Benefits Of Using A PCI DSS Compliant E-Commerce Platform To Build Your Online Store

Did you know that the average cost of a data breach in 2020 is 3.86 million U.S. dollars?(Source: Statista) So, your lackadaisical approach to ecommerce security can cost you your business!

As internet usage continues to increase, so is the amount of information and personal details being made available online. Information could be revealed out of choice, such as providing details to social media, or it could be unwilling as your customers are victims of cybercrime or attack or data breach.

As we work from home, rely more on technology, shop online, cybercrime has become incredibly sophisticated. The risk to your brand, business, and clients has never been greater!

Why PCI DSS is important

The payment card industry data security standard (PCI DSS) aims to protect consumers by motivating businesses to do more to protect payment card details. If a store is PCI compliant, it shows that the business is serious regarding the security and protection of their customers' data.

PCI compliance can raise the footfall of customers as the trust in your company may rise. Not just with your shoppers, PCI DSS compliance also increases your reputation with credit card providers, banks and other financial institutions.

Selecting the best ecommerce platform, which is PCI compliant, can help you save the cumbersome and time-consuming process of getting PCI compliant. In addition, building preventive measures right from the time you build your ecommerce store can easily keep your store and your customers protected.

Why your brand needs a PCI DSS compliant Ecommerce platform

Let's find out how a PCI DSS compliant online store can be beneficial to your business

1. Lowered risk of data breaches

As cybercrime increases, PCI DSS is aimed at helping businesses protect payment systems from breaches, leakages and theft of cardholder data. When building an I.T. infrastructure, your ecommerce security should be data compliant, especially if your online store has sensitive customer data.

Each PCI-compliant business isn't allowed to retain valuable customer credit card details. This makes your online store a less valuable target for hackers because not only will they have a much more difficult time hacking your network; they won't find the data they are looking for! The best ecommerce platform ensures stronger firewalls and encryption around your store.

2. Building brand reputation 

Not just companies but consumers are also aware of information security requirements in electronic transactions. Today's consumers pay great attention to the brands providing ecommerce security in their sales platform. They look for details such as data encryption, secure connections(https), and security seals.

In the eyes of consumers, companies certified with PCI DSS have greater credibility, attracting more consumers, developing a brand reputation and increasing sales. 

3. Customers loyalty

Did you know that half of your customers won't return after a significant data breach? (Source: Businesswire). After all, who would go to a business if you knew that the store lacks basic ecommerce security and your credit card information is likely to be stolen!

Trust is the basis of any ecommerce business. Your customers have placed impeccable trust in you to send the right goods, and you will safely transmit and process their payment details. Should the trust get broken, customers will lose confidence in your business. Customer confidence and loyalty can really affect your brand. Selecting the best ecommerce platform with PCI compliance shows your customers that you are taking every precaution to keep their information safe, and they are more likely to come back again.

4. Reduced legal charges 

If your ecommerce store ever gets breached, not only will you lose an enormous amount of data, but you may also have to deal with fines and lawsuits from customers or other organizations. For instance, when Wyndham Hotel in the U.S. was breached three times, they were sued by the Federal Trade Commission because they falsely stated that they have safe ecommerce security.

You can also be sued by customer lawsuits, government fines, third-party lawsuits, card brand fines, and more. However, you can reduce these fines and lower the number of lawsuits and liability which your business may have to incur if you make your online store PCI DSS compliant.

Sometimes, the cost of legal processing from security breaches may even lead to the closing of your venture. You don't want that, do you? Select the best ecommerce platform to keep your store in safe hands and prevent any legal actions.

5. Reduction of chargebacks

In simple terms, chargebacks are disputed transactions where a sale has occurred, but the card company does not realize it or when the consumer questions the charge. When the consumer's dispute is raised, you have to reverse the transaction, and the customer gets his money back.

Now suppose that a hacker has stolen your client's data and used it to purchase from your non-compliant PCI DSS store. Of course, you may send the product to the hacker and charge the customer. But if the customer raises the issue, then payment is suspended. But now, you are left without any product and a subsequent amount of money for the product.

When chargebacks get out of control, your ecommerce store may face huge losses, and also, your brand image may suffer a setback among credit card processors. So, you select a platform that ensures the best ecommerce security where there is a low risk of such incidents.

6. Higher profitability for the business

Did you know implementing PCI DSS complaint measures in your ecommerce store can bring greater profitability to your business? You can facilitate reduced fees to card buyers who are concerned about the ecommerce security in their transactions. Low prices can entice prepaid credit card buyers to buy more.

Furthermore, establishing trust among customers will make them buy more from you, thus, increasing your sales.

7. Meet global standards

Many businesses do not know where to begin with ecommerce security. PCI compliance provides a baseline of security requirements that every ecommerce store should follow. What's best about PCI DSS is that the standard has specific rules for various businesses, based on type, size, methods of storing card data, etc.  

Merchants owning an online store will meet the minimum levels of security when they store, process, and transmit cardholder data. The best ecommerce platform, which is PCI compliant, provides a mandatory level of protection to all.

How PCI DSS compliant StoreHippo Ecommerce platform benefits your brand

All stores powered by StoreHippo are PCI compliant by default. This means that all stores built on the platform can keep their payment information and business data safe. With the PCI DSS version certification, StoreHippo offers the best ecommerce security built around all the online stores for any size and scale of business.

Some of the features the turnkey solution provider offers are:

• End-to-end encryption for all the payments made through our StoreHippo platform

• PCI DSS compliance to uphold security provisions for your ecommerce website

• Comprehensive support to both offline and manual payments

StoreHippo, holistic security standards strictly adhere to industry-leading practices. The best ecommerce platform offers multiple secure payment gateways, which makes it easy for your customers to choose from.

The best ecommerce platform securely hosts your store and has invested significant time and money to certify that the solution is PCI compliant. From annual on-site assessments validating compliance to continuous risk management, StoreHippo works hard to keep your ecommerce store safe and secure.

So, take the step today. Protect your business, your employees, your clients, and your brand with the best ecommerce PCI-compliant platform. Start your free 14 days trial today!