How to choose a payments consultant, and when you do not need one

Who this guide is for: Founders, finance and operations leaders, and boards weighing whether to hire a payments consultant for provider selection, an RFP, a benchmarking exercise, a licence question or a transaction.

When outside help is worth paying for

Most payments questions do not need a consultant. Your provider's account manager, your lawyer or a well-run internal team can handle routine changes. Outside help earns its fee when the decision is costly to get wrong and hard to undo:

• Choosing or replacing a core provider for accounts, acquiring, card issuing or payouts.
• Running an RFP where several providers will compete for a multi-year contract.
• Checking whether you are paying a fair price, before a renewal or a renegotiation.
• Entering a new market, rail or sector that your current provider does not support.
• Deciding whether to apply for your own licence, partner with a licensed firm or buy one.
• Buying, selling or investing in a payments business.

If none of these apply, a short call with an experienced adviser may be all you need to confirm you are on the right track.

What good payments advice looks like

The best payments advisers have run payments businesses or bought from them, not just written about them. Look for:

• Direct experience in your area: the rails, schemes, licence types and sectors that matter to you.
• Current market knowledge: who is onboarding which sectors today, what they charge and how long they take.
• Regulatory literacy: enough to spot the licence, safeguarding and financial crime questions early, and the judgement to bring in lawyers when they are needed.
• A clear deliverable: a shortlist, a priced comparison, an RFP pack or a recommendation you can take to your board.

Independence and how advisers are paid

Payments advice is paid for in three common ways, and each affects independence differently:

• Client fees: a fixed project fee, a day rate or a retainer paid by you.
• Introducer fees: a fee paid by a provider when a client it was introduced to goes live.
• A mix of both: common among specialist advisers who also make provider introductions.

None of these is wrong in itself. What matters is that you know which applies before any recommendation is made, and that the adviser is willing to recommend a provider who pays them nothing if that provider is the right fit. Ask the question directly and expect a written answer. Our own approach is set out in how payment provider introductions work.

Red flags

• A recommendation before the adviser has asked about your volumes, sectors, markets and risk profile.
• Reluctance to say how they are paid, or by whom.
• One provider recommended for every type of business.
• Promises that onboarding is guaranteed, or that a compliance issue can be worked around.
• Open-ended scopes with no deliverable and no end date.

Questions to ask on a first call

• Which providers or deals like ours have you worked on recently, in general terms?
• How are you paid on this engagement, and will you disclose any provider fees in writing?
• What will we have at the end, and by when?
• Who will actually do the work?
• What would make you tell us not to go ahead?

How we work

Every engagement at 7 Seas Consultants starts with a free discovery call. If we can help, we send a short written proposal with a fixed scope, deliverable and timetable. If we cannot, we say so and, where we can, point you to someone who can. See our consultancy services or book a call.

This guide is general information based on our experience and public sources, reviewed in October 2026. It is not legal, regulatory, tax or financial advice and does not constitute a legal opinion. Regulations and market practice change; you should obtain your own independent professional and legal counsel before acting on anything in it. 7 Seas Consultants Ltd holds no payment licence and is not authorised by the FCA or any other regulator.