2018-05-09 12:00:35Finance and AccountingEnglishLearn about PCI compliance, the PCI council, and PCI standards. Examine the problems that they are intended to correct, who they apply to,...https://quickbooks.intuit.com/ca/resources/ca_qrc/uploads/2018/04/Accountant-Explaining-PCI-Compliance-Listener.jpghttps://quickbooks.intuit.com/ca/resources/finance-accounting/pci-compliance-explanation/What Is PCI Compliance?

What Is PCI Compliance?

1 min read

As a small business owner, when you handle customer of client credit and debit card information, you’re responsible for PCI compliance. That means you follow the Payment Card Industry (PCI) guidelines that exist to protect cardholders’ data.

What is PCI DSS?

PCI DSS is short for Payment Card Industry Data Security Standards (PCI DSS). In September 2006, the major credit card companies, — VISA, Master Card, American Express, Discover, and JCB — created an independent body called the Payment Card Industry Security Standards Council (PCI SSC). Council members address the rapid developments in the payment card industry, improve security, and protect customer information. The council created the PCI standards and made them mandatory for the payment card companies, and it administers the standards.

What are PCI Standards?

PCI Standards are the rules your business and all other companies must follow when you handle, accept, process, or have any contact with customer payment card information. These standards specify:

  • Twelve standards are divided into 220 sub-standards in six groups.
  • Under the standards of PCI compliance for small business, your enterprise must maintain a secure environment and store data on a secure server.
  • If you use the internet, you must choose a PCI-compliant host, such as Intuit and QuickBooks PCI compliance.

How is PCI Compliance and Security Improving?

In addition to administering and updating the PCI standards, the PCI SSC supports using payment cards with encrypted chips for storing customer data. Those magnetic strips on older cards didn’t encrypt data. That lack of security made it easy for cyber thieves to skim the data and encode it onto new cards that could pass validation checks. The new chips are harder to read and much harder to duplicate. The Council also establishes standards for wireless local area network (LAN) and cloud-based transactions.

Your customers and clients expect you to keep their credit card, debit card, and other sensitive information safe and secure when they do business with you. What can you do? Choose a PCI-compliant web host, and establish PCI-level policies in your own workplace. 4.3 million customers use QuickBooks. Join them today to help your business thrive for free.

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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