Business organizations who wish to provide online credit and debit card payment processing to their customers have to be PCI complaint in order to enjoy uninterrupted service. PCI or Payment Card Industry Data Security Standard has been implemented by leading credit card companies to help businesses enforce systems, equipment and procedures to process online payment transactions in a safe and secured manner while protecting vital customer data.
PCI designs security requirements for service providers as well as merchants to process, store and exchange cardholder’s data in a secure way. PCI compliant was initiated with the aim of minimizing online fraud associated with credit cards. Besides this, the standards are meant to increase the level of customer confidence as well as ensure the security of personal information of customers.
Besides ensuring basic security requirements, merchants are required to adhere and comply with major requirements of PCI standards in order to become PCI compliant. Failing to comply with the set rules and regulations can result in hefty fines and penalties as well as the loss of the ability of merchants to accept debit and credit card payments online.
The complete credit numbers of customers must not be stored after payment processing and the sales receipts should not bear full credit card number of customers. The merchant must purge magnetic stripe data after the transaction is completed. Similarly, the transaction details and customer account must be maintained separately and accessed by authorized personnel only.
In addition to this, the processing system must be scanned by a third party every quarterly to ensure the legitimacy of the system. Similarly, the merchant has to ensure that his website is well protected against all sorts of online threats by working with a reputed IT service provider. Any merchant who follows these guidelines and procedures and meets PCI standard is considered as a PCI compliant merchant, and is eligible to provide card payment processing to its customers.