Evaluation Criteria for Acquiring Banks

Acquiring banks help merchants and ISOs receive the resources they need to either process payments or extend their services to other merchants. Our process for evaluating acquiring banks delves into various aspects of the services provided by acquiring banks, their responsibilities towards their merchants and ISOs, and the various standards and requirements which each acquiring bank faces. Our evaluation process has been created for those looking for the best acquiring banks to work with based on their own requirements and their interest in working with a secure and efficient provider.

There are five key areas identified by topcreditcardprocessors.com as significant for acquiring banks:

Security focuses on various practices and procedures which acquiring banks engage in to ensure that the information they maintain is adequately encrypted, securely stored, and being properly treated and communicated through the proper channels.

Risk assurance delves into the various practices of the acquiring bank to ensure that they are allocating enough funds to cover the risk of their merchants which they are responsible and associating various risks which could impact the finances available to cover other accounts.

The variance of different card associations which the acquiring bank is a member of or has access to is important for acquiring banks to ensure that their ISOs have access to cards which are able to adequately handle and promote payment for merchants.

The various standards which the acquiring bank is complaint with are also taken into the consideration based not only on their ability to meet the requirements but to exceed the requirements of the standards set.

The communication processes of the acquiring bank are also scrutinized based on how they are able to communicate with merchants and ISOs in order to communicate requirements, issues, or to answer questions brought to them about the services.

General Questions

  • How did you find your current payment processor?
  • What other payment processors, if any, have you used?
  • How many transactions do you process per month?
  • What would be three things you would change about your experience?
  • Rate your overall experience (1-10; 10 being the highest).

Specific Questions

  • How quickly is the acquiring bank able to process payments?
  • How fast does the acquiring bank respond to inqueries?
  • How many transactions do you process monthly with the acquiring bank?
  • What is the acquiring bank's process for fraud prevention?
  • What does the acquiring bank provide to you which others cannot? Why did you select this particular acquirer?
     
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