Rich Consulting will provide a thorough understanding of the Payment Facilitator space, industry best practices, and background knowledge of the payment facilitator market. This will include:
- Payment Facilitator business case development and gap analysis.
- Evaluation and selection of bank and processing partners.
- Acquiring risk management education and training.
After a complete review of your overall operations, requirements and goals Rich Consulting will provide customized policies and procedures for:
- “Know Your Customer” (KYC)
- Underwriting, transaction and fraud monitoring
- Risk, fraud and compliance
Rich Consulting will also provide policy education and training of key management and staff. We will also provide business, competitive, price and opportunity analysis and risk, fraud and compliance remediation.
Rich Consulting will provide a customized program implementation approach that includes a complete set of launch materials, and implementation oversight.
How you structure your organizational and personnel is also vitally important and Rich Consulting will provide guidance and best practices.
Rich Consulting can help companies evaluate whether the payment facilitator model is the right business strategy. The firm has unmatched experience in conducting competitive, price and opportunity analysis and developing business cases for potential Payment Facilitators.
Not all acquirers have the expertise and/or systems to work with payment facilitators. Rich Consulting has the relationships and know-how to guide potential payment facilitators through the process of identifying and selecting the right sponsorship partner.
The fundamentals of good underwriting and fraud monitoring are the same for all acquiring models. However, payment facilitators require different methodologies and techniques to remove friction, while also mitigating risk and ensuring compliance. Rich Consulting works with payment facilitators to develop template or custom underwriting and risk monitoring policies and procedures that take into account multiple factors including a client’s risk tolerance, key markets, business goals and more.
Payment facilitators have unique needs when it comes to managing sub-merchant operations. Whether choosing off-the-shelf or custom tools and systems to monitor sub-merchants, manage transaction risk, fund sub-merchant bank accounts and more, Rich Consulting provides invaluable guidance on critical system requirements, design and implementation.
It’s imperative that payment facilitators operate with the right systems, policies and procedures in place to limit fraud and ensure card scheme compliance. Failure to do so can result in significant loses and fines, or other actions by the card schemes. Rich Consulting proficiently conducts thorough reviews of risk and operational departments, policies and vulnerabilities against card scheme rules and industry best practices to identify areas for improvement or remediation.