Why PCI Compliance Should be an Important Factor When Purchasing a New POS System
Purchasing point of sale equipment for your business is a big step. Retail POS systems can help you replenish items easily, negotiate lower vendor prices, and check the availability of items quickly and efficiently. They also allow you to handle multiple tender transactions and print detailed sales reports by receipt number, register and batch.
But even the best POS hardware may leave you open to attack, especially as cyber criminals double down their efforts to steal customer information before retailers switch over to EMV systems.
This means that when you purchase new POS hardware, it’s more important than ever to choose a system that’s as secure as possible. One way to do this is to check for PCI compliance.
What is PCI Compliance?
The Payment Card Industry Data Security Standard (PCI DSS) consists of a set of rules and requirements that are designed to make sure that any companies that store, transmit or process credit card information do so in a secure environment. POS hardware that meets these rules and requirements will make your payments more secure and protect you from liability issues.
Why Does PCI Compliance Matter?
If your system is breached by cyber criminals, you could end up being wholly responsible for your customers’ financial damages, even if you use a third-party service provider like Paypal to process credit card transactions. This will only get more serious in October when PCI standards will also make retailers that don’t accept EMV payments liable for fraudulent transactions. In the past, most of this liability went to financial institutions.
Even if your business meats PCI DDS standards, you also have to make sure your POS equipment is PCI compliant to avoid losing money in the wake of a cyber attack. Be sure to ask any POS provider you’re considering if they’re systems are PCI compliant and ask for proof if you’re not sure.