In most parts of the world, EMV credit card processing has already become the standard in retail stores and restaurants. These more secure cards come with chip-enabled fraud protection to help keep sensitive financial data from prying eyes. In order to authorize a transaction, chip-enabled cards must be physically present at the point of sale. And instead of simply signing their name, customers must manually enter in a personal identification number (PIN) to complete a purchase.
Apple Pay is an exciting new mobile payment technology that could soon take the retail world by storm. But of the 9 million stores that currently accept credit and debit cards, how many will adopt Apple Pay? And equally important, how can you determine whether or not your favorite shops and restaurants accept the new technology?
Every organization that accepts credit and debit cards must remain PCI compliant — regardless of the payment processing method used. This requirement exists whether you run a for-profit business or a nonprofit charity.
Failure to meet the guidelines set forth under the Payment Card Industry Data Security Standards (PCI DSS) can result in harsh penalties if and when card-related fraudulent activity occurs.
Worse still, your business or nonprofit could lose credibility.