The quicker a merchant becomes PCI compliant the quicker they can lay those worries to rest. And a merchant has two choices that they can take. One: outsourced payment processing. Two: in-house solutions. Which one is better? And which is more accessible?
If a merchant attempts to take care of their payment processing in-house, there will be a number of issues they will immediately have to deal with. From the start there are hardware and software installs that are complex and costly. And then are you even sure that you’ve got the best possible system? And then there’s the issue with maintenance and upgrades. Technology never stops evolving, and criminals are always looking for new methods to break into your system. Can you keep up?
Outsourced payment processing, on the other hand, means that you are entrusting your information to a company that specializes in maintaining top flight security and has the resources to devote to staying up-to-date. When you outsource your payment processing solutions you never have to worry about IT maintenance or hardware and software upgrades.
In-house payment processing also has a very steep learning curve. Not only do you have to implement software and hardware solutions, but you’ve got to learn the intricacies associated with them. As busy merchant, do you have the time to start up that long hike?
If you take a little time to find the right company for your outsourced payment processing needs, you can find a company with the knowledge and experience to help you set up for processing payments as well as keeping you updated as your company continues to grow.
PCI compliance consists of 12 separate requirements, made up of over 200 individual security controls. Compliance is not a simple thing to achieve, and can take anywhere from 6 to 18 month to accomplish in-house. These requirements range from installing firewalls and virus protection to limiting physical access to logging and reporting on every action taken on sensitive systems.
Wen you choose outsourced payment processing solutions, however, you can significantly cut down the time required to achieve compliance. Why? Because all the new procedures and standards required by the PCI DSS are already in place. The precautions, the security, and, most importantly, the support are already positioned to help your company with your PCI needs.
Outsourced payment processing is also a good choice for the long run. If your planning on staying in business for any length of time, then your business must grow. As it grows, the demands on your payment processing system will also grow. In-house means money out of your own pocket to install upgrades. If you’ve outsourced your payment processing to the right company like merchantsolutionsllc.com, however, you can grow as fast as needed without having to expend significant resources on the effort.
So are there any benefits to payment processing in-house? Some. But only if your company really has the time, people, and resources to do it properly.
As more and more stories about security breaches and compromised personal information reach the public notice, the Payment Card Industry is going to start coming down harder on merchants who fail to reach compliance. The fines and penalties will continue to get worse because the success of the PCI depends on maintaining the integrity of their service.
As such, the sooner you become PCI compliant, the sooner you can experience the benefits. And outsourced payment processing is one of the best ways to reach compliance quickly and effectively.
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