Technological Financial Services
Vendor Contract Negotiations
One of the requests that The Copper River Group receives most often from clients and prospective clients is assistance with negotiating new contracts, contract renewals, and vendor reviews. While many may feel overwhelmed with the process of negotiating a contract, you do not have to feel that way. We can help.
The challenge that confronts the client is twofold. If it is a new contract or a new product, the client usually begins the discussion with the vendor:
- Not knowing what they need to know
- Not knowing what to avoid
Oftentimes these two items do not become clear until after the contract is signed and by then it is too late. This is where we can help!
The Copper River Group has assisted numerous customers in contract negotiations, product selection, and vendor reviews. We specialize in negotiating contracts for core application, card brand, processing, conversions, and many more. We function as your advocate with the vendor. We bring to the discussion our knowledge and experience regarding industry trends and best practices.
Most financial institutions negotiate major vendor contracts once every three to five years. Major vendors negotiate contracts every day!
Are you satisfied with your current vendor? Is your current vendor meeting your institution’s needs? Is your vendor keeping up with technology trends and do their product offerings match up with the strategic direction of your organization? Are the Service Level Agreements in your current vendor contract meaningful or are they hard to enforce?
These are all questions that The Copper River Group can help you answer through our vendor assessment process. We review your current relationship with the vendor, ascertain the vendor direction, and assist you in building a meaningful perspective on the overall relationship. Our next step is to identify the gaps in your vendor expectations and work with the vendor on your behalf to close them.
The Copper River Group gets results! We have assisted our clients with significant savings, increased revenue, and improved technology. Call us today for a reference from our clients. They would love to share their success stories.