This is caused by some challenges such as a lack of knowledge, a lack of urgency and a lack of time to dedicate to security and compliance, small merchants face. As a result, the vast majority of acquirers indicated they would like their compliance rates to be higher, with most aiming for minimum 70% compliance rate, and more than 15% targeting near-perfect compliance levels of 90%+.
Acquirers are split on how to achieve this. The majority of respondents (76%) favour regular communication (i.e. calls, emails), while managed security and compliance service and merchant education prove equally as effective with 72% favouring each.
However, in reality, 56% of acquirers do not believe fees drive compliance, and agree that the industry needs to wean itself off non-compliance revenue, which is a significant contributory factor in merchant attrition.
Sysnet’s survey also revealed that 44% of respondents consider non-compliance fees to damage their brand as an acquirer, and nearly every acquirer agreed that they need to do more to provide a SME offering that helps these merchants to secure their business and raise PCI compliance rates.
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