Why Is PCI Compliance Important for Utility Companies
When it comes to payment processes, many utility companies are stuck using outmoded practices that were never designed to support a changing regulatory compliance landscape and today’s rigorous privacy and data security requirements. Why has payment security for utility companies been historically difficult?
Highly Competitive Sector
It is easy to understand why utility firms struggle when it comes to focusing their efforts on addressing PCI DSS compliance. All too often, the intensively competitive nature of this sector means a lot of time and energy is devoted to maintaining the best possible customer experience. This includes resources needed to ensure PCI DSS compliance for payment security.
Mergers and Acquisitions
Historical mergers and acquisitions have resulted in many utility companies inheriting a patchwork of legacy operating models and systems which make it difficult to apply a consistent approach to risk management and regulatory compliance.
Digital Transformation
In recent years, the rapid pace of digital transformation has added further complexity to the challenge. During the COVID-19 outbreak, utility firms had to fast-track the multi-channel enablement of customer interactions at scale.
As utilities prepare to re-shape operations for the next wave of industry changes, now is the perfect time to reimagine payment processes to ensure PCI DSS compliance. Ideally, without incurring burdensome cost or unnecessary complexity for the business.
Key Factors for Utility Companies to Ensure PCI DSS Compliance & Payment Security
Many of today’s business and retail customers like the convenience and ease of making a telephone call or using a chatbot to pay a bill. Being able to talk to a knowledgeable service agent who is on hand to smooth out any problems or deal with any billing questions means that calling in to a contact center continues to be a popular choice for making payments.
However, this means that large volumes of card data end up flowing through a company’s IT and telephony infrastructure. Since PCI DSS regulations require extensive security checks and controls wherever card details are stored, this can add up to a lot of time and money to simply maintain compliance.
One of the best ways to ease the burden of PCI DSS compliance is to keep payment data out of the business infrastructure entirely by completely removing sensitive card data from the contact center environment.
Today’s modern dual-tone multi-frequency (DTMF) solutions make it easy for customers to input their credit and debit card details via their telephone keypad rather than speaking out aloud. Card details are then transmitted directly to the payment service provider (PSP), avoiding the contact center infrastructure – thereby reducing the number of checks and controls needed to meet PCI DSS regulations.
PCI Compliance Best Practices for Utility Companies
Today’s modern payment solutions make it easy for utility companies to take secure PCI DSS compliant payments over the phone in a streamlined and simplified way that de-scopes the contact center and protects payments against fraud and data breaches.
Here are some key best practices to consider when evaluating your PCI DSS compliance standards:
Tokenization
Instead of storing cardholder data, use tokenization where sensitive card information is replaced by unique identifiers (tokens), which are meaningless if exposed.
Masking
By removing banking information from contact center infrastructures and using DTMF masking to shield sensitive banking details, utility companies can deliver a secure and frictionless experience for customers that want to take advantage of the telephone to set up their payment.
Customers enter their bank account and routing numbers via their telephone keypad; these numbers are then verified for accuracy to ensure the right account is always debited. Since call handlers can’t ‘hear’ a customer’s sensitive bank details, they are able to stay in constant voice communication with customers for the duration of the transaction.
Mobile and Digital Payment Security
If your company offers mobile or agentless payment options, ensure that those applications and bots comply with PCI DSS requirements. This includes securing data, using encryption, and ensuring that payment information is processed securely.
Cloud or On-premise Implementation
Available for implementation in the cloud or on-premises, today’s payment solutions make it easy for organizations to achieve bullet-proof PCI DSS compliance across all their contact centers. There are also options that make it easy to exploit new multi-channel contact center technologies and handle secure payments via email, SMS, or web chat.
Compliance Reporting
Ensure that all required PCI DSS documentation, including Self-Assessment Questionnaires (SAQ), vulnerability scan results, and other compliance reports, are maintained and available for review.
Sycurio's secure payment solutions for utility companies
Sycurio offers secure, integrated payment solutions specifically tailored for utility companies. Our platform supports a range of digital channels, including email, SMS, live chat, chatbot, social media, eCommerce, and face-to-face interactions. Designed to streamline the payment process, our solutions ensure smooth and efficient experiences while maintaining the highest levels of security and compliance.
With Sycurio, utility companies can simplify their approach to PCI DSS compliance. Our secure infrastructure handles the payment process, significantly reducing the need for complex PCI DSS audits and compliance checks. By utilizing our platform, you can minimize compliance burdens while enhancing security for both your organization and your customers.
Key Benefits for Utility Companies:
- Reduced Transaction Handling Times and Costs: Automated payment processes decrease transaction times and operational costs.
- Seamless Payment Experiences: Integration of secure payments within automated and self-service systems makes it easier for customers to pay their bills.
- Improved Agent Productivity: With routine payment tasks automated, your agents can focus on more complex inquiries, boosting overall customer satisfaction.
- Flexible and Well-Documented APIs: Easily integrate voice and digital payment systems into your existing workflows with our user-friendly APIs.
Sycurio’s payment solutions seamlessly integrate with a wide variety of systems, such as Contact Center as a Service (CCaaS), CRM platforms, billing systems, telephony solutions, and payment service providers (PSPs). This adaptability allows utility companies to deliver secure and efficient payment options, whether online or through live interactions, while ensuring compliance with industry regulations.
