In these challenging times many businesses will be looking to cut costs where possible, putting planned expenditure on the back burner and tightening future budgets until Covid disruption blows over.
We know that card payment security and PCI compliance aren’t always at the forefront of minds and therefore have the potential to be on the list of spend items that could be side-lined. But this strategy has its risks – at a time when cyber crime is at an all time high due to weaknesses appearing in IT networks in the move to remote working, as well as the significant increase in card-not-present transactions because of the temporary closure of stores, the need for robust card payment security has never been more vital.
What is it that costs money in achieving compliance? Firstly, the time resource needed to create adequate procedures that set out how card data will be securely handled and establishing them across the organisation. The forthcoming launch of PCI DSS v4.0 moves towards ongoing monitoring of security measures, rather than an annual tick box exercise, so a person’s time will be required on a continual basis to ensure that these procedures are relevant and being adhered to. For those that do not have this time or know-how in-house, buying in expertise from outside the organisation may be needed. Also, investing in new, or improving existing, IT infrastructure will ensure that systems are robust enough to store and process card data securely.
While these might seem like expensive outgoings, they are nothing compared to the financial gamble in side-lining compliance, with potential fines of up to £50,000 per infringement plus the cost of an invasive forensic investigation should a data breach take place. And, added to this is the inestimable price of potentially irreversible damage to your brand.
The good news is that there are solutions out there that combine all of the costs, protect your business and your customers from cyber criminals AND enable you to increase efficiency and improve customer service all at the same time. Which is exactly what we do here at PCI Telecom, creating and installing card payment processing solutions that are:
- Bespoke – Our solutions are built to suit the exact needs of our customers, unlike those of other service providers who offer an off-the-shelf, one-size-fits-all product. This represents great value for money as you only pay for what you need rather than paying a premium for functions that you won’t use.
- Affordable – To suit the needs of all budgets. We offer affordable monthly license fees and make sure that there is no charge for declined or refunded payments.
- Cloud-based – There is no need to invest in any expensive bits of IT equipment. This also means that staff working at home can access and process payments remotely.
- Omni-channel – Our solutions can be used to process payments made over the phone to a live agent or via an automated IVR as well as online, and via webchat and email so you can offer a variety of payment options to your clients.
- Flexible – Can be adapted for busier periods, new payment channels and products. Our solutions are also fully interactable with other business functions such as your CRM, accounting and stock control.
- Secure – Accredited to the highest Level 1 PCI DSS compliance standard. And by using our solutions, your payment process is descoped from your business’s compliance obligations and placed onto us instead.