It is all about following the rules and regulations that are set by a system for any business, which accepts data from a credit card. If a business follows a specific protocol for safety of customers and business from counterfeit activities, then it is worth doing business with.
Basically, to be compliant and to meet the security standards, major card brands have created a system to check the security standards. These rules are updated frequently to keep a check on the unsafe usage of cards. Being compliant means you are making sure that your business is in safe from fraud, Visa/MC/Discover/Amex that accepts credit cards in a safe and correct way.
What does PCI means?
Actually it is PCI DDS, (Payment Card Industry Data Security Standard). This is a standards set up by five biggest credit card companies to safeguard and fight against the fraud associated with credit cards. When there was no PCI – certification businesses who handle credit card details should prove that they have met the PCI requirements.
PCI compliant means that your business is following the standards of data security formed by the Payment Card Industry Security Standards Council (PCI DDS), and validated accordingly. The five companies that formed this standard are Visa, MasterCard, Discover, American Express and JCB International, the council have designed the standards which help businesses to handle sensitive customer data and process, store and secure them safely. Every business that accept credit cards are meant to follow these standards.
What are its requirements?
There are four different levels of requirement. It is vital to know under which level is your business falling and be on the same page with the requirements mentioned. There would be data breaches when you fail to maintain the standards and it would cost then penalties and fees to replace, interrogations and investigations in the business there would also be great loss of reputation. When PCI DDS requirements can change with your yearly transaction value, it is essential to understand what you need to do make your business follow compliance. You can access the website of PCI DDS for more information.
It is very simple to follow the standards and become compliant. For that your business needs to go through a yearly questionnaire on self-assessment so that you will find out if there are any unsafe measures being carried out. Few organizations could have some more additional requirements to become compliant depending on the way they process. Signing up with IMD you will be given access online to a portal which is about PCI compliance, then you will know and make sure that your business completely follows all its requirements.