Payment Card Industry (PCI) Compliance and Data Security Standard (DSS) requirements for Dummies
As implied, the payment card industry encompasses all the businesses that deal with debit and credit cards, electronic purses, automated teller machine services and point of sale cards. The group also includes all other companies that handle or are associated with these financial features. The PCI part of the financial sector is popular and it continues to expand as more electronic payment methods are invented. Therefore, there are certain standards that have been imposed to ensure that the finances involved are handled responsibly and the users of payment cards are safe.
This important standard is known as Payment Card Industry Data Security Standard. Essentially, the PCI-DSS involves a set of requirements with regard to information security that must be adhered to by the businesses that participate in the industry. All compliant companies must follow the set rules and the standard is generally administered by the PCI Security Standards Council. It is important for you as a business or even an individual to understand PCI and DSS because it will help you strategize on the best way to manage your credit and debit cards as well as electronic cash payments.
Firewall and Antivirus
There are twelve strict requirements that must be met by any company or organization that handles any payment card. If these are not complied with at any point, the pertinent business can be terminated with regard to card processing privileges. Heavy fines can also be imposed to encourage future adherence. Companies that handle payment card are required to install a secure firewall system, and it must be maintained. In addition, a good antivirus must be used and updated regularly. These two measures will keep out external malicious software that could compromise the payment program.
Consumer Data Protection
A PCI compliant business must never use the default passwords provided by manufacturers because the payment systems will be vulnerable. All the customer data that involves payment information must be protected from external parties. If the data has to be transmitted across an open network, the information must be encrypted. You should also note that even in a specific business, cardholder data must be considered as need-to-know. This means that only restricted access should be given to clients.
Tracking and Monitoring
The company should provide individual ID to people with access to the payment data. This will allow tracking and monitoring of the access, ensuring security. Additionally, there should be secure applications installed in the system and these should be tested on a regular basis. You should also note that PCI requirements are imposed for mobile payments to prevent interception.
Payment Methods that are PCI Compliant
The most popular methods that follow the PCI Compliance requirements include PayPal, BrainTree and Stripe. PayPal allows payments to be processed through electronic mail linked to debit or credit cards. Braintree is a PayPal company designed to facilitate payments through mobile platforms securely. The software can be linked to payment cards, PayPal, Bitcoin and Venmo among other systems. Stripe will allow your business to integrate payment protocols without having to register for a high-maintenance merchant account.
If you want to incorporate payment cards, electronic cash and other similar payments into your business website, you should consider using eGrove System. Basically, with this feature, you will be able to set up integrated payment in your company, including the website. The system promotes compliance with the PCI rules, so your customers will be secure from fraud and hacking. If you want to set up a mobile payment solution, you can request for Elite mCommerce. This will allow your clients to use their phones and tablets to pay for goods and services. Like eGrove, this is also a system that complies with PCI guidelines.