As an independent software vendor, you undoubtedly understand the value you gain for yourself and your customers by embedding payment processing in your software solution. Like any great idea, implementation demands something more. You need to ensure your processing remains PCI compliant to not only get started but keep providing this service to clients. Read below to understand more about your compliance duties.
1. PCI Compliance Is Mandatory
PCI compliance standards come from all of the major credit card providers. If you do not meet the standards, you will lose the right to process card payments, which will quickly cripple your business. Even more, you put your clients and their customers at risk. Overcoming a major data loss event due to your compliance shortcomings can be difficult, if not impossible. Compliance is mandatory.
2. Compliance Isn't Just a Burden
Meeting regulatory requirements can be frustrating. Still, these standards protect you and your business. Identifying your system as compliant helps your clients feel safer in processing payments through your software. It also gives you a defensible standard in case something happens and you need to defend your process or programming.
3. The Standards Differ by Volume
The PCI compliance standards differ depending on your sales volume. At the top level come the standards for businesses processing more than $6 million per year. Further, it depends on the volume processed in the last 12 months. You should look to meet the highest standard, though, to give yourself and your clients the best payment protection.
4. It Is an Ongoing Process
Compliance does not simply require an initial programming tweak for ISVs. Regulations and requirements change over time. Moreover, the tactics data thieves use move forward constantly, so what protects you today may leave you all too vulnerable to attack tomorrow. You need to maintain and develop your security protections over time to not only stay compliant under the PCI standards but stay abreast of the latest threats to your system.
5. You Can Outsource Compliance
With all of the risk security issues provide, going it alone can be scary and dangerous. No matter how clever your programming team may be, getting help from experts helps protect you and your clients. Working with the right payments partner helps you both with the payment industry expertise you need and the shift in liability you desire. Protect yourself, and focus on the software solutions that you went into business to provide.
PCI compliance may be a moving target, but it doesn't have to be hard for you. Work with a payments partner that can integrate its solution with your product, and you will put your compliance requirements in good hands.
Nuvei's effective risk management and chargeback solutions can help you and your customers remain PCI compliant. Learn more.