NAB’s Newly Launched PCI Compliance Program Streamlines Merchant Requirements, Saves Businesses Valuable Time and Money, and Delivers Greater Overall Cardholder Security
North American Bancard, LLC (NAB), a progressive payment technology company, introduced its frictionless PCI DSS compliance program called PCI Plus. PCI Plus is a simplified solution created to help reduce the PCI compliance burden for merchants, maximize payment security and protect merchants in the event of a security breach.
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“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,” said 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.
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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,” said 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.”
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