Enhanced payments security

Building Trust

It can be challenging to get a company, especially a small one, up to PCI DSS, PA DSS or P2PE compliance. The apparently never-ending list of laws and regulations might even be intimidating. However, the advantages of protecting cardholder data significantly exceed the expense of setting up and maintaining compliance requirements, especially then that expense can be brought down to zero if you partner up with EPS LT, UAB.

To start off, PCI compliance is a requirement of the industry and those who fail to comply risk fines for carelessness and agreement violations. Furthermore, companies that lack it, are more susceptible to data hacks that might lead to theft or fraud.

The likelihood of data theft is decreased thanks to PCI DSS compliance, which ensures that your systems are safe. One high-profile security breach is all it takes to lose the loyalty of your clientele, ruin your brand’s reputation, and undermine public confidence in your ability to safeguard confidential credit card information. Data breaches can lead to litigation, compensation claims, client cancellations, penalties from payment card issuers, and even regulatory sanctions in addition to harming the company’s brand.

The Payment Card Industry Data Security Standard, established by the PCI Criteria Council, is a requirement for businesses to comply with PCI compliance standards (PCI DSS). These recommendations comprise of over 400 test methods, 78 basic criteria, and 12 critical characteristics:

1. The first prerequisite is that merchants maintain a secure firewall setup since properly configured firewalls are very effective at keeping sensitive information safe.
2. The majority of networks, routers, point-of-sale (POS) devices, and other third-party equipment ship with default usernames and passwords that are easy to guess or are publicly available. Companies not only need to alter password settings but also keep track of every piece of hardware and software that needs a password and update those passwords often in order to comply with the second criterion.
3. Safeguard Consumer Details: The most crucial condition on the list is the dual shielding of the credit card information. Cardholder information needs to be encrypted by merchants using certain techniques, and they must then do routine checks to make sure no unencrypted data is present.
4. Similar to criterion three, retailers must protect card information when it is transferred over open networks by encrypting it.
5. Install and Manage Anti-virus Software infrastructure: All desktops, laptops, and portable devices that communicate with primary account numbers must be equipped with antivirus software (PANs). To find known viruses, the antivirus software has to be regularly updated.
6. Software that has been regularly patched: To fix security flaws, firewalls, anti-virus programs, databases, POS terminals, and other programs need to be updated often. By promptly upgrading systems and apps, merchants may reduce the risk of exploitation.
7. Limit Data Access: Only those with a “need to know” should be able to access credit card information. Personnel, managers, and other parties that don’t require access to this information shouldn’t have it.
8. Accessible IDs: Each authorized user of a computer must have a separate user ID and password. In addition to ensuring responsibility for those given access to sensitive information, this also speeds up reaction times in the case of a data breach.
9. Limit on-site Access: users’ data must be held in a place that is physically safe, such as a locked cabinet or a protected room. Access to private information needs to be restricted.
10. Establish and keep access logs: Log records are necessary for every episode involving primary credit card numbers and consumer information (PANs). All systems must have a proper audit process in place, where logs are continually checked for questionable activity.
11. Audit protection mechanisms on a routine basis: All processes and procedures need to be tested to make sure that the system integrity is upheld and any possible weak points in the system are spotted and fixed.
12. All infrastructure, software, and permitted staff logs concerning the PCI DSS criteria must be recorded, according to the PCI DSS standards.

On top of that EPS LT complies with the PA-DSS (Payment Application Data Security Standard), which was created to assist software developers in creating safe payment apps for transactions with credit cards. This makes sure that businesses don’t keep sensitive information like the security PIN, magstripe, or CVV2 on file. Third-party apps that keep, process, or send financial cardholder information as part of a validation or settlement process are subject to PA-DSS. By collaborating with EPS LT, a Payment service provider that upholds PA-DSS, institutions can be substantially relieved of the burden of protecting customer account data.

Increase consumer confidence

If you were aware that there was a chance your credit card information would be stolen, would you still visit a store? Most likely not. If people don’t trust you to protect their data, they are less inclined to use your services. After a data breach, two-thirds of US adults say they won’t support a company again. You risk losing revenue if your security is violated or if your clients have doubts about it. By partnering with a PCI-compliant PSP provider and advertising it to your clients, you can demonstrate to them that you take security seriously and that you’re doing everything possible to protect their payment information.

Keep your customers safe

In particular, if you misled consumers into believing your company was safe, you risk litigation and fines if you fail to protect your customers’ data. PCI DSS asserts that compliance has several advantages, especially in light of the potential severity and duration of repercussions of noncompliance. For instance: because of PCI Compliance, your systems are safe, and your clients can trust you with their private credit card information. Confidence encourages repeat business.

Simplify compliance efforts

Merchants who partner with EPS LT, a soon-to-be PCI-P2PE approved payment solutions provider, benefit from streamlined compliance procedures, as they must adhere to fewer PCI DSS criteria. As a result, there might be considerable time and financial savings due to the considerably decreased PCI requirements.