We get it. Choosing the right vendor is challenging. When handling something as delicate and vital as your organization’s financial transactions, reputation, and customer experience, the stakes are high. The wrong risk provider choice could expose you to unnecessary risks and security breaches.
Providers are overly cautious in the payment processing space, and with good reason. Trust and credibility are on the line; maintaining them is essential for a successful future. That’s why it’s crucial to work with a risk partner who understands the complexities of the payments industry while offering secure and scalable solutions.
From the right expertise to whether or not the solution they offer is proven effective, there’s a lot to consider. To help, we’ve put together five areas accompanying questions for payment service providers (PSPs) to consider when evaluating risk providers:
Comprehensive fraud detection and prevention
- How do you monitor fraud activity in real-time?
- How do you handle disputes or escalations?
- How quickly can your system identify and respond to bad actors?
Integration with existing systems
- Can your solution integrate with our current e-commerce platform, customer relationship management (CRM), or enterprise resource planning (ERP) systems?
- How long does the integration process take?
- How do you ensure integration doesn’t disrupt our current operations?
Compliance with industry standards and regulations
- Are you fully compliant with my country’s current regulations?
- Can you provide documentation that your solution meets relevant regulatory requirements?
- How do you stay up to date with evolving regulatory requirements?
Scalability and configurability
- Is your solution able to scale as your merchant volume grows?
- How configurable is your solution with merchant portfolios that vary in risk?
- Do you have experience supporting organizations with similar growth trajectories?
Quality customer support
- What level of support is included?
- What’s the typical response time for customer support requests?
- Do you have a proactive team that includes check-ins, updates, and recommendations for improving performance?
Choosing the right risk provider is the most critical aspect of any PSP. This process is about finding a partner that will help safeguard your organization, protect your customers, and ensure smooth transactions. By focusing on our recommended evaluation areas mentioned above, we’re confident your team will select a solution that’s right for them.
To learn more about our merchant risk solutions, click here.