot had a malware breach that affected 56 million payment cards. The company ended up paying a $19.5 million data breach settlement.

This is a significant blow to huge companies, but a lethal one to smaller businesses that are just starting out.

Building Trust

Education is the goal of the PCI Security Standards Council. They want businesses to understand the importance of staying up to date with the latest security protocols. Likewise, you can instill the same sense of trust by educating your own customers and “showing-off,” so to speak, your PCI-DSS compliance.

If you’ve ever done business with a company that’s had a data breach, you’ve probably felt the immediate impulse to drop them entirely and make the switch to their competition. Most people share the sentiment, and these companies see a radical drop in business when the news gets out.

Simplicity 

Okay, so this one is more of a sell, but partnering with the right payment processor makes staying compliant easy. For example, BillingTree works hard to ensure we maintain modern PCI-DSS compliance so you can focus on the things that truly matter to your business.

What you should do to implement and sustain PCI compliance

Takeaways

Payment card breaches are a serious threat that you can and should manage. As patients increasingly utilize credit and debit cards to pay for their healthcare payments, you must stay on top of PCI compliance. Ensuring your payment processing solutions are PCI compliant will help you mitigate the risk of a breach and keep your patients’ data safe and secure, just as you protect their PHI.

To learn how BillingTree can help you provide payment services that are PCI, SSAE-16, and HIPAA compliant, contact us to request a demo today.