B126: How to Write an RFP (Request for Proposal) for Merchant Services: Improving Your Business Process and Net Income
What Criteria Should Every Merchant Services RFP Contain and Why Does it Matter?
Your credit card processing fees are a top ten-line item in your General Ledger. When releasing an RFP to evaluate new merchant service providers, knowing how the credit card industry works is crucial. Your fiduciary obligation and reputation are on the line. With compliance standards to meet, and risks to mitigate, there is much to understand. We will demystify the credit card processing flow, players, terminology, and musts to consider. You will leave feeling prepared to write your RFP and EVALUATE your perspective merchant service providers based on the criteria most important for your organization. We will evaluate how to identify the gaps in your current payments ecosystem and supply you with the questions to ask to reduce these issues in your future state.
1. Knowing What You Don’t Know
2. Terminology of the Industry and the Flow of Payments
3. Capturing Your Current State Through GAP Analysis
4. Risk Mitigation (PCI Compliance, Fraud)
5. How to Compare Pricing and Find Hidden Fees
6. Putting it All Together: Writing the RFP with Your Future State in Mind
- To give your organization a higher level of understanding of payment processing and equip you to make the most educated/informed decision on your payment processor/merchant services selection.
- To provide you with important recommendations that will assist your progress in creating an omnichannel payments ecosystem.
- To create a working framework that your Association can use to effectively evaluate future Processors while taking into consideration your current business process.