In the current low rate environment, interchange income is the workhorse that keeps community financial institutions healthy and profitable. Vendor invoices can be complex and confusing. How much am I really paying? What share of the interchange is coming back to us? What is the fraud rate for my processor? For my network? Does my network help route to the most profitable transaction types?
Arriba’s partners have managed dozens of payments evaluations and understand how to facilitate a thorough review of provider options to identify the solution that best fits the Client’s strategy and budget. Using an efficient, structured process, we first assess the current cost and income structure for our Client, and compare that to the industry’s “best performers” to determine the potential for improvement. We also invest time in learning the operations and future direction of our Client, and based on the Client’s strategy, we will invite and facilitate the evaluation of 3-4 solutions that best fit the needs and budget of our client.
Employing a “listen, learn, analyze and advise” approach, we interview the Client’s team, review the current contracts and cost structure, and then develop a “Strategic Assessment” that is shared with the Client and becomes the foundation of a “Request for Proposal”. Several finalists are chosen and we facilitate a detailed and rigorous validation of functionality, integration, service capabilities, financial strength and customer satisfaction of each vendor and their proposed solution. A final scoring, fit assessment and detailed cost analysis are prepared, and Arriba facilitates in depth discussions of options leading to a decision by the Client.
Finally, we leverage our experience in negotiating over 1,500 contracts to work with the selected vendor to commit the agreed upon solution to writing. Every detail of the contract is carefully scrutinized for hidden risks and potential cost escalations, and we will fairly but firmly negotiate the best possible value for our Client.