Contact center administrators have two masters to answer to when it comes to maintaining a secure credit card environment: the companies that issue the cards and customers who are rightly nervous about falling victim to credit card fraud or identity theft. Businesses who fail to maintain a secure environment for processing, storing, and transmitting credit card information face severe and lasting consequences. The issuing card companies can not only suspend their privilege to accept their cards, they can also levy monthly fines ranging from $50 to $90 for each card compromised. And since the fines are retroactive, the offending business is on the hook for all the months their customer data was endangered.
And then, of course, there is the inevitable bad press such infractions incur, resulting in the loss of current customers, and frightening away potential future ones. Just ask Target, the poster child for damaging customer experience. As for new startups, even the smallest slip in protecting customer privacy can shut them down.
In an effort to safeguard big and small businesses alike, as well as their customers, the credit card industry formulated a set of strict data security standards for contact centers that accept credit card payments.