3 PCI Compliance Traps to Avoid Even as Requirements Change

PCI Compliance Traps to Avoid

As the Payment Card Industry Data Security Standards (PCI DSS) 4.0 are gradually being introduced and the old standard is set to retire in 2024, merchants face increased challenges in maintaining PCI compliance. This transition brings about rapid changes in the payment industry. The complexity of PCI compliance makes it even more crucial for merchants to use an integrated payments solution like Paya to avoid potential pitfalls. To help navigate these common traps, here are three best practices that can be implemented both now and after the implementation of PCI DSS 4.0. 

To successfully navigate the evolving landscape of PCI compliance during the transition to PCI DSS 4.0, businesses must adhere to fundamental best practices. Safeguarding customer data, implementing robust password protocols, and partnering with reputable PCI experts are vital for fortifying defenses against data breaches and maintaining customer trust.

The Importance of PCI Compliance

The importance of maintaining your customers’ data security as required by PCI DSS is hauntingly clear in this statistic from the PCI Security Standards Council:

• 29% of consumers surveyed said they would never again buy from a small business that suffered a data breach

It's not surprising that cybercriminals are taking advantage of rapid changes to payments. The statistics are no less scary. According to the PCI Council:

• 41% of small businesses that suffered a data breach paid more than $50,000 to recover

You can see how your business can get hurt drastically by just a single data breach. Not only will you potentially lose one out of every three of your customers, but you also risk very high fees and costs to recover when you don’t maintain robust PCI Compliance.

Best Practice #1: Don’t Store Card Data

The best way to protect against a data breach is to avoid storing data simply. If you’re not collecting and keeping credit card data in the first place, there is nothing for cybercriminals to steal. However, it’s important to note that protecting data doesn’t stop at your systems.

One of the most surprising sources of stolen credit card numbers isn’t over the Internet, it’s actually in plain sight. Restaurants that offer curbside takeout are potentially susceptible to this, but lack a secured system, so they write credit card numbers down to enter it manually later.

It’s extremely easy to make off with credit card details which frequently include all the info needed to use the card online such as cardholder name, CVV, and expiration date. Many small merchants are offering curbside pickup now and are accepting telephone payments in lieu of face-to-face transactions. Better to invest in a secure system and train staff how to enter cardholder details directly into the system.

Best Practice #2: A Strong Password

A weak password is one of the leading categories of preventable data breaches. It’s recommended to choose strong passwords. The PCI Council defines a strong password as seven or more characters and a combination of upper and lower case letters, numbers, and symbols (like !@#$&*). A phrase that incorporates numbers and symbols can also be a strong password if you choose a phrase with relevant meaning to you so it’s easy to remember, like your weekend hobby, for example (e.g. ILoveHorses!).

Also, updating your passwords periodically and never using a default password is a favorite source of small merchant security breaches.

Best Practice #3 - Find a Trusted PCI Expert

When contacting your current or prospective credit card payments provider to enable you to pivot to new payment types, ensure your service provider adheres to PCI DSS requirements. For Acumatica and Sage 100 merchants, your fastest route to PCI compliance is by utilizing an integrated payments solution.

Start Saving with Help from Paya's Integrated Payment Experts

Paya is the leader in delivering simpler, more efficient, and deeply integrated payment solutions with more than 25 years of industry experience and 2,000+ industry customers and partners. Paya is committed to delivering best-in-class integrated payment solutions across the full suite of Sage ERP products. We are proud to be Sage’s preferred partner for Integrated Payments in the US.   

At Paya we are unique from our competitors because we emphasize solutions engineering, engaging our domain experts as part of the early sales process. Through a collaborative but simple hands-on process, we develop a deep understanding of our partners’ current processes and pain points and requirements to ensure you get a platform and system with the capabilities you need. Paya has enabled businesses to optimize billing and invoice processes, deliver more payment options and greater flexibility to their customers, and improve back-office efficiencies.

Contact Paya's Acumatica Integrated Payments team to schedule a free consultation today! 

Learn more about how our credit card processing experts, solutions, and processes can benefit your organization and save you money!! 

See Paya's Acumatica Integrated Payments solution on ERPVAR's site.