request for proposal

Short-Form RFP

The Short-Form Request for Proposal (RFP) service caters for organisations with annual payments volumes within the range of $20 million to $400 million. This process achieves most of the outcomes that can be achieved with the Long-Form RFP process but at a lower cost to the client.

Key Phases

The key phases of the Short-Form RFP process are:

  1. Prepare RFP – We document any requirements not already included in our standard short-form RFP questionnaire and collate annual payments data that can be easily shared with RFP respondents. Least-cost routing is always a mandatory requirement. We agree with the client on the evaluation criteria and minimum fee savings thresholds to justify changing service providers. The Short-Form RFP is distributed to the incumbent service provider (plus up to three service providers from our Payment Service Provider Panel).
  2. RFP Response Q&A – RFP Respondents have two weeks to submit questions, prepare and submit their response. Pricing is submitted on a Best and Final Offer (BAFO) basis.
  3. Evaluate Responses – The responses are assessed against the evaluation criteria and a final decision is made. Depending on the client’s requirements, one or two service providers may be asked to present their proposed solution and response. Our Fee Savings Calculator reporting tool shows the projected fee savings for different service provider options.
  4. Contract Finalisation – Support will be provided with review and negotiation of the final contract with the successful service provider. It’s expected during this phase that the client and the client’s legal team will take the lead role in finalising the contract.

This process will take approximately seven weeks from project commencement to contract execution, depending on the availability of the client for key meetings, and the timeliness of client feedback and decisions.

Short-Form vs. Long-Form RFPs

The key differences between the Short-Form RFP and Long-Form RFP are as follows:

  • The Short-Form RFP uses the standard Short-Form RFP Questionnaire, to which a maximum of 10 additional requirements can be added.
  • The Short-Form RFP is sent to a maximum of four members from our Payment Service Provider Panel and the incumbent, while the Long-Form RFP can be sent to a maximum seven payments service providers and the incumbent. The Payment Service Provider Panel is selected based on those service providers that achieved the short-list in our Long-Form RFP processes and/or have unique attributes that mean their participation will add value to the Short-Form RFP process.
  • RFP Respondents submitting proposals to the Short-Form RFP are required to provide pricing and responses only to the additional custom requirements. We keep their responses on file to the full standard Short-Form RFP Questionnaire and solution presentation, which we share with the client.
  • The Short-Form RFP involves a single round of pricing submissions (BAFO) followed by a final service provider selection decision, while the Long-Form RFP involves a short-listing phase and two rounds of pricing submissions. We also make ourselves available to the short-listed service providers for individual sessions to provide guidance on areas where pricing needs to be improved before final BAFO pricing is submitted.

We can manage the Short-Form RFP process on either a fixed price, or on a share of projected Year 1 savings basis.

To find out more, please complete the contact form below. We will then be in touch to schedule a call to discuss options and next steps.

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