07 Jul From Vulnerable To Venerable: How PCI Compliance Assessments Can Drive New Business Opportunities
There’s still a prohibitive amount of confusion in the marketplace on the interpretation of PCI Data Security Standards (PCI DSS) and their financial impact on merchants. For example, non-compliant merchants can face fines as high as thousands of dollars per transaction—a fact many companies find hard to fathom.
With penalties of that magnitude on the line, effective PCI compliance assessments can drive retailers to embark on serious and thorough network upgrade projects. If MSPs can communicate some crucial realities about these penalties, they can turn PCI compliance assessments into a revenue generator
Some facts that managed services providers should impress upon their retail customers—meaning any company that accepts credit card transactions:
- Fines for non-compliance of PCI Data Security Standards can be applied per month, per year, or even per transaction
- An acquiring bank can be fined between $5,000 to $100,000 per month for PCI compliance violations, which are typically passed along to merchants
- Non-compliant merchants run the risk of having financial institutions terminate their relationships or increase their transaction fees as reparation
- Non-compliant companies have a higher likelihood of breach
- 60% of small business companies have been shown to go out of business within six months of experiencing a breach
Few businesses understand how truly vulnerable they are. Our assessment tools deliver solid documentation of these compliance deficits. This presents a huge opportunity for MSPs to help retail companies mitigate their risks and bring themselves current with changing PCI compliance regulations.