Any business that accepts payment via credit card must meet the Payment Card Industry Data Security Standard (PCI DSS). PCI compliance ensures that sensitive customer payment information remains secure if your pharmacy stores and processes credit card payments. Compliance with PCI standards is enforced by major credit card brands, and non-compliance can result in steep fines or the termination of a banking relationship.
To avoid penalties for your independent pharmacy and keep credit card data protected, a hosting provider that meets PCI standards is necessary. Keep reading to learn more about the importance of PCI compliance for independent pharmacies and how to secure your pharmacy network and POS.
Importance of PCI Compliance
PCI compliance can make all the difference for your business. Data breaches result in steep fines and loss of trust. By preventing breaches and hacks, you can secure payment data and protect your customers.
Secure Your Business Data
PCI compliance standards are designed to protect sensitive data. While these standards are focused mainly on securing credit card information, they can be applied across all business data. By implementing a secure network and following PCI DSS, you can keep business data safe from hackers and cybercriminals. This practice protects your business, your customers, and your employees.
Protect Customer Data
When your clients make credit card payments, they are trusting you with sensitive information. Each transaction, whether for prescriptions or OTC items, is a show of trust and loyalty to your business. You can reward that trust by securing your pharmacy data. PCI compliance is the best way to protect customer data that is in your possession.
Boost Trust with Customers
Customers would not shop at your pharmacy if they thought their data was compromised. A data breach can seriously damage the reputation of your business and impact customer loyalty. With a secure payment processor, you can provide peace of mind for your customers. Clearly note your payment processor and PCI compliance in your store and on your website to boost confidence as customers shop.
If your pharmacy is found to be non-compliant, you could face fines from your bank. Payment brands, including Visa and Master Card, fine the banks between $5,000 and $100,000 per month for PCI violations. Your bank will pass the fine to you, and they may end your relationship. For small businesses and independent pharmacies, these fines can be devastating. Data breaches can also result in lawsuits, which can ruin the reputation and financials of a small business.
PCI Compliance Guidelines
The specific requirements for PCI compliance can differ by business type and size. The complete PCI DSS document includes requirements for wireless networks, third-party providers, annual assessments, and security controls. Network segmentation, which isolates credit card information from the rest of your pharmacy network, is not required by PCI DSS, but it can help reduce the cost and difficulty of maintaining PCI compliance.
Simplify PCI Compliance with the Right Payment Processor
The details of PCI compliance can be complex and confusing. Thankfully, partnering with a payment processing company can take much of the burden off your pharmacy. Payment processors that are PCI compliant maintain your network and keep credit card data secure.
Transaction Data Systems has partnered with various processors including Worldpay to provide integrated credit card processing for Rx30 and Computer-Rx pharmacy management systems. By utilizing Worldpay as your payment processor, you can ensure your pharmacy is PCI compliant and protect sensitive customer data.