Payment Assessments & Benchmarking
Payment systems are complex and dynamic. Between new regulations enacted by card brands, rapid innovation within the payments industry, and shifts in the relationships that merchants have with their providers, what was once considered a best practice may be considered incorrect or antiquated just a short time later.
With this constant change and seemingly endless new options, it can quickly become difficult for merchants to understand how their payment system is truly performing and where gaps may exist. This key evaluation can be started through assessment and benchmarking.
The assessment and benchmarking process begins with collecting detailed information across functional groups through questionnaires, interviews, reports, raw data, and documenting current state process flows. With an understanding of the current state, assessment can be performed on the payments system at both a micro and macro level. Benchmarking allows a company to look at their current performance and compare it to past performances in order to confirm that any change is in a positive direction. W. Capra can also provide critical knowledge on current best practices and how competitors within the merchant’s industry perform, setting goals against future benchmarks to be formed. The details and knowledge that come out of assessment and benchmarking can assist companies in creating new guiding principles for the future.
While anyone can benefit from assessment and benchmarking exercises, this can be especially important for companies to undertake prior to issuing an RFP, signing new or renewal provider contracts, revising payments infrastructure, or preparing a payments roadmap.
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