There’s no doubt that the UK is currently in uncharted territory when it comes to exiting the EU. Brexit uncertainty is causing concern for businesses of all shapes and sizes across the country, creating challenges with planning, budgeting, resourcing and adding pressure to day to day trading.
In these uncertain times, there’s a chance that focus shifts away from usual priorities, with functions such as IT provision and security moving lower in the importance list. But it’s essential not to take your eye off the ball when it comes to data protection and PCI DSS compliance. In fact, in many ways, now is the time to consider stepping up and investing in your data security and card payment processes. Here are our three reasons why:
1. Increase your competitive advantage to future-proof your business
We’ve all heard the projections of economic downturn should the UK leave the EU without an adequate deal in place. None of us can predict the future but if the economy and trade is affected then the challenge for businesses will be to gain an advantage over their competitors.
We know that for today’s consumers, the safeguarding of their personal data holds significant value when choosing a business to buy from. Customers want to know that their data is stored and payments processed in a secure environment. A study in 2018 showed this to be the case with 86% of UK consumers confirming that, during the transaction process, they would rather the focus be on security rather than convenience compared to only 59% of business executives placing security ahead of convenience*. Investing in an efficient and secure card payment processing solution will reassure your customers that you take data security seriously which could be the key selling point you need to get ahead of rival businesses should times get tough.
2. Protect from the increased risk of a cyber attack
Uncertainty and security tend not to go hand in hand. While businesses may be distracted and navigating their way through different and challenging trading conditions, cyber criminals will be continuing to develop new ways to hack into systems, potentially preying on those with weaker security in place. There has been a significant increase in the number of smaller businesses falling victim to cyber security attacks over recent years largely due to the perception of them been easier targets with less stringent security barriers in place.
Suffering a data breach can deal a devastating blow to a business. According to the NCSA, 60% of small and medium size businesses that have been breached close within six months**. The aim of PCI DSS is to enforce controls on the storage, transmission and processing of cardholder data. Making sure your card payment process complies with the objectives set out within PCI DSS will help to protect your business and your customers.
3. Protect your budget and save money
We know that for smaller businesses, managing cashflow can be tricky at the best of times. That is why we have created a range of PCI compliant card processing solutions for payments over the phone and online that are effective and affordable, with a clear outline of the costs from the outset. Our bespoke solutions are created to suit your exact requirements so you’ll only ever pay for the things you actually need. All our card payment processing systems are cloud-based so it won’t be necessary to invest in expensive pieces of equipment to be installed on-site and this also means that the set up can be easily modified by us should your business change, for example tweaking the payment process or amending the number of users. Our Auto IVR and online solutions mean that caller payments can happen out of hours or without the need for an agent to be on the line so you can handle more transactions and save money on staff resourcing.
Crucially, the systems are all compliant with PCI DSS to a Level 1 standard which means that you’re less likely to suffer a breach of data should you be targeted by hackers and in turn, avoiding the risk of being in receipt of a hefty non-compliance fine.
While none of us can predict what is going to happen in the next few weeks and months with Brexit, what we can do is put in place the tools we need to safeguard our businesses, to help them retain and grow customer bases and protect from the increasing threat of cyber crime. If you would like to know more about our PCI DSS compliant card payment solutions, visit our Solutions page or get in touch to discuss your needs.
And don’t forget, we’re at the Call & Contact Centre Expo next month on 27/28 March at Excel London showcasing our range of PCI compliant card payment solutions for over-the-phone and online transactions. Come see us there on Stand no. 876.