For anyone that has been through it, this statement will resonate closer to the heart: Achieving PCI Compliance can be challenging.
However, maintaining compliance with the latest version of the PCI Data Security Standards can be even more difficult! As part of the PCI Compliance process, there are many different things that an organization must do throughout the course of the year to satisfy the PCI Security Standards Council and the payment card brands. Failure to complete the requirements outlined by the PCI Security Standards Council might lead to the various consequences such as:
- fines imposed by your Acquiring Bank for non-compliance
- card brands could terminate their relationship with you, not allowing you to accept that specific brand of credit card as a form of payment.
- your acquiring bank could be forced to terminate their relationship with you, thus not allowing you to accept credit cards as a form of payment.
- damage to your reputation as a business resulting in a loss of trust by customers.
- significant losses if your company is the victim of massive fraud with payment cards
It is definitely a fact that going through the process of becoming PCI compliant is almost always far less expensive than taking the risk of not being compliant.