PCI Compliance is a standard set of data security standards which all merchants must abide by. It has become a familiar term as the Card Brands push for greater security. Initially the requirements of PCI can feel burdensome, however this is far outweighed by the inherent benefits – even for nonprofits processing donations.
There are three values that PCI Compliance provides a nonprofit organization such as you. Did you know these values speak directly to the importance of achieving your mission?
Stewardship
As a nonprofit organization you are called to be a steward of many items, chief among these is the need to be good steward of the sensitive data that is entrusted to you. The upfront time and resources required to become compliant with PCI is nothing compared to the resources that would be required in the event of a security breach. Compliance with PCI ensures your organization’s longevity and assists in protecting your brand as well as further building stewardship into your organization’s culture.
Donor Confidence
A data breach can have a devastating impact resulting in loss of donors’ trust and tarnishing the organizations reputation and brand. Your donors place trust in you when providing their payment information to you and your payment processing partners. Adhering to the PCI Data Security Standards communicates to your donors that you not only meet the standards set forth by the card brands but you demonstrates your investment in protecting their payment information.
Financial Protection
While large companies may be able to absorb the impact of a security breach, this is hardly feasible for smaller organizations. Security breaches are incredibly costly and the financial penalties of a breach continue to rise. Fines and fees are assessed by the banks, card brands, as well as the state the merchant operates within.
Meeting the requirements of PCI will help ensure you have the proper security measures, policies, and procedures in place which will limit your risk and the potential fines and fees which may be imposed in the event of a breach. PCI Compliance is a strong policy to help protect against such a devastating financial impact.
CashLINQ is passionate about empowering nonprofit organizations to fulfill their mission. Assisting you in building value through PCI Compliance is one of many ways that we will partner with you to help make the vision of your organization a reality.