If your card machine isn’t PCI compliant, your business is at risk.
PCI compliance is the security standard that protects cardholder data, and without it, both your business and customers are vulnerable.
Here’s a breakdown of the real consequences of non-compliance and why it’s so critical to get it right.
1. Risk of Costly Data Breaches
When your card machine isn’t PCI compliant, it lacks the essential safeguards that keep cardholder data safe.
Data breaches can happen quickly, exposing your customers’ sensitive information and leaving your business accountable.
And it’s not cheap—according to IBM’s 2022 report, the average data breach costs businesses $4.35 million.
For small and medium-sized businesses, that kind of loss can be devastating.
2. Financial Penalties and Fines
Non-compliance with PCI standards can lead to significant fines from credit card companies, especially if a data breach occurs.
These fines can range from $5,000 to $100,000 per month until compliance is restored.
For most businesses, these penalties can quickly add up and cut into profits, making compliance a worthwhile investment.
3. Legal Liability and Potential Lawsuits
When sensitive data is compromised, customers have the right to take legal action.
A non-compliant card machine can make your business liable for damages if cardholder data is stolen.
The costs of legal fees, settlements, and regulatory fines can far exceed the cost of maintaining compliance.
4. Loss of Customer Trust and Reputation
A single data breach can severely impact your brand’s reputation.
According to KPMG, 55% of consumers say they would avoid a business after a data breach.
Customers want to know their data is safe, and if they can’t trust your business, they’re unlikely to return.
5. Higher Transaction Fees or Termination of Service
Credit card companies may increase your transaction fees or even terminate your merchant account if you’re non-compliant.
This can limit your ability to process card payments altogether, creating more challenges for your business.
The Bottom Line: PCI Compliance Is a Must
Not being PCI compliant isn’t just a security risk—it’s a financial and reputational risk that can hurt your business in the long run.
By ensuring your card machines are PCI compliant, you protect your customers, avoid costly fines, and maintain your business’s reputation.
