Sure, businesses are challenged by change. Adapting and adhering to new regulations can be resource-hungry, distracting, and expensive. However, non-compliance can have identical consequences, and worse. Fines – and in extreme cases even jail – are punishments enough. Add devastating reputational damage and it’s easy to see why being on the right side of the rules is as about as important as it gets.
Which is why businesses’ current failure to respond to new Payment Card Industry (PCI) regulation changes is a worry. The deadline came and went 12 months ago and yet too many have not yet acted and may therefore in breach.
The changes – designed to tighten security for consumers who nowadays pay for so much over the phone – compel businesses to put in place technology that prevents bad actors from stealing personal financial information or making fraudulent purchases.
At Evolve IP, we consider it our responsibility to ensure that businesses that rely on us have all the technological tools they need to thrive. We also invest heavily in ensuring our network of IT service provider partners are sufficiently educated and equipped to support their customers in every way possible.
It’s why we created our ‘Secure Call’ solution which ticks every box on the new list of PCI compliance requirements.
Whether it’s a business with a dedicated contact centre or one with just a few employees sharing a single PDQ payment machine, Secure Call is quick and easy to set up and automatically captures all relevant information in a way which complies with the changes.
It enhances efficiency too. There’s no double keying of payment information into different systems, there's no potential for human error when taking customer card numbers, and we aren’t forwarding calls to a third party so there are no charges for that. Plus, it integrates seamlessly with businesses’ existing cloud-based unified communication platforms such as Cisco Webex and others.
For our partners – the digital enablers on which millions of businesses rely – we have made it easy for them to not only help their customers achieve crucial PCI compliance but also enhance customer stickiness through increased wallet share whilst simultaneously boosting their own revenue.
For example, for every 1,000 end user customers, up to 5% might require a phone payment processing solution. Based on our current pricing, that’s a potential £40k contract value opportunity.
Why wouldn’t a business trust its existing IT service provider to respond to critical new regulations? And why would an IT service provider not capitalise on an easy upsell opportunity?
The clock is now ticking VERY loudly but thankfully, for both parties, we have both angles well covered.
Don’t leave it a moment longer though – those regulators can be sticklers for the rules…