Setting permissions when using components with VBO

I recently set up a VBO view calling a component to change the value of a field in a node.Setting up the view was relatively straight forward. See for more information on this. The problem came when I wanted to let the users use the view. The VBO page provided access control function for all the built in VBO functions, but there was nothing about access for an external component called by a VBO rule.
The answer was that there is an option "Configure access for using this component with a permission." hiding at the bottom of the component page under the "Settings" link, with the key phrase: By default, the action for using this component may be only used by users that have access to configure the component. If checked, access is determined by a permission instead.