With electronic payments paving the way for an efficient purchase method, there is also a significant rise in credit card fraud, identity theft, and stolen data. To ensure a safe and secure environment for electronic payments, the agencies that store or process data must comply with the Payment Card Industry Data Security Standard (PCI DSS). It ensures businesses comply with 12 operational and technical requirements to protect their customer’s cardholder data. Wondering what PCI is and why PCI compliance for car rental software is mandatory?
This blog will cover its benefits and what steps Rentall takes to ensure PCI compliance for its car rental software.
What is PCI?
The Payment Card Industry Data Security Standard has provided a set of requirements for all the organizations storing, processing, and transmitting card details to do so in a safe and secure environment. PCI offers a framework that works as a cornerstone for developing a payment card data security process that includes prevention, detection, and the proper reaction to any security breach. The establishment responsible for managing PCI is an independent body created by Visa, Master Card, American Express, and JCB.
What are the benefits of staying PCI Compliant?
PCI DSS is more than just gaining the privilege to accept payment cards, and we are going to list all the benefits that come with staying compliant:
Prevent Data Breaches:
PCI DSS requirements involve creating firewalls, encrypting data, and developing an information security management system. This process ensures that no data is compromised.
Strengthens customer trust:
By staying compliant, you will ensure your customer that their data is safe and secure, strengthening your relationship with customers and stakeholders.
Meets global standards:
Since the standards were created by some of the world’s biggest payments firms, you can rest assured that you are aligning yourself with trusted international retailers.
Mitigates the possibility of fines and penalties:
Not staying compliant with PCI DSS could result in hefty monthly penalties until the business reaches compliance.
Keeps the agencies prepared:
By following the PCI DSS standards, agencies are prepared to identify and prevent the possibility of physical or network-based attacks.
How is Rentall ensuring PCI Compliance for Car Rental Software?
- Only the card’s first six and last four digits will be visible with Rentall. If the business wants to process another payment, they must contact the renter, as Rentall won’t expose the card details (this will take effect starting March 1st 2023).
- Clients using Card Knox, ValPay, or Stripe won’t be affected by this change as they store the token, not the card data. The token can be reused if a charge needs to be added to the card.
- Rentall has rolled out a new service in the US called Valpay. It is a dedicated credit card processing service that is fully automated and tokenized. It allows credit cards to be recharged using a token stored in the system and is entirely PCI-compliant.
While PCI compliance is not essentially a law, not meeting the standards may result in revoked services, penalties, or even suspension of the accounts. In case the cardholder’s data is compromised, not only will the agencies suffer massive financial loss, but depending on the quantity of the data that has been stolen, they might have to pay fines. They may also have to pay a higher transaction fee in the future.
We hope this blog helped you understand the nuances of PCI compliance for car rental software. As a business, Rentall takes the security of its customer data very seriously. To make transactions more secure, it introduced Rentall Payments powered by Valpay, a PCI-compliant credit card processing service. Here are a few of its unique features
- Transparent Pricing: Gain access to easy-to-read statements with upfront pricing and no hidden fees.
- Quick and Easy Operations: Manual credit card entries are a thing of the past. Process all payments seamlessly with centralized transactions in person and through automated recurring billing with a credit card and ACH payments.
- Customizable Dashboards: Our system enables you to slice data into weekly, monthly, quarterly and annual reports.
- In-House Support: In case of any disputes or problems, our in-house support team can guide you through any situation.
To learn more, contact us at sales@rentallsoftware.com or book a free demo today!
