It takes only seconds for a successful business to experience substantial hardship. One of the most common issues that lead to this scenario is when hackers compromise customer data.
You might be surprised to learn that the average cost of a data breach hit a record $4.4 million in 2022. Staying compliant with payment card industry standards will ensure you avoid issues you may have otherwise encountered, but not everyone understands what to look for in PCI compliance training.
We’ve written a brief guide on the benefits of this process and how you can maintain secure payments for your customers. Let’s explore the key information you need to know to get started.
Better Customer Experience
When you have the right security standards in place, your customers will have peace of mind that their information is in safe hands. This provides a better overall customer experience and makes them more likely to continue shopping with your brand.
Long-term customer relationships are always more profitable than short-term ones, so don’t neglect this benefit of PCI compliance training.
Better Data Security
The right training program will ensure you keep your company’s data as secure as possible. Doing so substantially reduces the risk you suffer from cyberattacks. This is crucial to consider, as the cybercrime industry is estimated to cost the world approximately $10 trillion annually by the end of 2025.
There’s no shortage of hackers coming up with new ways to compromise sensitive information from businesses. As previously mentioned, even a single incident can have catastrophic consequences.
However, data security is a process that constantly evolves. You’ll need to stay informed on current trends so you can stay ahead of criminals.
Avoid Reputational Damage
Damage to your brand’s reputation can be notably difficult to recover from. In some situations, your relationship with your audience may never be the same. PCI compliance training will help you adhere to industry standards.
By extension, this minimizes the chance of something occurring that affects the trust your audience has in your brand. Having a stronger reputation also leads to increased sales.
PCI Compliance Levels
There are four PCI compliance levels, and the one that applies to your business will depend on certain criteria. These include:
- Level 1: over six million annual credit card transactions
- Level 2: between one and six million annual credit card transactions
- Level 3: between 20,000 and one million annual credit card transactions
- Level 4: less than 20,000 annual credit card transactions
PCI compliance levels are essentially risk assessments that determine how much security you need to implement for your payment processing.
Finding PCI Compliance Training
There are certain criteria to consider before choosing a business payment compliance training provider. Understanding these will help ensure you make the right decision. Listed below are some of the most notable.
Before moving forward, it’s crucial to consider the training provider’s reputation. This offers valuable insight into the results you’ll get from working with them. Reading online reviews is a great way to get started.
Look for feedback that mentions professionalism, accessibility, and quality. Don’t rush when making your decision, either. It’s never recommended to settle before seeing what others have to say about their experiences.
Not all training programs are created equal, and it’s essential to avoid the cheapest options you find. These often have low-quality curricula and poor customer support. The last thing you want is to waste time and money on a training program only to find that it doesn’t meet your needs.
You’d then need to invest time and resources into looking for another one. However, this doesn’t mean you need to spend as much money as possible. Training programs that lie somewhere in the middle of the price range can meet your needs without exceeding your budget.
It can be frustrating to be left in the dark during payment processing compliance training. If a training provider doesn’t have a stellar customer support policy, you should continue your search elsewhere.
Otherwise, you’d have to resolve issues on your own. For many businesses, this can be something difficult or even impossible to achieve.
They should also be easy to get in touch with. For instance, let’s assume you encountered a technical error during your training program and needed guidance.
If the company only provides support during regular business hours, this could derail your productivity. It’s customary for training providers to offer 24/7 support. This is often through a combination of outsourced employees and chatbots.
Ensure that the training’s projected outcomes can meet your needs. It’s essential to establish your goals beforehand so you can narrow down your potential options. For example, you might not need comprehensive PCI compliance training.
There might only be a few areas you need to focus on. Regardless of your needs, find a training program that can help you get the best results. This goes a long way toward preventing issues in the future.
There are plenty of training programs out there that won’t meet your goals. You’ll likely need to sift through multiple options before you find the ideal choice.
Your training provider should be fully transparent about what their programs contain. If they deflect questions like these, it’s essential to continue your search elsewhere.
This is likely a sign that their training won’t help you reach your goals, which is something you wouldn’t find out until after you’ve made a purchase. Never cut corners on quality, as this could lead to several issues in the future.
One of the most notable is using ineffective practices without realizing it. To clarify, if your training program contains low-quality information, you could create unnecessary problems for yourself. This could potentially damage your relationship with your audience, as well.
Get Started ASAP
Without the right PCI compliance training, you risk encountering issues you would’ve otherwise avoided. The tips in this guide will help ensure you find the best resource and keep payment data as safe as possible. Trinity Payments prides itself on serving as an all-in-one payment solution.
Our primary ambition is to simplify your customers’ payment experience and focus on the most important aspects of your business. You can learn more about our many benefits when you book a call today.