The volume of credit card transactions has increased exponentially in recent years. PCI merchants and service providers have an obligation to ensure a minimum security standard. PCI DSS providers have suffered an increasing number of data breaches, and the problem is only getting worse.
But figuring out the obligations of a PCI merchant or service provider is tough. Many aren’t even aware of whether they’re a service provider. Let’s examine everything you need to know about a PCI service provider and their security obligations.
What Does a PCI Service Provider Do?
The merchant service provider definition is simple. They accept credit cards as a payment method from the five major credit card providers, including Visa and Mastercard.
On the other hand, a PCI service provider is a business entity involved in the storage, processing, and transmission of data from cardholders. These are not payment brands themselves.
Unfortunately, it’s not uncommon for a PCI DSS service provider to be completely unaware that they are classified as a service provider. This lack of awareness of PCI service provider requirements is one of the reasons why data breaches occur.
The Benefits of a PCI Service Provider
Are you a service provider when it comes to PCI merchant services? PCI DSS compliance is not a legal requirement. It’s a set of standards installed by the five main global credit card issuers.
On the other hand, failure to comply can mean not providing the merchant services you want. For this reason alone, it’s worth taking the time to investigate the compliance requirements and to take steps to implement them.
There are also some serious business benefits to complying with the standards of being a PCI DSS service provider.
Some of the powerful benefits of achieving and maintaining compliance include:
- Prevent Data Breaches – The number of high-profile data breaches is increasing. Maintaining compliance mitigates the chances of falling victim to a cyberattack.
- Avoid Penalties – Service providers who fail to comply with PCI security requirements are liable to major regulatory fines. These penalties can soar even higher if non-compliance is discovered in the aftermath of a cyberattack.
- Maintain Consumer Confidence – Reputation is everything in business. Losing that reputation because you allowed a data breach to happen could destroy your organization’s reputation.
- Comply with Other Regulations – Putting the systems in place to be PCI compliant lays the groundwork for complying with other data protection regulations, including GDPR and CCPA.
Talk to a PCI compliance service provider to learn more about what you need to do to achieve compliance and the other business benefits of protecting the data of your customers.
PCI Service Provider Requirements
There are multiple levels of PCI DSS protection, and it can be difficult to understand PCI compliance for merchant services. Here’s a brief overview of the PCI service provider requirements you need to follow.
It all starts with validating and maintaining compliance with PCI. Start by completing a PCI Level 1 assessment together with a Qualified Security Assessor (QSA). This demonstrates your commitment to information security.
You may also choose to complete a self-assessment, which requires an SAQ D-Service Provider form.
Work with merchants on contracts that define your responsibilities. As a service provider, you’re also required to help merchants comply with PCI requirements. The PCI Council has plenty of material for helping you to understand best practices.
Also, make sure you’re listed on the Visa Global Registry of Service Providers. This is how merchants can ensure that you’re compliant with PCI DSS requirements.
A List of Compliant Service Providers
As a merchant, the list of compliance service providers is the global hub for ensuring that you only work with a PCI compliance service provider. Choosing one of these service providers should give you peace of mind when conducting credit card transactions.
Merchants and service providers must work together because a failure of compliance on either end hurts both businesses. Take the time to do your research, and don’t be afraid to reach out to a selection of service providers to choose the best option.
Here’s a short breakdown of some of the service providers that have demonstrated their compliance:
- 1&1 Cardgate LLC
- CA Technologies
- Cactus Network LLC
- Forte Payment Systems
- Jassby Inc.
- Nymcard Payments Ltd
If you’re a service provider, you, too, could see your name featured on the long list of compliance service providers.
Maintaining PCI compliance means investing in your security. Through the power of tokenization, TokenEx supports your business in preventing fraud and data breaches. These solutions are especially helpful as they act as a shield between service providers and merchants.
To learn more about creating a security infrastructure that provides lasting protection for your customers, contact TokenEx now. We have the PCI compliance solutions you need to protect your business.