What is PCI compliance & why is it important for your business?
Protecting your customers’ data should be a top priority, especially as your business grows. Whether you’re accepting card payments in person, online, over the phone, or via email, it’s crucial to understand the importance of PCI compliance and how industry regulations affect your operations.
What is PCI compliance?
PCI compliance is short for PCI DSS compliance, which stands for Payment Card Industry Data Security Standard.
PCI DSS is a set of security standards that every organisation accepting debit or credit card payments must follow. These standards help ensure your customers’ card information is protected from misuse or fraud, especially in case of a data breach.
Who oversees PCI compliance?
The Payment Card Industry (PCI) Council is a global organisation that establishes the rules and oversees PCI compliance. Founded in 2006, the council includes major card networks like Visa, Mastercard, Discover, American Express, and JCB.
While the council sets the security standards, payment processors, like YetiPay, are responsible for working with their merchants to validate compliance. This validation process is usually done through a PCI assessment form.
Who needs PCI DSS compliance?
Whether you’re a single market stall owner or you manage a nationwide chain of businesses, if you accept card payments, you need to be PCI compliant. The level of compliance required will depend on the size of your business and the number of card transactions you process each year.
Levels of PCI compliance
There are four levels of PCI compliance, and the level you need depends on the volume of card transactions your business handles annually:
Level 1: Merchants processing over 6 million card transactions annually.
Level 2: Merchants processing between 1 million and 6 million transactions annually.
Level 3: Merchants processing between 20,000 and 1 million transactions annually.
Level 4: Merchants processing fewer than 20,000 transactions annually.
Each level comes with its own set of requirements for PCI assessment.
Level 1 merchants must undergo annual on-site assessments by an internal auditor, known as a Qualified Security Assessor (QSA), along with a required network scan by an approved scanning vendor. Click here for a list of approved vendors.
Level 2, 3, and 4 merchants must complete the PCI DSS Self-Assessment Questionnaire annually and undergo quarterly network security scans by an approved scanning vendor.
Completing a PCI questionnaire can be lengthy and complex, and mistakes are common. But when you work with YetiPay, we simplify the process for you.
Since all YetiPay card machines come equipped with point-to-point encryption (P2PE), your PCI compliance requirements are reduced to just two documents and two questions. Once you’ve read and understood the documents, you can easily achieve compliance directly from your YetiPay account, either online or through the app.
Why is PCI compliance important for your customers and your business?
Customers want peace of mind when shopping, whether it’s in-store or online. They need to feel that their sensitive information won’t be exposed to identity fraud.
By ensuring your website, card machines, and software are secure—and by being PCI compliant—you can build trust with your customers and demonstrate your commitment to keeping their data safe.
Failure to comply with PCI DSS not only puts your customers’ data at risk but can also lead to hefty fines and lost customers. PCI compliance is a safeguard for both your business and your customers.
How does PCI compliance work with YetiPay?
If your business is not PCI compliant, you risk exposing your customers to fraud and could face increased merchant chargebacks and additional fees from your merchant account provider.
However, with YetiPay, all card machines come with point-to-point encryption (P2PE), one of the most stringent security standards available. This protects both you and your customers from card fraud while safeguarding your reputation.
Because of P2PE, achieving PCI compliance with YetiPay is simpler. After reviewing the plain-language documents, you just need to answer two quick questions to become compliant. You can do this quickly and easily through your YetiPay account.
If you’re already a YetiPay customer and need to complete your PCI compliance documents, visit your YetiPay account here.
New to card payments? Learn more about our YetiPay card machines, which offer next working-day transfers and built-in P2PE security.
Note: Depending on your transaction volumes, you may need to take additional steps to complete your PCI compliance. Please contact your YetiPay Account Manager if you need further assistance or additional information.