Meeting PCI Compliance Requirements for Selling Company’s Products Online

Meeting PCI Compliance Requirements for Selling Company’s Products Online

In this article, we will tell you what security measures are used in the field of payment cards, what PCI requirements are and why anti-fraud technology is needed, and how other solutions that provide the highest degree of protection are involved.

What PCI compliance means?

Under the current conditions, the Internet has become one of the main sales channels for many businesses. Someone has already mastered sales via the Internet for a long time; someone is just taking the first steps. Be that as it may, the online store is one of the key elements in this process, and the success of the business depends on how well it is created and how convenient it is for customers.

Every day, your organization faces an unprecedented number of threats to your valuable corporate data. This situation is compounded by the need to comply with the many safety standards required by industry and government regulations. For almost 30 years, business services have been helping organizations like yours develop and improve compliance. To do this, they provide key information protection tools, functional automation, and integrated monitoring of all products.

Depending on your online store’s credit card processor, you may be charged something like a PCI Compliance Fee. When starting an eCommerce store, it’s important to understand what PCI Compliance really means and how it protects you and your customers from losing valuable transactions in the format. Regardless, if you receive a PCI Compliance Fee fee, you might be interested to know what the money is used for.

Business processes for which PCI compliance checklist is required are the following:

  • Acquiring using POS terminals or self-service devices.
  • Production and personalization of payment cards.
  • E-commerce payment gateway.
  • Trade and service enterprise of electronic trade.

Selling company’s products online following PCI compliance requirements

The days of easy profits in e-commerce are over. In order to compete in the conditions of a rapidly growing market, you need to pay attention to a number of things that, at first glance, seem unimportant. However, they ultimately affect the success of the business as a whole. What shall I do? What methods and methods of increasing sales can be involved? What measures can be taken to increase the volume of sales in the online store? What ideas to pay attention to?

All sites that engage in e-commerce are required to comply with the requirements set forth in the Payment Card Data Security Standards (PCI DSS). These requirements are regulated by large companies to ensure the secure transmission, storage, and processing of cardholder data. The PCI DSS standards are a set of general methods, such as limiting the distribution of cardholder information and the need to create secure passwords, as well as more complex methods, such as encryption and the use of a firewall.

One of the most frequent mistakes in sales is that the manager of the online store does not ask the customer clarifying questions that would give an opportunity to determine his real need. In this case, it is much more difficult to work with objections, and the probability of a successful order decreases. At a certain stage, the conversation will simply go in the wrong direction. Merchants may be subject to regular PCI compliance reviews, or a suspected breach may trigger a specific audit.

How much does it cost to be PCI compliant?

The cost of achieving and maintaining PCI DSS compliance can differ based on several factors, including the size and nature of your business, the level of compliance needed, and the types of payment card transactions you handle.

Generally, the costs related to PCI compliance can include the following:

  1. Annual PCI DSS assessment fees: These fees depend on the level of compliance you must achieve and the number of payment card transactions you process.
  2. Hardware and software upgrades: You may need to upgrade your payment processing hardware and software to meet the PCI DSS requirements.
  3. Security tools and services: You may require security tools and services, such as firewalls, intrusion detection systems, and vulnerability scanning services, which you may need to purchase or subscribe to.
  4. Staff training: Your staff may require training to understand the PCI DSS requirements and their roles in maintaining compliance.
  5. Penetration testing: You may need to perform regular penetration testing to detect and address vulnerabilities in your payment processing systems.

The total cost of achieving and maintaining PCI compliance can vary from a few thousand dollars to tens of thousands of dollars annually, depending on your business’s size and needs. Non-compliance can result in hefty fines, legal fees, and reputational damage, making PCI compliance an essential investment for any organization handling payment card data.