Retailers and etailers reject PCI fines

Fining retailers for not yet being compliant with Payment Card Industry (PCI) data security standards is unfair, say retailers and etailers in research conducted by Maginus, expert providers of integrated software solutions for multi channel retail & distribution companies. 73% of respondents agreed while 43% said there is enough information available to help businesses understand their PCI obligations.

67% of respondents think that the implementation of Verified byVisa/Mastercard Securecode increases the number of baskets being abandoned, with all of the participants saying that they think customers dont understand the system.

The good news is that 57% of companies polled are starting to see the green shoots of recovery from the recession, and that although 55% of the companies have been affected by the recession, all of them feel that their business has been equipped to cope with the demands of the economic downturn.

Russell Dorset, Sales and Marketing Director at Maginus, said, PCI DSS compliance should be at the top of retailers agendas, so its worrying that only 57% of the participants feel that theres enough information available to help them understand PCI obligations, although our customers have the advantage of a fully compliant PCI solution when they are running a Maginus system.  We are delighted that all of our customers involved in the survey think that their business have been equipped to cope with the demands of the recession.

Looking at multi-channel, all of the participants said that a full multi-channel operation is important to their business, and that 77% had seen an increase in sales taken over the web in the last 12 months.  While 85% feel that developing additional channel is important to improving profitability in-store, 93% dont run loyalty programmes for their customers, but 67% are considering introducing them.

When asked to rank the in terms of importance to their business, product availability scored the highest, with 71%.  When asked the same question of customer service, this scored 57%, with pricing only achieving an importance ranking of 28%.

 
About Maginus
Maginus builds intelligent software solutions that enable wholesale distributor, retailer or mail order companies to increase sales, improve customer service and build long-lasting customer relationships.

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