Payment Card Industry Data Security Standard (PCI DSS) is a set of security requirements designed to ensure that all companies who accept, process, store or transmit card information maintain a secure environment.
Previously, PCI-DSS was once considered just another hoop for creditable businesses to jump through, but has now become an essential springboard for businesses to thrive throughout the global pandemic.
Not only can PCI-DSS provide an extra layer of security for you and your customers when taking payments, but PCI-DSS is perfect for ensuring cash flow and business sustainability throughout COVID-19.
With a growing reliance for e-commerce and digital retail purchases throughout B2B and B2C industries alike, is it time we started to pay closer attention to the payment methods we offer?
Why is there a shift in trend towards digital payment preference?
Post-digital revolution, customers demand personalised journeys across multiple channels.
As the Millennials and Gen Z’s climb the career ladder, it’s the first time the economy is seeing digital natives take centre stage as corporate buyers. In the age of Amazon Prime same-day delivery and Uber, where a taxi is only ever a few minutes from you, this generation is used to instant gratification within the B2C sphere and now they want to drive that into B2B.
With Live Chat and Social Media entering the space for payment methods (and seeing much success), there are more channels open to engaging with your customers than ever before. Whilst this is an opportunity for multi-directional Omnichannel communication, it is also an opportunity for companies to seize new methods of reaching their customers and offer a variety of convenient payment options.
How does PCI-DSS provide an extra layer of security?
The rise in digital payments has also seen an increase in cybercrime, meaning that businesses need to ensure they have robust policies in place to protect against fraud, phishing and scams.
PCI DSS was launched in 2006 to manage the ongoing evolution of digital card payment with a focus on improving security throughout the transaction process.
This means that if any company wants to take payment digitally, they must comply with requirements to protect its cardholder data, including:
Whilst the compliance requirements can often subject IT and Operations departments to rigorous checks and challenge procedures, it assures trust and credibility with your end-user, overall driving revenue and value to your brand.
Why PCI-DSS is perfect for ensuring cash flow during Covid-19
As social distancing ripples throughout the globe ordering public spaces closing their doors, more emphasis is placed on digital transactions, giving way to new avenues for business to reach their customers.
Many supermarkets are refusing cash payments to limit the spreading of Corona Virus, allowing the digital payment industry to flourish as it props up our economy.
For many businesses, the switch to digital is something that they had made a decade ago, but for a great deal of service-led businesses the switch isn’t so simple.
Having PCI-DSS procedures in place opens up more roots to market through omnichannel transactions and open banking, therefore ensuring cashflow and business continuity in times of uncertainty.
Where once you could only take orders in person, the second wave of the digital shift has allowed businesses to consider Live Chat, Social Media, Phone Payments and Digital Banking as new channels to offer their services.
However, conflictions arise with the compatibility of compliance and homeworking. Sales teams are still required to take payments whilst remote working, which is essential to a company’s survival during the pandemic. But how can businesses be assured that they are sticking to the standard requirements when its staff are taking payments from home and handling sensitive data?
Shifting or outsourcing to a cloud-based software can ensure your business can operate as normal and completely mitigate your company’s liability.
Third-party suppliers completely alleviate the risk of fraud and none-compliance from your business, allowing your business to thrive ensure cashflow throughout Covid-19:
By unifying your PCI-DSS solution, your business can provide a frictionless customer service experience by expanding your reach to omnichannel communication with a variety of secure payment options and integrating with your CRM. This not only satisfies your customers but will benefit your stakeholders too with reports to give topline visibility to your board.
Whilst, some business may struggle to adapt to digital payments, the new challenges that Covid-19 has presented highlights awareness of security risks and can drive a better standard of security as a result.