Payments · Checklist · 4 min read
Choosing a payment provider: an RFP checklist
A good payment provider RFP tests more than price. Check fee transparency, contract flexibility, references, strategic fit, technology roadmap, and whether you can access and use your own payments data.
By Steve Glover ·
- Who this is for
- Heads of payments and procurement teams running or preparing a provider selection.
- Why it matters
- A provider choice shapes cost, conversion, compliance and agility for years. Warning signs are easier to address before signing than after.
Executive summary
- 1Get fee pass-through terms confirmed in writing.
- 2Avoid exclusivity that limits future growth or change.
- 3Make data access and roadmap part of the evaluation.
What should you test in a payment provider RFP?
| Area | Question to ask |
|---|---|
| Fee transparency | Are pass-through fees confirmed in writing as passed through with no mark-up or bundling? |
| Contract terms | Is exclusivity required, and can the contract adapt to new markets, payment types or business models? |
| References | Can you speak to customers you choose, not only hand-picked references? |
| Strategic fit | Where is the provider strong and weak, and which sectors do they focus on? |
| Understanding your goals | Do they ask about your customers, challenges and definition of success? |
| Knowledge sharing | Will they give detailed answers and share best practice proactively? |
| Technology and roadmap | How are regulatory and functional updates delivered, and are they charged separately? |
| Data and decisions | Can you access your payments data directly, analyse declines and run tests without requesting reports? |
Why does this matter beyond price?
The right partner affects compliance, technical debt, staff time, conversion, fraud and how quickly you can enter new markets. A low headline price can be outweighed by weak capability or opaque fees.
Sources and methodology
- Bankhawk practitioner experience in provider selection. Methodology to be validated.
Preparing a payment provider review?
Tell us your current providers and timeline. We will outline what an independent evaluation would cover.
Discuss your provider evaluation