By: Mia Huntington
Senior Vice President & General Manager, Elavon Canada

In today’s digital economy of eCommerce, mobile transactions, and newly emerging payment methods, keeping your customer’s personal data secure is increasingly important and complex. One of the best ways to safeguard this confidential information from hackers and fraudsters is by complying with the Payment Card Industry Data Security Standards (PCI DSS).

The PCI DSS set the operational and technical requirements for all organizations that accept or process payment cards. This includes payment cards from brands including Visa, Mastercard, American Express, and Discover. Altogether, there are twelve requirements that work to ensure cardholder data protection and a secure network. The PCI Security Standards Council is responsible for maintaining and evolving the standards, and providing the tools needed to implement them. 

What impact would a data breach have on your business?

Following the best practices and maintaining PCI compliance is important for businesses of all sizes, including small and medium sized businesses. A data breach involving payment card data can result in fines and penalties, not to mention reputational risk when customers learn their data has been compromised. Although the most frequent media reports feature national brands that have faced breaches, small businesses are very often the target for fraudsters.

Maintaining PCI compliance is simply good business. As consumers become more tech-savvy, their top priority is increasingly protecting their personal and financial information. Build trust and give them a strong sense of security, and you’ll develop long-lasting relationships with your customers and enjoy their repeat business. Being PCI compliant helps you foster a good reputation and a reliable brand image, which ultimately boosts your bottom line.

Avoid reputational risk and a loss of consumer confidence by maintaining PCI compliance. 

There are different requirements for PCI compliance depending on how many payment card transactions your business processes per year. As a small or medium business owner, you’ll likely be required to complete an annual PCI self-assessment questionnaire and a quarterly network scan. You’ll need to protect your card readers, POS systems, networks and wireless access routers, online payment applications, shopping carts, payment card data storage and transmission, and more.

A key tool that can support your business’ PCI compliance efforts is using a reputable payment processor. 

At Elavon, we offer a range of easy to implement tools to help keep your transactions secure, complete PCI assessments, and keep your business running smoothly. Elavon's PCI Compliance Manager is a user-friendly online tool that helps you quickly and easily report and maintain compliance. It provides financial protection in the form of breach reimbursement, online portal, education and support. Our powerful network deploys state-of-the-art encryption and continually updates your system to the latest internet technology standards. You can protect your customers and reduce the scope of PCI though Elavon’s suite of security solutions including tokenization, encryption and our secure gateway. 

For more information on how Elavon keeps your business safe, visit www.elavon.ca.