Your association can’t operate without accepting payments and making purchases. You need to pay vendors, and allow people to purchase your products, register for conferences and renew their memberships. But if you’re not Payment Card Industry (PCI) compliant, card transactions could put your association’s reputation, finances and future at risk. In fact, noncompliance could cost you up to $500,000 for each credit card brand—and even more if fraud damages apply.
Unfortunately, even associations that think they’re compliant are falling short of what the complex PCI data security standard actually requires. Plus, compliance is a moving target, with rules and regulations continuing to change. What doesn’t change, however, is your responsibility to protect the funds and sensitive information exchanged in every card transaction your association processes.
That’s why you need to address PCI compliance before a data breach exposes mistakes that could cost your association … everything. Here’s where to start.