What’s Enough Security for Your Self Storage Facility?

There is an old adage that anyone who has ever taking a business course has heard that claims you have to spend money to make money. The concept is pretty straightforward; there are expenses that must be incurred for a business to open and then operate. The trick to it is in figuring out how much that you do need to spend in order to provide our service and be profitable.

In the self storage industry one of the biggest questions for managers and owner/ operators can be in figuring out how much to invest in security for your facility. On one hand, people want to feel secure that their belongings are not in danger of being stolen or destroyed in a fire. At the same time if you spend a lot on security and are forced to raise your prices your facility may not have anything to steal (since it will be empty).

Break-ins are only part of the problem when it comes to security issues. With the increasing frequency of electronic transactions incidents of credit card theft/ fraud are becoming more and more common. In 2008 there were 656 reported security issues involving credit cards, an increase of close to 50 percent over the reported numbers from 2007. With criminals getting more creative in their methods security measures have to continue to upgrade as well in order to keep them out.

Physical security is one thing and really comes down to how much you want to spend, i.e. fences, electronic surveillance, guards, etc. However, putting a price on electronic security is another all together. If word were to get out that your facility often fell victim to credit card theft then you might find yourself without business. No one wants to take the chance on his or her credit information being stolen. As bad as the negative press can be the liability involved can potentially drive you out of business all together.

For your electronic security it is important to utilize the latest in technology in order to do as much as possible to protect your security and that of your customers. Many customers may find it more comforting that their credit card information is secure over their belongings, and would possibly even prefer to spend a little more on a rental.

If you are having a hard time trying to decide what security system to use for your self storage facility there is one that the Self Storage Association has partnered with, Payment Processing, Inc. (PPI). PPI offers not only the state of the art technology but also has a breach reimbursement guarantee of $150,000 for certain expenses related to thefts.

Sources used:

"Does Your Self Storage Business Offer Customers Enough Security?" Self Storage Aassociation Globe News; December 2010.

"Payment Proccessing Inc. Announced as Exclusive Credit Card Processor with SSA Partner Status." Payment Processing Incorporated. 8 September 2010.