Sysnet CEO, Gabriel Moynagh, explains how acquiring organisations can make a real impact on small business security, by replacing revenue from PCI DSS penalties for non-compliance, with a managed service offering that boosts merchant security.
The PCI DSS was set up to help businesses process card payments securely and reduce fraud. Most acquirers will charge merchants who fail to comply with the standard, a non-compliance fee. While these fees are relatively small (merchants often ignore or are unaware of them), they are a not-inconsiderable source of revenue for acquirers. However, this is not sustainable in the long term and there is an alternative that enables them to replace non-compliance fees with a solution that helps merchants secure their transactions for a fixed fee. By offering a managed service for PCI DSS compliance and cybersecurity, acquirers can give merchants access to a service that comes at a predictable cost and addresses all aspects of the business’s security, from firewalls to anti-virus protection. In most cases, the merchant will actually pay less for such solutions than they would for non-compliance fees.