Wingman Weekly: Do Small Businesses Need PCI Compliance?
Do small businesses need PCI Compliance? Yes, everyone needs PCI Compliance. The Payment Card Industry Data Security Standards (PCI DSS) is a mandatory framework to protect cardholder data from payment fraud. If a business does not uphold these standards, they are subject to fines and potentially higher transaction fees. Many business owners don’t know if they are compliant or not, and that means they don’t know if they are accruing these penalties.
Are you PCI compliant? To check if you are PCI Compliant, open up your most recent merchant statements and locate the fees you are paying. If you see a Non-Compliance fee, then you are not compliant. The fee amount will tell you how long you’ve not been compliant for. $30 a month is the standard starting value, but it can balloon up to $100 a month. In rare cases, I’ve seen $200 a month in Non-Compliance fees.
How do you get PCI compliant? You can get compliant by filling out the correct PCI DSS Assessment Questionnaire. Small businesses usually fill out the Self-Assessment Questionnaire. While completing the form sounds straightforward, if you don’t know what it is asking, it can be a time consuming process.
Can Wingman Payments help me get PCI Compliant? If you are a Wingman Payments customer, our PCI Concierge Service ensures you are always PCI Compliant. We complete the questionnaires for you, as well as perform any quarterly scans needed. We communicate this information to you clearly. If there is any action steps on your end to get PCI Compliant, we will help you get in contact with the right people.
For more information, Contact Us at 470-822-8683.