When you are in the process of starting up a business, it’s understandable that you will be giving most of your attention to developing your product/service and keen to get out there to meet your customers. But as eager as you are, there are background functions to get sorted, one of which being the accepting and processing of card payments, both effectively and securely, while complying with data protection and other regulations, such as PCI DSS.
The good news is that there are options out there that mean you don’t have to let these hold you back or slow you down. One of which is outsourcing your card payment processing to an external service provider, such as us.
What is PCI compliance?
PCI DSS is a set of requirements established by the major global payment card brands and applies to every business that accepts, stores, processes or transmits cardholder data, regardless of its size or industry – so every retailer or online seller of goods or services, whether they are based in a shop, an office, at home or in a contact centre, should have policies and procedures in place to secure the transaction environment and protect customer card data.
Compliance with PCI is essential to keep card payment data secure and out of the reaches of cyber criminals, to reduce the risk of a data breach. Crucially for start ups, having this reassurance in place will help to build trust with customers from the outset.
Why you should consider outsourcing your PCI compliance
Building and maintaining PCI compliant card payment processing infrastructure can take a lot of time, expertise and resources, not only in the initial set up but also with ongoing monitoring and penetration testing – something that start-ups often don’t have. You can get your product/service to market faster by employing a provider to do it for you, faster and more effectively and reducing your PCI compliance scope, moving the obligation from you to them.
While outsourcing requires an initial investment, it will enable you to focus on developing your product or service and, in time, save you money. A more efficient system that works exactly how you need it to will in the long run allow you to function in the most productive way. And while your card payment processing needs to be robust, a good system will allow for flexibility and be adaptable as your business grows and changes over time, avoiding the need for regular updates and expensive overhauls.
Most importantly, investing in the right system early on will reduce the risk of becoming a victim of cyber attack resulting in a breach of data. There is a common perception that cyber criminals more often target bigger companies when in fact smaller businesses are just as vulnerable to attack, particularly those with weaker, less established systems in place. A breach of data, for a business at any age or stage, could have a devastating effect on brand reputation.
At PCI Telecom, we create bespoke card payment solutions that suit the needs of businesses of every shape and size and are accredited to a PCI Level 1 standard of compliance. Our solutions are robust, reliable and secure and, being cloud-based, they are flexible and easy to adapt as your business grows. Visit our Solutions page to find out more or alternatively give us a call to talk through your requirements.