Importance of being PCI-DSS compliant for every secure subscription business!Featured • May 06, 2020
As the digital era began, payments have to be simpler right?
Due to hacking and other cyber-attacks on businesses, data and payment security became the need of the hour.
Without this security, any system is fragile and cyber attacks can be made to get payment data of customers.
This can be very dangerous as customers can lose their hard-earned money and businesses can lose their reputation, image, and integrity.
Then how can a business stay safe from these attacks?
The only way a business can safeguard its business is with PCI-DSS compliance.
What is PCI-DSS compliance?
PCI –DSS also known as Payment Card Industry Data Security Standard is a total set of policies and procedures. These are applicable for any business/entity that deals with sensitive card data information.
PCI compliance and its relation to your business data security:
PCI Compliant businesses are less likely to suffer any data breach, hack, and other forms of cyber-attacks. Hence like the old sayings, it’s best to be safe rather than be sorry later.
If you wish to have a secure subscription business, having PCI compliance can help you do that and ensure to provide your customers with a safe financial environment.
What happens when you don’t have PCI Compliance?
PCI compliance is known worldwide as a means to reduce and halt the risk of card and payment information theft. But what happens when you don’t get it for your subscription business?
- Risk of Theft: -
- Risk of losing reputation: -
- Risk of shutting down business: -
As per a study by Verizon, the majority of businesses without PCI compliance had cases of theft and cyber attacks. This can be dangerous as a lot of money will be lost.
Money and card data are not the only things that you lose. A business can lose its reputation and that will hamper its future in the industry. Nobody loves working with businesses that are prone to such data thefts and cyber attacks.
If you lose money and reputation, how will you survive in the industry? Sooner or later, you will have to shut down your business. This means you will incur huge losses and might even become bankrupt.
What happens when you get PCI Compliance?
Isn’t it scary being a business minus PCI compliance? There are various risks you will be exposed to. But if you wish to be known as a secure subscription business, getting PCI compliance will be your main goal. Here are a few reasons why:
- Safe and secure system: -
- Promotes your reputation: -
- Saving you from penalties/fines: -
A subscription business can transform into a secure subscription business by being PCI compliant. This secures your system and saves important payment-related data from getting into dangerous hands.
Customers will opt for a secure subscription business. Hence when you assure them of safety with the best data security, you will add more customers, improve your revenue, and simultaneously grow your reputation.
One of the major advantages of being PCI compliant is saving you from multiple fines, penalties, and legal actions. This can harm your secure subscription business.
What you must look for in subscription billing software?
Every subscription business wishes for software that can make their life simpler. Hence you would look for an all-in-one solution that helps you manage your business, automate various tasks, etc.
But that’s not all. The first thing you must check is if the recurring billing software has set safety procedures. This means if they have PCI compliance, then you have no problem. If they don’t, then you must not even shortlist them.
Which is the best subscription management software for PCI compliance?
With multiple options available in the market, ChargeMonk happens to be the best subscription management software when it comes to being PCI compliant. You can transform your business into a secure subscription business with ChargeMonk.
What is ChargeMonk?
ChargeMonk is a subscription billing software that helps recurring business models to manage their business seamlessly. It offers subscription businesses PCI compliance and many other ways so they can manage their business efficiently.
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! (contact)