If you’re a small business owner looking to protect your business from the ever-growing threats to sensitive data, you may wonder what PCI compliance services are and how much they cost. Here, we’ll talk about the requirements of PCI compliance, the benefits of using these services, and the penalties associated with non-compliance. Once you’ve figured out PCI compliance, you’re ready to start planning for your next steps.
Benefits of PCI compliance services
By outsourcing PCI compliance, your business can focus on growing its core business. While dedicated PCI compliance services will help you maintain compliance, you may have too much on your plate. Do-it-yourself approaches cost companies more than they save. In addition, they may need to restart the process when their information security policies change.
The cost of PCI compliance services varies widely. The fees for PCI services range from $30 per month to over $2500 annually. As a result, it may be cheaper to use PCI compliance services than to pay for scans. For example, the National Merchants Association’s PCI compliance program only costs $7.95 per month if the card is present. Other providers charge much higher rates. But with the right PCI services, you can avoid costly fines.
Costs of PCI compliance services
PCI DSS compliance services are not cheap. In addition to the technical systems requirements, organizations must have staff policies and procedures in place to ensure the security of sensitive data. The process involves developing policies, implementing them, and training employees. Depending on the number of transactions processed each year, the costs of PCI compliance services can be as high as $50,000 per annum. The prices are likely to rise from here. As with any IT-related process, your organization’s IT infrastructure and environment can profoundly impact the total cost.
The costs of PCI compliance services vary depending on the size of your organization.
Requirements for PCI compliance
You likely have questions about PCI compliance as a small to medium-sized business. PCI validation is required for your business annually, and you can do so by filling out a self-assessment questionnaire. For larger companies, third-party auditors are often required. The PCI compliance questionnaires differ depending on the payment setup, and each business needs to complete a questionnaire to demonstrate compliance.
First, make sure your company is implementing a comprehensive information security policy. Your policy must be published and widely disseminated. You also must ensure that all security procedures are followed and updated annually. This policy should be comprehensive enough to address your unique business needs while remaining a good fit for PCI compliance. I
Penalties for non-compliance
Not having PCI compliance can have profound financial implications. Small businesses can cost their credit card acceptance and be liable for fraudulent charges. Penalties for non-compliance may mitigate these risks.
Penalties for non-compliance will vary by the payment processor. Some are standard, while others will be based on your history of PCI compliance and the severity of your breach. In addition, some payment processors will levy additional penalties in the case of a violation, which can be as much as $100,000 per month. This is an unfortunate outcome that many companies cannot afford.