Disclosed are exemplary embodiments of systems and methods for evaluating payment applications based on associated vulnerability risks. In an exemplary embodiment, a method generally includes soliciting, by a computing device, application data associated with a payment application via a vulnerability questionnaire interface, validating, by the computing device, the application data against criterion, and determining, by the computing device, a vulnerability risk score of the application based on the application data. The method also includes approving, by the computing device, the application when the vulnerability risk score satisfies an approval threshold, denying, by the computing device, the application when the vulnerability risk score satisfies a denial threshold, and referring, by the computing device, the application for manual decision when the vulnerability risk score satisfies a manual decision threshold.