Payment Facilitator Readiness Quiz
Payment Facilitator Readiness Quiz
Are you prepared to launch your payment facilitation services? Take our quiz to assess your readiness in key areas such as partner selection, technology solutions, and compliance.
- Discover strengths and weaknesses in your preparations.
- Tailor your approach based on expert insights.
- Prepare for the payment processing landscape effectively.
Have you chosen your acquiring partner yet?
A. Yes, I have. We have already agreed upon pricing and risk requirements
B. I am in the process of negotiations with several potential acquiring partners
C. I am going to use the services of my local bank, but I haven’t discussed the details yet
D. Who is an acquiring partner?
2) Have you chosen a payment gateway that you want to use?
A. Yes, I am planning to license an open-source product and customize it according to my needs
B. I have my own software product, developed in-house, and I am planning to use it
C. I am planning to use a hosted or white-label solution (I know which one)
D. Why would I need a payment gateway?
3) Do you need a card present (EMV terminal) solution?
A. Potentially, in future, but not at the present phase
B. Yes, I need EMV card present solution in several geographies
C. Yes, I need a terminal solution for a single country
4) How are you going to perform merchant monitoring?
A. I’ve decided to integrate with a ready-made system (such as Aperia, Identity Mind, etc.)
B. My company has an internal system for these tasks
C. I am planning to perform manual reviewing of the accounts
D. I haven’t thought about it yet
5) Have you chosen merchant risk scoring/background verification mechanism to use?
A. I am planning to integrate with some ready-made solution (such as Agreement Express or similar products)
B. My company has or will develop an in-house solution based on tools, provided by LexisNexis, TransUnion, etc.
C. I am planning to do manual lookups and verifications of merchants
D. I haven’t thought about it yet
6) How are you going to migrate your merchants?
A. There is nothing to migrate, I start from scratch
B. No migration is necessary as I am staying with the same platform that I use now
C. I am planning migration in phases based on merchant segments that we service
D. I have not thought through migration plan yet
7) How are you planning to provide different payment facilitator-specific services, such as on-boarding, funding, chargeback handling, reconciliation, and reporting
A. I am focused primarily on processing and plan to handle other services manually
B. I have a plan for processing and some of the listed services (but some of them will have to be done manually)
C. I don’t know yet
D. I don’t plan to provide PayFac-specific services
8) Have you gone through PCI audit before?
A. I don’t need it
B. What is PCI?
C. Not yet, but I’ve chosen my assessor already
D. Yes, I have (with someone like Security Metrics, Coalfire etc.)
9) What tokenization solution are you going to use?
A. I am building an internal vault
B. I am planning to acquire a tokenization appliance
C. I am planning to use processor’s/acquirer’s tokenization service
D. I am planning to remain out of PCI scope
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