Online transactions have taken the order of the day in the current world where almost everything has been digitized in a way that you can transact business without having to travel to the premises of the merchants or the vendors. This has brought about a lot of convenience to the customers who use the digital platforms since it saves them time and other resources which they could have used instead. For this reason, the digitization and embracing of the technology in business need to be encouraged so that they can enhance the efficiency in transacting business between people from different locations.
However, as good as it is, digitization of business has not been short of challenges. Apparently, every transaction has to involve the exchange of money from one party to the other. This money in some instances is transferred directly from the buyers’ accounts to those of the merchants through either the debit cards or the credit cards. This brings about the risk of the information of the payment details getting into the wrong hands of hackers whenever the clients key them into the merchants’ websites. A lot of individuals have fallen victims of the hackers, who access the payment cards’ details of the customers and use them maliciously against them.
To counter this challenge, the Payment Card Industry has designed some way of regulating the websites that transact such businesses so that they can ensure that the customers and the consumers are safe from fraudsters. By being PCI compliant, the merchants need to get IT experts who can figure out all the possible ways in which the hackers can access the information of their clients to ensure that their customers are secure. One way in which a PCI compliance manager ensures that these merchants protect their customers is by issuing requirements, with which the merchants are required to comply before they can be allowed to get into contact with the customers’ payment details. This step has benefited the customers and the merchants in the following ways:
Reduction of Losses from Data Breaches
One o thing that is apparent is that the data breaches are always expensive. This is because they will require the customer or the owner to take up some legal procedures which would cost them a lot of money to recover what they could have lost through the breach. On the other hand, the merchants may also get into the trouble of compensating the customers for the breaches that happen. For instance, they may be required to pay the fine for the re-issuance of a new card for the customer. The company may also be persuaded by the authorities to perform free credit monitoring for the individuals who have been affected by these circumstances.
Enhances Peace of Mind
Nothing is as important in business as having the trust of the customers. This is when the customers have the confidence in you and your business activities since they know that they are safe whenever they are transacting business with you. Whenever customers are carrying out business activities with the PCI compliant merchants, they feel safe and always relaxed to know that their payment details are safe.