As payments became electronic, a group of heavy hitters from within the payments industry (AMEX, Discover, JCB, MasterCard, and Visa) joined forces to create Payment Card Industry Data Security Standards (PCI DSS). These standards ensure that all companies that process, store or transmit credit card information maintain a secure environment. That includes all merchants, vendors or software providers who handle credit card information.
There are four different levels of PCI-Compliance based on transactional volume. Beanstream is PCI-Level 1 certified, the highest level.
Becoming certified is an intensive annual application and audit, so most will instead select a payment processor with certified solutions that keep their business out of scope. By using Beanstream’s gateway and product suite, merchants can avoid rigorous PCI upkeep. Merchants still need to complete a self-assessment to ensure that their policies and standards meet the industry’s expectations.
Tokenization is just one of the many tools Beanstream offers that can help aid merchants in keeping a secure environment. Keeping payment information safe and secure should be the number one priority for all businesses who manage credit card data. Beanstream continuously works to keep your beans safe and hackers away.