North American Bancard of Troy, a payment technology company, has introduced its “frictionless” PCI DSS (payment card industry data security standard) compliance program called PCI Plus.
The new system offers a simplified solution to help reduce the PCI compliance burden for merchants, maximize payment security, and protect merchants in the event of a security breach.
“North American Bancard has been serving merchants for over 25 years, and we’ve seen firsthand how burdensome the PCI compliance process can be for small and medium-sized businesses,” says David Greenberg, chief administrative officer at North American Bancard. “These businesses aren’t always able to stay vigilant about security, so PCI Plus was designed to provide them with frictionless PCI compliance measures built into the NAB merchant experience.”
PCI compliance measures were implemented by the card brands to help merchants protect their credit and debit card payment systems from cybercriminal intrusions and the theft of cardholder information. Merchants must meet and maintain certain data management security requirements and confirm compliance on an annual basis.
According to the recent Verizon 2019 Payment Security Report, the percentage of businesses meeting PCI compliance requirements is down to 20.4 percent (1 in 5) for the Americas region, and 36.7 percent globally. The technical nature of PCI compliance, along with the administrative burden of meeting the 200-plus requirements associated with the industry standard, can make the PCI compliance process too onerous for some merchants to undertake without expert assistance.
“PCI compliance steps can be a burden for many merchants, but when compliance is not maintained, it can cost a business hundreds of thousands of dollars, including fines and the cost of card replacement if card data is compromised,” says Robyn Mitchell, chief compliance officer at North American Bancard. “North American Bancard’s PCI Plus program was created to reduce this burden by streamlining the administrative process merchants are typically required to follow.”
The benefits of NAB’s PCI Plus include:
- No forms or third-party requirements – Qualified NAB merchants, and merchants using NAB’s proprietary POS solution, Payanywhere, are exempt from SAQs, scans, and annual check-ins.
- Simplified fee structure – Many participants won’t be subject to separate PCI fees, while others will be assessed one simple fee.
- Two payment options – Merchants choose either a one-time-annual or monthly payment plan.
- Breach forgiveness – Qualified merchants are covered up to $100,000 for certain breach-related costs.
Through NAB’s partnership with SecureTrust, a leading provider of PCI DSS compliance validation tools for merchants, NAB merchants also receive:
- Included vulnerability scans – Up to three IP addresses per merchant are covered at no additional charge when scanning is required.
- Intelligent PCI Wizard – Streamlines the compliance process coupled with enhanced PCI Fast Track technology.
- Endpoint Protection Suite – Integrated security tools for Windows and Mac systems.
- Dedicated support – Hands-on customer care professionals.
“As the merchant marketplace continues to evolve in response to new consumer payment preferences, NAB continues to work diligently to develop simplified solutions that will help businesses secure sensitive customer information,” states Mitchell. “PCI Plus makes PCI compliance easier than ever before for merchants, giving them more time to focus on growing their business and enhancing the customer experience.”