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Acquiring Banks. Best Acquiring Banks Services - Oct 2014

RANK COMPANY NAME YEAR FOUNDED REVENUE FULL TIME EMPLOYEES ACTIVE CLIENTS CLIENT RETENTION RATE PRICING CLIENTS Overall Score Composite score based on criterias and quality of work observed.
0100
GVGE
Security Bank's overall security processes and procedures. Risk Assurance Bank's ability to allocate funds based on their merchant accounts. Variance Bank's access to a variety of card member networks. Standards Compliance Bank's compliance with various financial and security standards. Communication Firm's ability to effectively communicate with their merchants and ISOs. Change in Rank Indicates shift in rank from previous month's rank.
1st Award
Applied Bank

Newark, Delaware Joe Crowley 302-326-4200_ Visit Applied Bank File A Complaint
Commend This Vendor
1996 Over $100 million Above 100 2,000+ 95% 98% Confidential
100%
100 100 100 100 100 NC More Info
2nd Award
eData Financial Group

Boca Raton, Florida Adam Elisha 888-864-5645_ Visit eData Financial Group File A Complaint
Commend This Vendor
2011 $1 - $10 million 1 - 10 1,000+ 91% 98% Confidential
99.2%
100 99 98 100 99 NC More Info
3rd Award
PNC Bank

Pittsburgh, Pennsylvania James E. Rohr 888-763-2265_ Visit PNC Bank File A Complaint
Commend This Vendor
1980 Over $100 million Above 100 10,000+ 85% 98% Confidential
97.2%
97 98 97 98 96 NC More Info
4
Vantiv

Cincinnati, Ohio Donald Boeding (513) 900-3356_ Visit Vantiv File A Complaint
Commend This Vendor
1980 Over $100 million Above 100 5,000+ 92% 98% Confidential
97%
95 99 97 98 96 NC More Info
5
Benchmark Merchant Solutions, LLC

Los Angeles, California Liran Mayouhas 323-595-1097_ Visit Benchmark Merchant Solutions, LLC File A Complaint
Commend This Vendor
2009 Under $1 million 11 - 25 64 90% 98% Confidential
96.6%
98 97 96 95 97 NC More Info

Evaluation Criteria for Acquiring Banks

Acquiring banks help merchants and ISOs receive the resources they need to either process payments or extend their services to other merchants. Our process for evaluating acquiring banks delves into various aspects of the services provided by acquiring banks, their responsibilities towards their merchants and ISOs, and the various standards and requirements which each acquiring bank faces. Our evaluation process has been created for those looking for the best acquiring banks to work with based on their own requirements and their interest in working with a secure and efficient provider.

There are five key areas identified by topcreditcardprocessors.com as significant for acquiring banks:

Security focuses on various practices and procedures which acquiring banks engage in to ensure that the information they maintain is adequately encrypted, securely stored, and being properly treated and communicated through the proper channels.

Risk assurance delves into the various practices of the acquiring bank to ensure that they are allocating enough funds to cover the risk of their merchants which they are responsible and associating various risks which could impact the finances available to cover other accounts.

The variance of different card associations which the acquiring bank is a member of or has access to is important for acquiring banks to ensure that their ISOs have access to cards which are able to adequately handle and promote payment for merchants.

The various standards which the acquiring bank is complaint with are also taken into the consideration based not only on their ability to meet the requirements but to exceed the requirements of the standards set.

The communication processes of the acquiring bank are also scrutinized based on how they are able to communicate with merchants and ISOs in order to communicate requirements, issues, or to answer questions brought to them about the services.

General Queries

  • How did you find your current payment processor?
  • What other payment processors, if any, have you used?
  • How many transactions do you process per month?
  • What would be three things you would change about your experience?
  • Rate your overall experience (1-10; 10 being the highest).

 

Project Specific Queries :

  • How quickly is the acquiring bank able to process payments?
  • How fast does the acquiring bank respond to inqueries?
  • How many transactions do you process monthly with the acquiring bank?
  • What is the acquiring bank's process for fraud prevention?
  • What does the acquiring bank provide to you which others cannot? Why did you select this particular acquirer?