In today's digital age, ensuring payment compliance is a must for small businesses. Compliance with industry standards allows you to protect sensitive customer information and mitigates the chances of a data breach or fraud. Two main security standards that small businesses should adhere to are PCI DSS and EMV compliance. I know we are throwing around a bunch of acronyms, so let's delve into what it means to be compliant,
PCI DSS Compliance
Payment Card Industry Data Security Standard (PCI DSS): PCI DSS is a set of security standards established by the Payment Card Industry Security Standards Council (PCI SSC) to protect cardholder data during payment transactions. Compliance with PCI DSS has become mandatory for any business that accepts, stores, processes, or transmits payment card information.
Key requirements of PCI DSS include:
Secure Network: Implement and maintain a secure network infrastructure with firewalls, encryption, and access controls.
Data Encryption: Encrypt sensitive cardholder data when transmitted over public networks to prevent interception and unauthorized disclosure.
Vulnerability Management: Regularly scan for vulnerabilities in systems and applications, and promptly address any security vulnerabilities or weaknesses to prevent exploitation by hackers.
Access Control: Restrict access to cardholder data on a need-to-know basis and enforce strong authentication measures to verify the identity of users accessing sensitive information.
Regular Monitoring and Testing: Monitor and analyze systems and networks for suspicious activity.
For small business owners looking to start their first venture, these key requirement may seem daunting to tackle on your own. Luckily, many payment and POS providers are up to date with the latest in compliance technology and network security. Providers like Vivid Commerce will handle all your payment compliance needs while you focus on growing your business.
EMV Compliance
Europay, Mastercard, and Visa (EMV) Compliance: EMV compliance refers to adherence to the global standard for secure payment transactions established by Europay, Mastercard, and Visa. EMV technology utilizes embedded chips in payment cards to enhance security and reduce the risk of counterfeit card fraud.
Key features of EMV compliance include:
Chip-enabled Cards: Chip-enabled cards store cardholder data securely in an encrypted format.
Chip-and-PIN or Chip-and-Signature Authentication: Require cardholders to authenticate transactions using a PIN or signature to verify their identity and authorize payment.
Upgraded POS Terminals: All smart terminals and devices from Vivid Commerce support EMV chip card transactions, enabling secure communication between the card chip and the terminal during payment processing.
Liability Shift: Shift liability for fraudulent transactions to the party that is not EMV compliant in cases of counterfeit card fraud.
Again, don't get bogged down in the jargon of payment security, rather inform yourself on the basic principles of keeping your small business compliant. For the most part, you can sit back and let your payments partner handle everything relating to your store's payment security.
If you're looking to start your business or learn more about compliant payment solutions, feel free to reach out to our team and we would be more than happy to help you navigate Vivid's compliant solutions. Reach out here.