Fortunately for you, this kind of compliance you don't have to worry much about when using SmartTrade App as we've already made sure our solution is PCI Level 1 compliant, the highest level of compliance achievable in the card payments industry. However, there are a few things you need to bear in mind when handling any customer's payment information.
Why is this important?
The ICO (UK's Information Commissioner's Office) found that a great deal of UK businesses handle card holders' information poorly and often carelessly. They showed an example of a company which was fined £175,000 after a hacker was able to extract thousands of customer records, including everything from name and DOB, to card numbers, expiry dates and even CVCs for all the cards!
Not only would you want to avoid this kind of fine, but surely you would want to avoid the reputation damage of customers not being able to trust you with their data.
Steps to stay careful and compliant
Use high level encryption when storing customer card details
When talking about card details, we're talking about someone's bank account which may well contain everything they have. We can't emphasise enough the importance of encrypting this data. Many methods out there are not safe. Especially for small businesses, we highly recommend you use a verified provider if you need to store card information for things such as repeat billing.
Never write down customer card details on a piece of paper
Writing down details is a severe breach of PCI regulations. Fortunately, we're doing everything we can at SmartTrade to make sure you never have to. You can take payments face to face, over the phone or never even need your customer's card at all if you simply send them a paylink.
Keep this in mind and you'll be all set. If you'd like to learn more about PCI Compliance you can read all about it at PCIcompliance.org.
If you're curious about our compliance, check out this one-page fact sheet on how we stay fully compliant through something called "Tokenisation." You can find the sheet here.
Use the new Pay by Bank app
By adopting the new Pay by Bank app technology that is now available in SmartTrade App you can avoid any card payments entirely with customers that have the relevant mobile banking app.