What is PCI Compliance & Why Is It Important for Your Business?
Introduction
Protecting your customers’ data should be a priority for your business, especially as you grow. If you’re taking card payments face-to-face, online, over the phone, or via email, you’ll need to understand the importance of PCI compliance and the industry regulations that impact the way you trade.
What is PCI Compliance?
PCI compliance, short for PCI DSS compliance, stands for the Payment Card Industry Data Security Standard. This standard is mandatory for all organizations that accept debit and credit card payments. Its main goal? To protect customers’ card data from misuse or fraud due to data breaches.
Who Oversees PCI Compliance?
The Payment Card Industry is a global organization, and their council oversees PCI compliance and education for merchants. Founded in 2006, this council includes card associations such as Mastercard, Visa, Discover, American Express, and JCB. While the council sets the standards and qualifications for security, it’s the payment processors who validate compliance with their merchants using a PCI assessment form.
Who Needs PCI DSS Compliance?
Whether you’re a single stall owner or run a chain of restaurants across the country, if you take card payments, you need to be PCI compliant. The level of compliance required depends on the size of your business and your annual card turnover.
Levels of PCI Compliance
There are four levels of compliance, each based on the number of card transactions processed annually:
- Level 1: Merchants processing over 6 million card transactions annually.
- Level 2: Merchants processing 1 to 6 million transactions annually.
- Level 3: Merchants processing between 20,000 and 1 million transactions annually.
- Level 4: Merchants processing fewer than 20,000 transactions annually.
Depending on your business’s category, you’ll need different PCI assessments. Level 1 businesses must have yearly on-site reviews by an internal auditor (Qualified Security Assessor – QSA) and a network scan by an approved scanning vendor. Businesses in levels 2, 3, or 4 must complete the PCI DSS Self-Assessment Questionnaire annually and undergo quarterly network security scans with an approved scanning vendor.
Simplifying Compliance with Dojo
Typically, a PCI questionnaire is a lengthy and complex process, ripe for mistakes. When you accept cards with Dojo, we handle it all. Our card machines use point-to-point encryption (P2PE), reducing your PCI compliance to just two documents and two questions. Once you’ve read and understood the documents, you can become compliant from your Dojo account online or via the app.
Why is Being Compliant Important for Your Customers and Your Business?
Consumers need to feel secure, knowing they’re not at risk of identity fraud when spending money in-store or online. Secure websites, card machines, and software, coupled with knowledge of personal data protection, offer shoppers peace of mind. Being PCI compliant demonstrates your commitment to protecting your customers against fraud. Without PCI DSS compliance, you risk hefty fines and losing valued customers if sensitive customer data is lost.
How Does PCI Compliance Work with Dojo?
Non-compliance puts your customers and business at risk, increases the chances of merchant chargebacks, and can incur fees from your merchant account. All Dojo card machines come with P2PE, the most rigorous security standard. It protects you and your customers from card fraud, safeguarding your reputation and giving customers peace of mind. Thanks to its security, achieving PCI compliance with Dojo is much simpler. Once you’ve read the plain English documents, there are just two questions between you and compliance, which can be completed quickly on your Dojo account.
If you’re a Dojo customer needing to complete your PCI compliance documents, visit your Dojo account today. New to card payments? Learn more about our Dojo card machines, offering next-working-day transfers and built-in P2PE security.