Payments industry security and compliance program provider ControlScan and the Merchant Acquirers’ Committee have released the results of a study designed to understand PCI compliance program practices among payments industry stakeholders.
The 2017 Acquirer PCI and Security Survey found that while merchant service providers see the importance of merchant PCI compliance, their worries about retention have them struggling to identify the proper balance between convenience and compliance enforcement.
One in four respondents said their PCI compliance approach has led to loss of merchants, while 22 per cent said their tactics aided merchant retention
“Easing their merchants’ PCI compliance pain is certainly to the acquirer’s competitive advantage, but for risk reasons, it’s important to actually get the merchants compliant,” ControlScan director of market strategy Chris Bucolo said. “Acquirers who become a trusted advisor to the merchant will be more knowledgeable, consultative and communicative, and that will strengthen merchant retention.”
Three in four saw their portfolio compliance rate rise last year, with 47 per cent attributing the growth to merchant compliance education.