Did you know? Cyber Attacks are common in subscription businesses with no PCI compliance.Featured • August 10, 2020
Do you know most businesses adapt to technology at a slower pace?
Yes, old businesses are used to working on old software that is simple to understand.
Bringing new software means purchasing it, spending time on training employees. This can lead to time wastage and losing revenue. Hence, companies/businesses prefer using the same software where they are comfortable.
Are you also of the same opinion?
If yes, then we are sorry to say this is where you are wrong.
Data breaches in the past decade have been affecting the subscription business worldwide. Losses are to the tune of billions of dollars. This took place because the recurring billing software could not offer high protection.
Now you’ll be thinking, why does a subscription business need such high levels of protection from cyber-attacks?
Let’s walk you through an example.
ABC Video is a streaming service that showcases Movies and TV series for over 10 languages. They have 100,000 subscribers who pay $10 per month.
ABC Video allows customers to save their debit/credit card information so renewal can take place automatically. But one fine day, a cyber attack is conducted on ABC videos. The hackers take the credit card data of 100,000 people.
Imagine how much loss that both the company and customers will have to bear. This took place because the recurring billing software could not offer protection.
Why you should not use spreadsheet billing & outdated recurring billing software:
There are multiple reasons any company/business must not use spreadsheet billing & outdated recurring billing software. We will list the top 4 reasons for your reference.
Manual errors – Manual entries made on spreadsheets are never a good option. You have to deal with these errors, and this is perhaps the only option that has no protection at all. Also, using excel files as the sole option is not a good choice for any subscription business.
No encryption/security features – Older billing software helps companies and businesses to conduct their work. But nowhere do they have encryption and security features. Without them, your business becomes a sitting duck in front of these hackers.
Difficult to move on – Do you know why businesses still don’t want to move on even after hearing about cyber attacks on competitors? Because once a firm gets used to the software, they won’t consider finding a new one as long as the old one works well for them.
Updating it can cost business losses –Older software needs maintenance & personal time given by developers. If your developers work on updating, this means you give less time to the business. Hence, organizations don’t opt for updates, and it does not solve vulnerabilities.
Why do you need PCI compliance and recurring billing software for your subscription business?
Any business will want to safeguard its data. Regular software might not have encryption safe enough to protect you from cyber-attacks. This is where you need advanced recurring billing software. Such software has PCI DSS compliance – Payment Card Industry Data Security Standard.
PCI DSS compliance is a set of rules and acceptable standards every company must meet. These requirements will deal with customer payment information and how a business must safeguard it. Having PCI DSS compliance helps you secure customer payment information from the hands of such hackers.
What must you look for while choosing a recurring billing software?
Here are a few things you must look out for when choosing a recurring billing software:
- PCI compliance. No PCI compliance = High risk of a cyber attack on your business.
- Find software that gets constantly updated and checked for security improvements.
- The support team of this vendor must be highly responsive. If you have a problem & need help to handle the software, the support team must be available to discuss it.
- Whether a small business or just a start-up, investing in PCI-compliant billing software must be your priority.
- Do not opt for manual and older software. This will affect the updates, maintenance, and security of your data. An attack can arrive from any route. Hence, stay prepared.
Which recurring billing software is best for PCI DSS compliance?
The best software for a subscription business with PCI DSS compliance today is ChargeMonk.
What is ChargeMonk?
ChargeMonk is automated billing software for subscription businesses. We help recurring business models recover lost revenue and manage their subscription business seamlessly.
How can ChargeMonk help your subscription business model?
Over the years, ChargeMonk has understood industry trends and all the daily problems that a subscription business can face. Keeping these in mind, we came up with the best subscription management software. This is an all-in-one solution for your subscription business that will help you save time, effort, and money!
If this is what you want for your secure subscription business, do connect with us today and get a FREE TRIAL! Click here for more details!