When I was piercing, I either had an autoclave which was kept in proper condition by regular spore tests or access to a hospital's sterilization department. The problem was the things that could not handle the heat involved in the process. For these I used Mar-V-Cide. Read the label - it kills all known bacteria, viruses and fungi. This stuff is cheap and very good. All it lacks is the certification for health uses. It is the basis for the blue solution used on combs and other things by barbers and hair stylists.
Speed
The label/msds sheet does NOT say that it kills all known bacteria, viruses and fungi. In fact it lists several bacteria that it kills, including HIV virus, but just about everything kills HIV.
Part of the reason it isn't certified for health care is among other things not certified to kill hepatitis or tubercle bacilli.
Not being a toxicologist I can't say more about it, but the benzalkonium chloride/quaternary ammonium salts are NOT sterilants.
To kill what it does kill, the instruments must be CLEANED, then immersed and kept wet for at least ten minutes and allowed to air dry.
Chemical sterilants take on the order of TEN HOURS to sterilize non-porous surfaces.
In fact, in their instructions, it states: "It is a violation of Federal Law to use this product in a manner inconsistent with its labeling. This product is not to be used as a terminal sterilant/high-level disinfectant on any surface or instrument that (1) is introduced directly into the human body, either into or in contact with the bloodstream or normally sterile areas of the body, or (2) contacts intact mucous membranes but which does not ordinarily penetrate the blood barrier or otherwise enter normally sterile areas of the body.This product may be used to preclean or decontaminate critical or semi-critical medical devices prior to sterilization or high- level disinfection.For disinfecting, a precleaning step is required."