If cardholders have data stolen during an online transaction, a non-PCI-compliant merchant may receive a fine of $500 per incident. As a result, a large data breach can devastate a merchant that lacks PCI compliance. Unfortunately, such high-volume breaches do occur, as evidenced by a number of high-profile payment card number thefts at major retailers.
Because of those prominent thefts, consumers have lost some confidence in online and mobile shopping. A study from early 2015 showed that 60 percent of surveyed consumers felt that online retailers are not doing enough to protect their financial and personal information, with 65 percent expressing that opinion about mobile retailers. For merchants of all sizes, working with a PCI-compliant payment processing vendor with proven security protocols can help alleviate consumers’ concerns.