Originally Published by Prosperity Bookkeeping
Does your business accept credit cards? If the answer is Yes, is your company PCI DSS compliant? If your answer is, “What does that mean?” then read on. PCI DSS is short for Payment Card Industry Data Security Standard. All merchants who accept credit cards for payment are required to follow certain guidelines – the Payment Card Industry Data Security Standard. The PCI Security Council develops and promotes these global data security standards to support safe transactions for everyone.
Is My Small Business Required to Be PCI Compliant
You’re probably wondering if you, as a small business owner, need to become PCI compliant. PCI DSS pertains to all organizations that process card payments, regardless of the organization’s size or transaction volume. You might use Intuit QuickBooks applications to process credit card payments. QuickBooks is secure and PCI compliant. However, other factors aside from QuickBooks can compromise the security of your payments. Using QuickBooks payment services isn’t a silver bullet to become PCI compliant.
What are the Requirements of Becoming PCI Compliant?
PCI standards cover 12 requirements related to the secure handling, processing, and storage of sensitive credit card and debit card data. Read the 12 requirements to learn about QuickBooks PCI data security services.
Why is Compliance So Important?
Protecting your customer’s payment information is important because hackers are a real threat. Cybersecurity measures to protect sensitive data can protect your small business from a data breach. If a data breach occurs, your company may be liable for fines, penalties, legal fees, and remediation. The increased security of being PCI compliant helps ward off this threat.
What Services Offer Compliance & Validation?
For some Prosperity Bookkeeping clients, this isn’t their first time hearing about PCI Compliance. Intuit recently sent a reminder to active QuickBooks Payments clients. As part of the Intuit Terms of Service, businesses are required to be PCI compliant. Additionally, credit card companies like Visa, Discover, and MasterCard also require PCI DSS compliance validation. More reasons to check out PCI compliance! Several cybersecurity companies offer services that lead to becoming PCI compliant. Intuit partners with SecurityMetrics and offers a partner discount to active Intuit QuickBooks Payments accounts.
Can My Company Become PCI On Its Own?
If you’re like most small business owners, you don’t welcome an annual fee for PCI compliance validation. Fortunately, you can become PCI compliant on your own. Start by completing a Self-Assessment Questionnaire that fits your level of credit card transactions. Next, review the 12 requirements of PCI DSS compliance. Complete the requirements, and keep documentation of your compliance efforts.
Where Do I Look for More PCI DSS Information?
PCI DSS compliance certainly takes time and effort, but a strong data security foundation benefits your small business in the long run. By protecting customer payment data, you prevent data breaches that can potentially put your company out of business. PCI Security offers multiple data security resources for merchants. For more information about credit card payments and other accounting practices, contact Prosperity Bookkeeping, a Wisconsin company providing professional bookkeeping services to manage day-to-day business finances, contributing to an organization’s stability and prosperity.