PCI DSS Compliance
PCI DSS version 2.0 is the global data security standard that any business of any size must adhere to in order to accept payment cards, and to store, process, and/or transmit cardholder data. It presents common-sense steps that mirror best security practices.
The Rental Pay has gone through all training and has been approved as PCI compliant making sure that all credit card information and credit card processes are secure both for you and The Rental Pay.
What is PCI DSS Compliance
Compliance with data security standards can bring major benefits to businesses of all sizes, while failure to comply can have serious and long-term negative consequences. Here are some reasons why.
Compliance with the PCI DSS means that your systems are secure, and customers can trust you with their sensitive payment card information:
Trust means your customers have confidence in doing business with you
Confident customers are more likely to be repeat customers, and to recommend you to others
Compliance improves your reputation with acquirers and payment brands — the partners you need in order to do business
Compliance is an ongoing process, not a one-time event. It helps prevent security breaches and theft of payment card data, not just today, but in the future:
As data compromise becomes ever more sophisticated, it becomes ever more difficult for an individual merchant to stay ahead of the threats
The PCI Security Standards Council is constantly working to monitor threats and improve the industry’s means of dealing with them, through enhancements to PCI Security Standards and by the training of security professionals
When you stay compliant, you are part of the solution – a united, global response to fighting payment card data compromise
Compliance has indirect benefits as well:
Through your efforts to comply with PCI Security Standards, you’ll likely be better prepared to comply with other regulations as they come along, such as HIPAA, SOX, etc.
You’ll have a basis for a corporate security strategy
You will likely identify ways to improve the efficiency of your IT infrastructure
But if you are not compliant, it could be disastrous:
Compromised data negatively affects consumers, merchants, and financial institutions
Just one incident can severely damage your reputation and your ability to conduct business effectively, far into the future
Account data breaches can lead to catastrophic loss of sales, relationships and standing in your community, and depressed share price if yours is a public company
Possible negative consequences also include:
Payment card issuer fines