“ Be proactive and pay attention to PCI compliance to keep your clients where they belong — with you .”
Do you know how many clients you have ? ( We ’ re betting you can answer that in your sleep .) But do you know how many of your clients are completely PCI compliant ? Probably not . Sixty-one percent of MSP clients use credit cards , but 72 % are not PCI compliant , according to the “ 2020 Verizon Payment Security Report .” That puts both you and your clients in a very dangerous position .
Compliance is not optional , and noncompliance can result in monthly fines , data breaches , lawsuits and losing the privilege to process credit card information . If this happens , your clients will be looking at you for answers .
What Is PCI Compliance ?
Started in 2004 to protect consumers from fraud , the Payment Card Industry Data Security Standard requires any company that transacts electronic payments — like credit cards and electronic checks ( i . e ., ACH transfers ) — to comply with PCI regulations . Today , more than 82 % of Americans use digital or online methods to pay for expenses , according to a McKinsey & Company survey . However , most businesses are paying thousands of dollars in noncompliance fees and have no idea .
Why Should MSPs Care If Customers Are Not PCI Compliant ?
1 . Your Client Expects You To Handle It
Much of what you ’ re already doing falls under PCI compliance , so your client assumes you ’ re handling everything related to compliance too . It ’ s an implied risk that you have zero control over . When a merchant determines a business is noncompliant , they post a monthly noncompliance fee , usually between $ 25 and $ 100 , on a digital statement no one sees for months , even years . Who do you think the business will blame when they find out ? You .
2 . It Improves Client Retention
Prospecting MSPs who understand the importance of PCI compliance will point out hidden noncompliant fees to your clients and argue that you ’ re not doing your job . Be proactive and pay attention to PCI compliance to keep your clients where they belong — with you .
3 . It Will Land You New Clients
PCI compliance is also an effective prospecting tool . Ask businesses for a copy of their merchant processing statements during your prospecting process and inform them of noncompliance fees . Ask them why their current MSP isn ’ t handling this . It ’ s an excellent way to win new business with little effort .
“ Be proactive and pay attention to PCI compliance to keep your clients where they belong — with you .”
How To Help Your Customers Enforce PCI Compliance
Businesses want a skillful , guiding hand to help them enforce PCI compliance . With the right tools and resources , you can easily add significant value to your services while ensuring complete PCI compliance for your clients . Here ’ s how :
1 . Assess Customer Lists
There are two ways to do this . You can review a list of all your clients , determine who takes credit cards and then identify who is compliant . However , most MSPs don ’ t have the workforce or resources to do this . An alternative option is to use a service like Secure Payments that will do the legwork and assess who is noncompliant for you .
2 . Get All Customers Compliant
Next , you must get all your noncompliant customers up to speed with their merchant . Make sure clients are filling out self-assessment questionnaires and running vulnerability scans . Again , if resources aren ’ t on your side , compliance tools like Secure Payments do this for you , often within 60 days .
3 . Connect Them With A Secure Payment Solution
When customers find out they ’ ve been paying up to $ 100 a month in noncompliance fees for over a year , they ’ re ready to find a new merchant . Most merchant activity is a blind spot for MSPs . Still , if you are enrolled in programs like Secure Payments with a compliant Payment Gateway , all their compliance is handled in one place , so you can be sure your clients have a full-service solution for PCI compliance .
The use of electronic payments is increasing every year . MSPs must deal with the unavoidable implied risk of PCI compliance . If you don ’ t , someone else will . With the right tools , your proactive efforts add immense value to client security and keep you both out of the hot seat .
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