Company Information & Credentials
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Last editedMay 20261 min read
Before evaluating a provider’s product capabilities, you need confidence in who you are contracting with. This section covers the foundational due-diligence questions that establish a provider’s legal identity, corporate structure, financial health, and relevant experience.
Many of these questions are required by procurement policy or regulatory obligations regardless of provider; others simply give you the information you need to assess long-term viability.
Suggested questions to ask your payments provider include:
| # | Question | Explanation |
|---|---|---|
| 1 | What is the legal entity name that would be party to the agreement, and what is your trading name if different? | You need to know precisely who you are contracting with. Trading names and legal entities often differ, and this distinction matters when reviewing terms, enforcing contracts, or raising regulatory queries. |
| 2 | What is your company registration number and registered address? | Standard due-diligence requirement. Allows you to verify the entity against Companies House (or equivalent) and confirm it is an active, legitimately registered business. |
| 3 | Please provide an overview of your company group structure. | Understanding the corporate group tells you whether you are dealing with an operating subsidiary, a holding company, or a standalone entity. |
| 4 | Can you provide a brief description of your organisation’s operations and a summary of your company history? | Establishes context: how long the provider has been in payments, how they have evolved, and whether their business model aligns with your needs. |
| 5 | What are your geographical locations, and how broad is your global coverage for payment collection? | Critical if you operate or plan to expand internationally. Understand which countries and payment schemes are natively supported versus handled via third-party partners. |
| 6 | How many full-time employees does your organisation currently employ, and how many are specifically tasked to deliver the services in scope? | Total headcount gives scale context, and helps you understand how resilient the provider is. |
| 7 | What is your most recent annual revenue, and can you provide a copy of your latest audited accounts? | Financial health directly affects service continuity. A provider under financial stress may reduce investment in the platform, cut support, or fail entirely. Audited accounts let you verify headline figures. |
| 8 | Has your business ever filed for bankruptcy, entered administration, or been subject to insolvency proceedings? | A direct and necessary question. Past financial distress doesn’t automatically disqualify a provider, but it must be disclosed and explained. |
| 9 | Is your company currently involved in any merger, acquisition, or significant investment activity? | M&A activity can affect platform roadmaps, pricing, support quality, and contract terms. You need to understand whether the business you are evaluating today will look the same in 12 months, and if changes are occurring how will continuity of service be maintained? |
| 10 | Can you detail the total volume of transactions and financial value you currently process annually? | Scale of processing is a credibility indicator, as well as an indicator of experience in addressing a range of merchant profiles. |
| 11 | Do you carry insurance on client funds held on your behalf, and on your wider business operations? | Client money insurance protects you if the provider becomes insolvent while holding collected funds. Business insurance (professional indemnity, cyber) protects you from operational failures. |
| 12 | Are any of our collected funds withheld or held in reserve at any point, for example as a float or to cover potential chargebacks? If so, on what basis and for how long? | Some providers hold a reserve against chargebacks or as working capital. This directly affects your cash flow. Understand the mechanics before you sign. |
| 13 | Can you detail your relevant experience working within our specific sector, and what industries do you currently operate in? | Sector experience means the provider understands your payer behaviour, dispute patterns, and regulatory obligations. A provider experienced in utilities will understand variable billing; one experienced in charities understands donor mandates. |
| 14 | How long have you been providing the specific payment types we require (e.g., direct debit, Pay by Bank, Variable Recurring Payments)? | Longevity in a payment type indicates maturity of the product, depth of scheme relationships, and accumulated operational experience. New entrants to a payment method carry higher execution risk. |
| 15 | Can you provide details of comparable technical implementations you have successfully delivered, including integration complexity and scale? | Ask for implementations that mirror yours in terms of volume, technical stack, or business model. Generic references are less useful than specific, comparable examples. |
| 16 | Can you provide relevant case studies from clients in our sector, and offer references we can speak to directly? | Case studies, especially ones from your own sector, are a fast way to understand what you can achieve with a prospective provider. |
Sample RFP
Our sample RFP includes all of the questions in this guide and more. You can download it and use it as a template for creating your own.
Note: The questions suggested on this page are intended as a starting place for writing your own RFP. They're provided for general information only: they're not intended to be prescriptive or to provide legal advice. We suggest working closely with your management to develop an RFP that is tailored towards the specific requirements of your business.
