Selecting a payment processing system can be a daunting task for business owners, especially when updating an old system. With a host of regulatory and compliance considerations to make as well as cost and convenience, a third party service provider can help decision makers find the ideal solution.

On the Small Business Trends blog, Shawn Hessinger suggested some of these common mistakes businesses make when selecting a payment processing platform:

Not getting enough fraud protection. 

Over the last two years, a spate of high-profile breaches has made payment card data security chief among business leader concerns. Hessinger suggests selecting a provider that will work with your company to help alleviate the burden of fraud, from an immediate response to preventative measures to keep your customer data secure. 

Overlooking the need for setup and support assistance. 

Most small businesses don't have the expertise to implement and manage a payment data solution as efficiently as payment processing professionals. Nevertheless, some companies overlook the need for support and try to do it themselves. 

"When choosing your payment processor, it's nice to pick one that has a simple setup process that requires that you have very little technical know-how," explains Hessinger. "Around-the-clock support from a real person should be included."

Monitoring PCI compliance yourself. 

Studies show that a significant percentage of small businesses aren't compliant with PCI standards or implement compliant practices only around the time of an audit. Those businesses are also most likely to be compromised by a cyberattack, so a third party dedicated to serving your security and compliance needs can save your business from financial loss and operational disruption. 

Contact Vantage today to learn more about our solutions for payment processing. With our experienced experts on your side, rest assured that your business has the most appropriate data security practices in place.