Credit card processing always needs a surety of security for merchants. It helps to prevent fraud which is vital for customer’s safety. On the other hand, it helps prevent charge backs, which is necessary for the business owner. The companies that fail to install a safe credit card processing system fail faster and lose many customers in one night.
PCI-DSS compliant credit card processing is the popular and vital way to ensure safer credit card transactions. It is not only a safety system but also a set of legal rules that every merchant has to follow. Through PCI-DSS compliance, the companies are able to operate in a predictable atmosphere. Before we move forward, you should know that the PCI-DSS rules apply to merchants and any included third party. Merchants, payment gateways, acquiring banks etc. all are entitled to work in compliance with the conditions.
What is PCI-DSS?
PCI-DSS compliance stands for Payment Card Industry Data Security Standard. It is a set of rules that is made by the PCI SSC that is Payment Card Industry Security Standard Council. The rules are destined to bind the companies to apply safety measures for their customer’s credit card transactions.
Major requirements of PCI-DSS compliant credit card processing in a business
For safer credit card processing, every merchant needs to fulfill several requirements mentioned under PCI-DSS. Here are the actual requirements that merchants and payment gateways and every included party needs to follow. Without following these terms no company or individual can run the business securely.
Don’t we know how drastically hacking issues increased in last few decades. Nowadays when businesses need to focus more on their online versions, the transaction security is must. After the pandemic, the commercial entities have to depend a lot on credit card transactions. The PCI-DSS compliance is must.
- Merchants need to use antivirus software
You can understand that this is the first requirement that every business needs to fulfil. The latest antivirus software is the first need that acts as the prime gatekeeper against the fraud. This all can happen only if a merchant buys the software and does not depend on the free version.
- Encrypted storage of cardholder’s data
Another parameter for PCI-DSS compliant business operation is encryption of crucial data. The customer’s information can be used easily by hackers to do financial fraud. This is why, it becomes necessary to put a full stop on such possibilities.
- Physical security of data is vital
The companies should not only find secure the customer data digitally but also physically. The documents, the servers, in short all whole workstation should be protected. This can include every detailed security measure, from who can enter in the premises and what are the time limits etc.
- Maintain information security policy
For every merchant, it is vital to update the business system regularly according to the information security policies. The businesses cannot compromise on this part because they are directly under the scrutiny of the regulatory authorities. The rule is applicable on any involved third-party as well.
- Regular and scrutinized monitoring to all data access
The PCI-DSS rules require merchants to keep a proper check on the access to data. It is necessary to inspire responsible behavior and to give assurance of safety. Any business losing its pace on this part will only cause more problem for its existence.
- All users should be assigned unique identifiers
The credit card processing rules always bind the merchants assign unpredictable identifiers. As we all know that this simple tactic is important for security. If the customers have to set a password, the merchant can suggest them to set a complicated password. It is part of the merchant’s moral duty.
The businesses that fulfill the above conditions display PCI-DSS to on their websites. It is certificate of authenticity of a business and thus vital for the goodwill of a merchant. For high-risk merchants, it is almost a compulsory thing.
EskayPay operations are PCI-DSS compliant
As a payment gateway company, we work while maintaining the highest security standards. Our massive portfolio is the practical proof that we never compromise with the PCI-DSS compliance rules. From data security to safer money transactions, we ensure everything for the merchants as well as their customers.
The ultimate concern of everyone involved in a financial transaction is the safety of the money. EskayPay leave no stone unturned on safety part and works what is mentioned by the regulatory authorities as rules. We follow each and every word in the rule book because we not only process the payments but also take care of the merchant’s goodwill.
The above information is not only theoretical but the businesses are practically implementing it in their daily operations. Credit card processing is challenging as the hackers have multiple ways to commit financial fraud. But thanks to the advanced rules and safety ideas that merchants especially from high-risk industries can serve better to their customers.