When you own and operate a small business, the last thing you want to spend your time on is understanding all the tiny details about EMV® systems and PCI compliance (Payment Card Industry) regulations. The thing is, the industry of credit card authorization and payment processing systems really wouldn’t be so complicated — if only everyone knew fact from fiction and was confident in their check guarantee companies and credit card merchant processing services!
To help you out just a little bit more, here are some of the basic myths surrounding PCI compliance rules, so that you can make better decisions for your business and for your customers when it comes to PCI basics:
Myth 1: Only big businesses need to be PCI compliant; a small business doesn’t process enough credit card payments. It’s never too early to start implementing PCI standards into your business. If you’re waiting until your business grows but you end up experiencing a security breach, the cost of that breach will be way higher than what you’d pay to begin implementing PCI regulations.
Myth 2: PCI compliance is an IT issue that business owners don’t have to learn about.Yes, if you have an IT staff, they’re probably the most knowledgeable about PCI compliance — but it’s really more of an ongoing process, and as the business owner, you need to know what it’s all about.
Myth 3: PCI compliance means that your payment processing system is secure. It does provide a better idea of how secure your system is after you’ve completed a scan, but it’s important to remember that security breaches occur all the time. In fact, there was a 67% increase in the number of Americans affected by stolen credit card information between 2010 and 2012, and 60% of businesses experienced some sort of fraud (or attempted fraud) in 2013.
Myth 4: Being PCI compliant will require the system to store credit card data. Nope! In fact, the best systems won’t store any credit card data, because it’s a huge liability.
Myth 5: Only e-commerce businesses have to worry about PCI. PCI applies to every business that processes, stores, or transmits consumer payment information via credit or debit cards — so unless you’re operating on a cash-only basis, you definitely need to pay attention to PCI (and besides, the latest polls show that over 72% of American consumers have at least one credit card, so you’d lose a lot of business if you ignored this group!).
Of course, these five myths are just the beginning — there are countless other mistakes people have made regarding PCI compliance standards. Do you know of any that we didn’t mention? Be sure to visit the comments section and let us know!