A recent study performed by the National Retail Federation partnered with a major credit card processing service shows that many small business owners are often unaware of the inherent liabilities assumed by taking credit cards. The study was conducted through an online survey of a sampling of merchants whose annual credit card processing volume is under $100,000 and some of the results may surprise you.
To start, 86% of those surveyed claimed that they were concerned about the safety of their customers’ credit card and personal information and agreed that PCI compliance is a priority in their business. However, 64% said they don’t think they are at risk for credit card or debit card fraud. When asked if they were aware of the cost of a data breach, 60% of respondents said they didn’t know that the card associations were authorized to assess a fee for each card they have to reissue (for each compromised account number) in addition to other potential fines for not having a valid PCI compliance certification. Still convinced you won’t be the target of cyber crime?
The fact is that over 90% of data breaches and credit card fraud occur at small businesses. If that surprises you, consider that a data breach typically costs a small business from $25,000 to $50,000!
Sound a little scary? If you’ve been procrastinating about PCI compliance for your merchant account, you might benefit from a kick in your complacency. Obtaining your PCI compliance can only benefit both your business and your customers. PCI compliance through us is easy, educational, and best of all – free!