Articles About Finance And Refinancing

Outsourced Payment Processing As PCI Solution

Due to the complex requirements of the Payment Card Industry Data Security Standard (PCI DSS) many companies have postponed implementation of proper security measures around their customers' sensitive information. Criminals are always looking for new targets to attack, so merchants need to have adequate security. But what they are looking for is a simpler, more cost effective solution.

Outsourced Payment Processing is one of the best ways to accomplish a number of the PCI requirements without causing any major interruptions in your normal business practices. There are a number of benefits to outsourcing your payment processing needs  things that are very difficult to achieve in-house.

First, outsourced payment processing lets you take advantage of a company's knowledge and experience with PCI requirements. The complexities of the PCI DSS and programs, procedures, and applications that surround safe payment processing can have a very steep learning curve. Many companies fail to reach compliance because they simply don't have the time to gain that knowledge and experience.

PCI DSS experts, on the other hand, can help you implement applications and procedures that will fit well with your company model and simultaneously build your reputation as a trustworthy merchant.

The second benefit of outsourced payment processing is the amount of time that it will take to become compliant will be significantly reduced. If you find the right company in which to outsource your business, they can very quickly implement the solutions you need and cover a great deal of the PCI requirements. While there are a mere 12 requirements to the PCI DSS, there are over 200 individual controls that make them up. Dealing with all these controls can take months... possibly even a year to a year and a half.

On the other hand, assuming you've found a competent company, outsourcing payment processing can cut that time significantly. Down to 30 or 60 days in some cases.

And finally  what the PCI DSS is all about  security. The guidelines in the PCI DSS were created to ensure a certain standard of security. To accomplish this it is recommended that data stored on your system be kept to a minimum. But the problem here is that some data is necessary for legitimate business and/or legal purposes. But keeping any information can conceivably make you a target for hackers.

The best answer to the dilemma is the old saying: they can't steal something you don't have. But wait, you say. You just said some data has to be retained. This is true. But there's no reason to retain the information on your own system, if you don't have all the necessary resources to protect it. All of it can be remotely stored with a company that has nothing else to do but make sure that the informations stays safe.

So how does all of this help a company become PCI compliant? We can start by looking at the third requirement. It states, somewhat vaguely, that you must "Protect stored cardholder data."

Broken down, this requirement details all the methods that must be employed to guard sensitive information. This includes the strong encryption that must be used, the security around the encryption keys, and what information can and cannot be stored.

Accomplishing each of these tasks can be very time consuming, and often merchants make mistakes because they don't fully understand what constitutes sufficient encryption, or what makes a good encryption key.

Now consider the outsourced payment processing option. A company that specializes in security is going to be able to implement the required controls, because they are uniquely positioned to do so. Why? They've done it before. They should be ready to do it again.

In the end, outsourced payment processing is a good option for companies that need to reach compliance, but don't have the time or resources to do so on their own.

Andy Eliason is a writer at Main10, Inc. If you'd like to learn more about your outsourced payment processing options visit http://www.braintreepaymentsolutions.com/ or http://www.braintreepaymentsolutions.com/outsourced-payment-processing/article/25/

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