Is being PCI Compliant Compulsory for e-Commerce?

Ways To Manage Your E-Commerce Risk

It is 2019 and it seems like everyone has an online business and selling something online. You, on the other hand are just starting your online business and still in doubt whether you need to be PCI compliant or not.

What is PCI compliant?

In general, PCI compliance is an anti-identity theft and security standard that credit card companies need to have. This also applies to merchants who wish to process, handle, store and transmit credit card data themselves. In short, both of them need to be PCI compliant, according to PCI Compliance Security Standard Council.

PCI DSS is a set of regulations created by major payment card companies such as Visa, MasterCard, American Express, Discover, and JCB. With this, organizations are implied with 12 general standards that must be met.

All of the rules are data security rules and there are also 200 more sub-requirements but it depends on your business.

Based on PCI DSS general requirements, the general rules apply to all merchants regardless of the size of their business. Speaking about business size, they are measured and levelled from 1-4:

  • Level 1 being the highest level (transactions more than 6 million annually)
  • Level 4 as the lowest level (transactions less than 20,000 annually).

PCI DSS is not part of any law, this is an international-used regulation and failing to apply to its requirement can result the organization a costly fine.

Strictly speaking, if you are into online business and selling without PCI compliant, you need to prepare not only for potential risk but also fines, monthly fines that reach up to $100,000.

Is it fine not to be PCI compliant?

It might occur to you that being under PCI requirement can be a nuisance - but it is possible to leave the paperwork to someone else.

Choose a payment provider that is complied to this standard. By this approach you can run your website or business as usual while the payment company will handle all the customer’s card details and make sure you are running with the security standard. They will also bear the burden of PCI requirement.

For a PCI compliant payment company like MOLPay, catering that need is our goal. Both yours and your customer’s data are handled properly and securely.

With PCI Level 1 compliant standard, MOLPay makes sure that both parties’ data are safeguarded against any potential breach.

With no hidden and additional fees, you can assure that your customer’s payments are highly secured and processed under PCI requirement without any extra fees.

Moreover, the feature-rich in MOLPay went as far as providing options like Secure 1-Click Payment, where your customer’s card details are tokenized and stored in PCI compliance vault for future payment to ease the checkout process.

To discover how MOLPay can help you expand your payment options and increase sales, schedule a free appointment with our team today.