Creating a standardized testing framework is essential for payment schemes. This framework should include various levels of testing to ensure that the various stakeholders in the payment ecosystem, such as the acquiring banks, merchants, payment processors, and terminal vendors, are able to certify their terminals for the scheme’s test framework.
As a payment scheme, you help merchants get their products certified so they can begin processing transactions efficiently in the field. You must be agile in this process to ensure success for both the vendors and the schemes. Streamlining certification procedures and maintaining flexibility can enhance the effectiveness and reliability of payment solutions. Avoid lost time and related opportunity costs with these five best practices, which includes implementing a centralized testing and certification management system.
Offer automated test simulators for acquirers, issuers, payment processors, and merchants to debug their devices and products before booking a certification slot. It ensures a higher chance of getting a passing result on the first iteration and reduces the need for repeated testing and recertification. Early detection of issues reduces the overall time and cost associated with certification.
Build a robust certification management process to track the entire testing and certification process. This system can provide you and your members better visibility on onboarding, testing while maintaining your regulatory requirements, live certification status, pass/ fail scenarios, and timelines for completion.
Build a platform that can:
A centralized certification management system will help you establish a single point of control for testing and certification data, minimize the risk of errors, enhance transparency, and ensure compliance with your standards. It will help you pre-certify your merchants, implement new specifications instantly, and remove friction from the deployment of new initiatives.
This approach also facilitates efficient data management, streamlines the certification process, and provides real-time insights into the status and performance of various certification projects performed by all the payment entities that should be certified by adhering to your compliance requirements.
As a payment scheme, you should create clear standards and compliance guidelines that cover all aspects of payment transaction operations, including security protocols, transaction processing, and procedures set by regulatory stakeholders such as ISO, PCI, EMVCo, and NFC standards.
You should also provide detailed documentation for all the stakeholders involved. Partner with the payment testing labs that have the expertise and equipment to conduct evaluations of the acquirer, issuer, and processor systems and issue them Letter of Approval (LoA).
Providing constant training and regular updates is important for maintaining certification standards and will help your vendors/ merchants adapt to new technologies that you introduce. Also, regularly conduct webinars and one-on-one sessions with all your stakeholders on why they should adapt to your payment standards, update them with the latest regulatory requirements, and address their concerns. It will ensure your systems remain up to date.
By continuously enabling your partners to adapt to your updated regulatory requirements, you can integrate new industry standards, streamline the certification process, and make your certification programs efficient.
Collaborate with the payments industry specialists, industry technical and regulatory bodies, to modernize and streamline your payment scheme at par with the industry standards.
Implement continuous monitoring of your certification products to maintain compliance and performance. Ask for feedback from all the stakeholders to enhance and update the regulatory standards and testing methods.
Partner with our team of payment solutions experts and accelerate your payment testing and certifications game.
Connect with us today: info@payhuddle.com
