What is Merchant Onboarding Process and How to Make it Simple?

Getting maximum new, quality and genuine customers boarded as early as possible is something every business desires. After all, it is a key metric of growth for financial enterprises. 

Many payment facilitators plus independent agents are often aligned to get as many merchants to sign up as feasible and generate process volume in their respective portfolios. 

Nonetheless, many of the merchants happen to be hesitant to get initiated with new payment processing methods - maybe the reason being a lack of understanding on how to proceed ahead once the signed-up process functions. As a result, they ended up visiting third-party providers and were left with unnecessarily high fees. 

To deal better and work efficiently, it calls for an adequate understanding of the merchant onboarding process. It is as vital as any other thing in the working that further goes a long way in ensuring the best possible and quality experience ahead to every single merchant during recruitment. 

Managing merchant onboarding effectively 

Providing new merchants access to your payment gateway via which they can comfortably get onboarded, and their payment gets processed with ease is commonly known as the merchant onboarding process. There’re innumerable reasons why the federal government calls for software firms to conduct smooth onboarding on their platforms. 

In order to ensure that you remain competent all through this while, businesses ought to follow this process and must ensure that every single business process is handled following all the important KYC norms onto their software platform. What’s more, in order to stay on the same page and ensure all the requirements of businesses are met, many are required to follow below-mentioned things beforehand, such as – 

• Prescreening 

• KYC (Know Your Customer) process 

• Merchant history checking

• Proper business analysis 

• Information security check 

For all the businesses considering making the transition must embed smart payment methods and facilitate proper adherence. 

Getting professional assistance 

So till yet, if you have had decided to do the same and seeking for professional assistance, then you will be overwhelmed by the number of choices available. However, you must be somewhat cautious and patient over here. There are innumerable things to consider beforehand to come up with the right choice. in addition, being patient while locating the provider and always going with your gut feeling is the key to locate the ideal one. 

Merchant onboarding solutions with Signzy 

While we are here for years and years, helping businesses get custom and bespoke systems and solutions – we can assist you with the best and guide you throughout to making the onboarding merchant journey as simple as possible. 

No matter what your needs and expectation are, we are here to assist you with the best, following the best practices. 

Got any concerns regarding payment solutions? Feel free to visit us at Signzy.

Payment Industry and Digital KYC go hand in hand

 Today, one of the largest growing industries is digital payment. However, it is still challenging to make it easy to accept these payments. Merchant onboarding has been greatly simplified with digital solutions. Digital solutions help in reducing KYC costs, and with the help of Artificial Intelligence, the merchant risk reduces significantly.

Merchant Onboarding

Acquirers can easily onboard merchants with the help of end-to-end automated application digital tools. Digital solutions prove useful in removing bottlenecks and make the process simple and seamless. Digital solutions provide a customizable solution that helps t automate the application process. AI, optical character recognition, facial recognition are some of the technologies that are used in the video KYC process.

Wallet or Credit Card KYC

When a new customer is brought onboard by a business, the KYC information is collected from the customer so that the business can verify and check the details of the customer. One can differentiate the profiles based on the risk factor. This way, a business can know whether they are onboarding a safe customer or a high-risk customer. It helps you to make your decision based on data rather than assumptions.

You should choose a KYC solution for your business that is fully compatible with mobile/desktop web browsers, tab, or a Native app. Choose an application that complete overhauling through a single application.  

You get the following features when you choose digital solutions for KYC:

Digital Business check

Proprietary algorithms allow to reference and check the business name and details against the government and international databases.

Online ID check

Forgery check systems allow verifying merchant user details such as identity documents issued by the government. Artificial Intelligence is used to perform these functions; AI-based Image forensics makes it easy and quick to know whether the documents are real or fake. 

Automated Background Risk checks  

Powerful algorithms check in real-time; they can check hundreds of data sources within seconds. This includes Negative Merchant Ezmatch DB, AML/CFT, Credit checks, etc.

Digital Income check

It is crucial to use digital methods to estimate and establish income. This includes employer verification, Bank statement, salary slip digitization, income tax returns.

 Secure Digital Contracts

Secure digital contracts are required by merchants. Digital contract solutions allow an easy and secure way to sign and obtain contracts. Facial biometrics provides enhanced security.

Modern UI Backend Dashboard

Look for a solution that provides a modern UI dashboard so that risk managers can have a look at the risk assessment of the customer in real-time using proprietary AI algorithms. The solution that integrates all merchant risk information on a single dashboard helps in making fast and accurate decisions so that one can accept or reject a particular merchant.

Final Words

Digital KYC solutions make use of artificial intelligence, optical character reader, and facial recognition techniques to make the right decision. These solutions are great for merchant onboarding as they are quick and effective.