Reducing cost is not the only benefit of Glenbrook's RFP assistance. Our expert counsel can also help you identify new services, acceptance markets, technical and business synergies, and other requirements to best meet your needs.
For merchants, Glenbrook can take on the burden of periodic acquirer reviews.
Most merchants are concerned about receiving the best financial deal from their payment card acquirer, but typically overlook periodic reviews. The consequence, unfortunately, is often a loss of tens of thousands of dollars or more.
Merchants and billers need to start planning 9 to 12 months before the end of their contracts in order to have the best leverage with acquirers. Frequently, this schedule means they miss the opportunity to renegotiate.
Glenbrook is a trusted independent advisor who will help bring discipline to the periodic review process. We’ll re-assess your acquirer relationship and strengthen your review procedures. As a result, there’s almost always a significant positive return on investment.
How We Work with Clients
Over many years of working with merchant clients, we’ve developed the following process:
Step 1 – Requirements Gathering. What is your current environment and the most important priorities you need to address? We’ll review any unique processing requirements that must be included in the solution.
Step 2 – RFP Development. We’ll develop an acquirer RFP, iterating with you to ensure you’re satisfied. We’ll also work with you to define a response scorecard that we’ll use together later to evaluate and score RFP responses.
Step 3 – RFP Distribution and Management. Which merchant acquirers are the best potential partners for you? We’ll locate appropriate acquirers and manage distribution and execution of NDAs on your behalf. Acquirers often have additional requests for information, and we’ll manage that influx by setting a timetable for submission and organizing the process so it’s as simple as possible. We’ll provide you with ongoing status reports so that you’ll know exactly where things stand.
Step 4 – RFP Evaluation and Recommendation. Once we have the RFP responses, we review them carefully to ensure they address what you’ve requested. We then score each response against the response scorecard we jointly developed, weigh any other factors as they may arise, and make our recommendations. This discussion also includes acquirer contract “best practices” recommendations for use in further negotiations.
At the appropriate time, we’ll notify all of the RFP respondents on your behalf. Finally, we’ll provide you with a benefits summary that identifies what we’ve achieved for you.