Dragons’ Den success story targets Secure Trading to manage online payments processing
Shoot It Yourself, a company which produces television quality wedding videos has chosen Secure Trading, the UK’s leading independent payment processor, to manage its online payments processing.
Company founders, Andrea McDowell and Rebecca Baldwin recently appeared on BBC2’s Dragons’ Den and successfully received an offer of investment from entrepreneur, Hilary Devey, in return for a stake in the business.
Shoot It Yourself provides guests with professional video cameras to film their friends’ and families’ marriage celebrations and then uses years of experience in the TV industry to produce a slick and fun edit of the footage.
The Payment Card Industry Security Standards Council (PCI SSC) recently updated its compliance guidance. Many retailers were hoping the update would give a clear way forward in terms of their PCI DSS compliance.
The guidance covered two areas. Firstly, the guidance concludes that EMV (Europay, MasterCard and VISA (EMV) or more commonly referred to as chip and pin) does not address PCI DSS and therefore the two need to coexist. The SSC are supporting EMV but it is still not insisting that EMV become the global standard. This means UK merchants are put at risk every time they want to accept payment on cards which are not EMV smartcards, and UK card holders are put at risk because their stolen data can be used on cloned cards outside of the UK where swipe is still the default standard.
Secondly, with regard to Point To Point Encryption (P2PE), the SSC states that the technology is at an “immature” stage. The reality is however, that there are solutions in the market today which fit the P2PE definition and which are PCI DSS certified.
The responsibility of managing data is one issue that won’t disappear for retailers and they may want to consider outsourcing the management of payments to a third party. Cost is a big concern to a retailer and if a business outsources to a secure, outsourced managed service from a Level 1 PCI DSS certified payment solution provider they will be able to have a fixed cost for this managed service. If they choose to outsource these costs they could potentially spiral out of control. According to a survey by Cisco, 67 per cent of IT decision makers think that their spending on PCI compliance will increase in the next year.
Secure Trading’s online payment solution allows Shoot It Yourself’s customers to make quick and secure transactions within the confines of its site.
Andrea McDowell, commented: “We were impressed with the ease with which Secure Trading’s solution integrated with our existing website and simplified the payment process for our customers. We’re hoping to grow our business over the next few months and the scalable nature of Secure Trading’s service means we’re confident we can continue to meet our customers. needs”.
Tim Allitt, Head of Sales & Marketing, Secure Trading, said, “We’re delighted to be working with a successful young company such as Shoot It Yourself and look forward to assisting them in the future as their business develops”.