Minimise Liability: Not being PCI compliant could be disastrous for your business. Compromised data negatively affects both consumers, companies and financial institutions, leading to credit card fraud, disruption to processes and huge expenses from reissuing cards. Your business could be found liable if your company is not PCI compliant and breached, resulting in lawsuits, cancelled accounts, fines and the total erosion of the reputation that you’ve spent years to build.
Competitive Advantage: Using best practices and being PCI compliant means you are actively preventing data breaches. Ensuring your data is secure makes it more difficult for hackers to obtain payment card data and makes your customers more confident in using your services. Companies that do not protect customer data are more at risk of theft and security breaches, giving you an edge over your competitors who are not compliant.