Merchants Payments Strategy
The core engagement that supports this work is the Payments Assessment and Strategy, which can often include vendor selection using our time-tested RFP Management process.
Payments Assessment & Strategy
The Glenbrook Payments Assessment evaluates a merchant’s payments environment across key technical, operational, and business elements and measures the performance of the environment against industry best practices and organizational objectives. Our three-step approach includes:
Step 1 – Discovery
Glenbrook reviews your payments data, provider contracts, provider invoices, procedural documents, and management reports to make preliminary observations. In parallel, Glenbrook meets with key stakeholders who are directly or adjacently involved with payments to understand processes, challenges, determine what is working well, and to investigate questions generated by our documentation review.
Step 2 – Assessment
Following documentation review and stakeholder interviews, Glenbrook develops an assessment of functional areas across the organization, including architecture, payment processing, team structure, payment provider performance, risk and fraud, security, accounting and reconciliation, and payments data management. This assessment highlights areas of opportunity for improvement as well as areas that are performing to expectations. In anticipation of the recommendations that follow in Step 3, Glenbrook will outline any major considerations that apply to strategic options the organization faces. Insights into internal performance are augmented with industry research and Glenbrook expertise.
Step 3 – Strategy Recommendations
Based on the outcome of the assessment, Glenbrook develops a blueprint for supporting the organizational objectives identified during Discovery, complemented by industry and Glenbrook best practices.
Partner performance, both technically and operationally, has a direct effect on customer experience, cost of payments, operational efficiency, and payments optimization. A merchant may determine, either after a Glenbrook Payments Assessment and Strategy engagement or through a self-assessment of partner performance, that they need to select one or more vendors to support their payments strategy. Glenbrook uses a time-tested process to identify foundational and unique merchant requirements, facilitate an RFP process, and manage the vendor response evaluation and selection. Glenbrook can provide “over the shoulder” advice to clients during the contract negotiation process to ensure key business terms and pricing are within expected market ranges.
Our approach includes:
Step 1 – Requirements Gathering
What is your current environment and the most important priorities you need to address? We’ll identify 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 & 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 painless as possible. We’ll continually update you on the status of the RFP process.
Step 4 – RFP Evaluation & 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 our collaborative response scorecard, 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 RFP respondents of their status on your behalf. Finally, we’ll provide you with a summary of the final evaluation process as an artifact for your organization, to document how you chose your partner(s).
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