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Payment Processing

Questions to Ask When Hiring a Payment Provider

When choosing the payment provider for your agency, there’s a lot you must know about the service they provide, as well as what protections they offer and if they stay up to date with new compliance measures. These are the most important questions to ask any provider you’re considering doing business with:

Could you walk me through your product roadmap?

A product roadmap is a high-level visual summary that maps out the vision and direction of their product offering over time. It’s a guiding strategic document as well as a plan for executing the strategy. Any reputable payment provider will have software and/or hardware products in development to stay on the forefront of the technology that assists in payment solutions. They’ll also know their company and products inside and out and be prepared to answer any of your questions.

How’s your customer support?

Issues can arise when handling credit and debit card payments—on your end or that of your payment provider. Some issues are bad enough that they can stop you in your tracks. You need a provider that’s able to handle anything that might happen, who is communicative and responds quickly when you need help. You should ask:

  • What types of support are offered?
  • How quickly does support normally respond?
  • Are there methods for tracking open tickets?
  • Can you handle large growth spurts?

What is EMV compliance?

You might not know, but your payment provider should. EMV compliance began when the three major credit card companies—Europay, MasterCard, and Visa—joined forces to help combat credit card fraud.

The magnetic strip on the cards of yesterday left a lot of room for counterfeiting. The data in the strip doesn’t change. Every time this card is used, the potential for the information to be stolen intensifies. Today’s cards have an EMV-compliant chip. This chip creates a different code with each new transaction. That code cannot be duplicated because each one is unique.

In order to implement this technology, all card readers had to be equipped with chip-reading capabilities. If your agency’s reader doesn’t accept chipped cards, you’re not EMV-compliant.

Are you compliant with PCI standards?

Agency payment providers should understand the importance of PCI compliance standards, especially for governmental entities. Your payment provider should help you develop a posture of tight data security with a strong best practices policy. This is not something that should fall on your shoulders to implement as it is very time consuming and ongoing. Make sure your payment provider is PCI compliant.

Do you provide protection from cyber threats?

So much of our lives are on the internet today. Criminals are sophisticated and relentless. Their means of attack are evolving. It’s a constant challenge to fight fraud and your payment provider should protect you. Some relevant questions to ask include:

  • Do you have experience in managing fraud?
  • What tools do you use?
  • Will you work closely with our agency to help us understand how to prevent fraud?

The FivePoint difference

FivePoint Payments is a leader in payment processing for government agencies. We provide assistance with PCI compliance and other items such as chargebacks. We offer customizable and integrated software in the form of online portals, as well as self-serve kiosks that are modern and user-friendly for people to use to make payments. We streamline your management portals so you can view, organize, and run reports on all payments, and more.

In a nutshell, FivePoint does everything we can to make your work life easier and your government agency run smoother. Find out more.

Photo credit: The Membership Guys

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FivePoint Payments simplifies and modernizes the process of paying government agency fees and fines, making it more efficient for both the payee and the payer. We do this through innovative software applications and hardware solutions that can be integrated with government agencies’ current systems.

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