Article | July 13, 2023

A PCI Compliance Checklist For MSPs

Source: ConnectBooster
GettyImages-499000583 checklist

Tips for ensuring your clients take responsibility for their actions

Electronic payments have become the norm for businesses and consumers. The shift towards credit, debit and virtual cards, ACH (direct deposit, direct debit and electronic checks), cryptocurrency and other non-cash transactions had already been accelerating before the pandemic. Adoption of those methods gained even more momentum and greater acceptance following the shutdowns, business restrictions and fears of face-to-face interactions brought on by that global crisis.          

According to a recent McKinsey & Co. survey, 82% of Americans now use a digital or online system to pay for their purchases and recurring bills. While the breakdown of B2B transactions is not listed in that report, market and economic forces are driving more businesses to make and accept contactless payments. The benefits of those systems over cash and paper checks are too hard to ignore.

As younger generations of workers and executives take over purchasing decisions and responsibilities, electronic payments will likely gain even greater traction. According to another recent study, Millennials and Gen Z indicate that debit cards (94%), mobile wallets (82%), and digital payment apps (83%) are their chosen methods of payment. With life-long experience and a high level of comfort using these primarily virtual processes, the latest generation embraces technology in the workplace—and relatively few use paper checks and cash. Most of their payment-related activities involve smartphones or online autopay programs.

Convenience is a major factor. With digital payments, there’s no need to carry cash or balance checkbooks. On the business side, most applications allow users to easily verify and document transactions and export relevant data into corporate accounting and expense programs.

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