often, small business owners start
their contracts without having finalized all the details necessary to provide a
smooth set of services to the consumers. As a result, problems with certain
rules and eligibility criteria creep up when least expected. If you are
contemplating providing credit and debit card payment gateways to your clients
for the products and services at your website or mobile app, you have to ensure
that none of these merchant s’ services cut in to your profit margin. Apart from
the merchant services fees, you also have to make sure that any issues with PCI Non Compliance should be curbed at
the outset. Many business owners fall in the trap of non-compliance with the
PCI rules because of basic ignorance. Therefore, here are 3 of the most common
myths about this essential regulatory body truly explained for you.
Myth
1 – The PCI DSS is just a recommendation and not mandatory
Busted:
The collaborative PCI SSC (Payment
card Industry Security Standards Council) has designed the PCI Data security
standards. This body of popular payment card brands enforces the PCI rules
themselves on their own payment gateways and by extension on the industry
itself. Any irregularities with these standards can result in heavy fines and
even chances of expulsion from the network of card processing, leaving your
business unable to provide card payment options to your clients ever. This
automatically gives your business an inconvenient and untrustworthy image.
Myth
2 – ASV scans are enough to ensure PCI compliance
Busted:
Along with ASV scans, all businesses need to complete the self-assessment
questionnaire from the PCI council to clear compliance related confusion for
their brands. The questionnaire has been designed to check the level of
compliance to different card companies or credit card processing banks. If a
business simply fills the questionnaire to seem PCI compliant but on further audits turns up non-compliant at all
levels, the issue can become very serious with heavy repercussions attached to
the offence.
MYTH
3: If the credit card data is not stored, there is no need for PCI compliance
Busted:
The main issue is not just storing the credit card data, but also
handling each set of data carefully. This is why, even if your business is not
storing the relevant details for your consumers’ credit cards, just on the
basis of your handling the credit cards, you will have to go through every PCI
compliance standards and abide by it.
