Jan 13, 2022
Okay, so here’s the thing. It’s not really a question. Most merchants simply aren’t equipped to properly manage the insane complexities that come along with PCI-DSS compliance. Protecting against the threat of data breaches with payment cards is no small feat but it’s completely necessary. Not only is it necessary to remain compliant with regulatory bodies (a minimum requirement to stay in business) but also to keep your brand’s reputation intact. So if we say your business depends on this, we’re not exaggerating. Now that we’ve cut right to the chase, let’s talk about why this is the case and why outsourcing your compliance is not only a no-brainer, it’s also very straightforward.
Here are three simple reasons why you should outsource your PCI-DSS compliance.
1. Don’t Unnecessarily Tax Your Tech Teams
Staying PCI compliant means you need to always make sure your network security infrastructure and operational measures are up to speed with the ever-changing PCI requirements. This puts a huge strain on your tech teams and takes their time, focus and attention away from your core business. Also, your current teams most likely are not familiar with this very intricate form of network security management so expanding your team to employ staff that’s property trained will cost an arm and a leg.
2. Shift The Liability To A Third-Party
We’ve more or less established that you don’t want to take on the burden and responsibility of keeping all your in-house systems compliant. We’ve pointed out that utilizing a third party will significantly reduce scope and payroll. If you’re still on the fence though, let’s talk about the legalities of it all. Long story short, you don’t want to be liable for any of it. To say that data breaches are a source of enormous liability is a major understatement. If you’re storing your customer’s payment data, you’re automatically opening yourself up to risk that could ultimately cost you your business if handled incorrectly.
3. Benefit From Additional Fraud and Risk Management Tools
As a merchant, your bread and butter is not managing fraud and risk and most likely you already rely on third parties to help you with these mission-critical tasks. Outsourcing your PCI-DSS compliance will only further protect you, offering you additional access to fraud and risk management tools. Any company equipped to keep you PCI compliant, will have a slew of fraud and risk tools under their belt and you’ll benefit from having access to their services and data. Real-time alerts, dedicated account management and more are just a few of the ways you can increase your fraud and risk-management efforts through outsourcing your PCI-DSS compliance.
At Praxis, we are completely PCI-DSS Level 1 compliant. Any data that goes through our system benefits from the highest level of safety and security for both merchants and their customers.
When partnering with Praxis Tech, merchants have complete peace of mind that they’re always working with PCI compliant banks adhering to the most stringent regulations to reduce credit card fraud. Talk to us today about how Praxis can help keep your business PCI-DSS compliant.