Payment card industry (PCI) compliance is mandated by credit card companies to help ensure the security of credit card transactions in the payments industry. Payment card industry compliance refers to the technical and operational standards that businesses follow to secure and protect credit card data provided by cardholders and transmitted through card processing transactions. Definitions and further details on PCI DSS may be found at the industry supported website www.pcisecuritystandards.org. Failure to comply with PCI DSS can result in significant fines as well as restrictions on the use of payment platforms in the future. 

• Self-Assessment Questionnaire (SAQ) is an annual requirement. The SAQ is a validation tool for merchants who are not required to do on-site assessments for PCI DSS compliance. This questionnaire should also be updated periodically, should you change how you handle card holder data or at least once per year, and 
• Security Scans may be required quarterly for any merchant processing cardholder data via an Internet connection. Scans are performed on the external facing IP address(es) to identify potential vulnerabilities. The scan will help you identify necessary steps to protect cardholder data. 

Every processor requires that you complete an annual self assessment questionnaire (SAQ). These are cumbersome and difficult to complete and if you don’t keep up with it every year, the processor will charge a monthly Non-Compliance fee.

This is where Streamline and superior customer service comes in. Reach out to your Streamline consultant who will hold your hand through the process. This agonizing chore will go from 2 hours to 10 minutes. You know better…you do better! 

What are the benefits of PCI Compliance? 

The benefits of compliance include the reduced risk of data breaches, safeguarding cardholder data, and thus avoiding chances for identity theft. Most payment processors include up to 

"For merchants who have completed the chip upgrade, counterfeit fraud dollars dropped 76% in December 2018 compared to September 2015" (Visa). 

EMV CARD-PRESENT SECURITY REDEFINED

On October 1, 2015, liability for non-EMV card-present transactions shifted to merchants. Non-enabled merchants can suffer catastrophic financial loss. Chipbased security replaces traditional magnetic stripe data with unique cryptographic transactions, making fraud more difficult and less likely. 

TECHNOLOGY & SECURITY COMBINED 

The Payment Card Industry Data Security Standard (PCI DSS) is the template by which merchants and their digital security for payment card acceptance and processing is held accountable. Merchants that are not PCI-compliant are liable for fraud and face non-compliance fees because of increased risk. 

Most processors offer indemnification coverage if you are PCI Compliant if you experience a breech. Evolv offers a comprehensive PCI compliance analysis, which helps our clients update and maintain their security. Evolv also provides $100,000 in coverage for PCI-compliant merchants.