Effective July 1, 2010, the card associations required merchants everywhere to comply with PCI standards for a more secure payment and credit card processing system. Becoming PCI compliant involves the use of advanced technology and tight security standards to keep customers’ sensitive credit card data safe from credit card fraud and security breaches. Point-to-Point Encryption (P2PE) is at the top of the list when it comes to technologies that protect information and help merchants meet PCI requirements.
What is Point-to-Point Encryption (P2PE)?
A credit card’s magnetic stripe or chip holds valuable information that thieves and hackers are continually trying to get their hands on, including credit card account numbers and security codes that can be used for fraudulent activity if compromised. Many thieves attempt to steal this data during the transaction process, while the data is in transit through the merchant’s network. P2PE protects credit card information by encrypting the data from the point of card swipe or dip, to authorization, and every point in between. Hackers and thieves attempting to steal this information will never gain access to the actual credit card numbers, while customers and merchants can enjoy safer transactions through a secure payment network.
Why PCI Compliance Matters
Compliance with PCI standards protects customers’ credit card information, keeping them safe from a devastating amount of loss, credit damage, and frustration. It also protects merchants from the hefty fines associated with compromised information. Many merchants may be concerned with the immediate costs of the technology and features required to comply with PCI standards, but in the long term, protecting credit card information is crucial to avoiding the liability that could cost millions should a security breach occur.
BluePay is committed to keeping merchants and consumers safe from fraud, through secure merchant account services, data storage, and advanced security methods. If you would like to learn more about protecting your transactions with P2PE, contact us today.