Merchant onboarding has recently become a hot topic of discussion in the industry. Until now, the onboarding process has been characterized as time-consuming, inflexible and costly. Time that could have been spent generating revenue for merchants has been spent on lengthy onboarding processes.

Recently, a few companies have developed onboarding technology to change all of that. They sport onboarding processes that take minutes, rather than days. How do they do it? By drastically reducing the underwriting process in the initial merchant onboarding.

According to this recent article, the time differences between onboarding processes are so large for two reasons: automation and reduced underwriting as compared to traditional players. Often, the newer companies will do very little underwriting work until the merchant has processed a substantial amount of transactions.

The report also states that merchants are satisfied with speedy onboarding with reduced underwriting. However, with stories of data breaches and fraud reaching the news nearly every day, is it really wise to skip or postpone the merchant underwriting and adjudication process? This doesn’t seem to be a prudent direction for the industry to take.  We should be looking to increase merchant underwriting and due diligence, rather than decreasing them.

Speed and Credibility

Rather than cutting out the underwriting and due diligence process, we believe the right direction of the industry is to automate the process. This is the thinking behind our new ePower onboarding API.

Credorax’s ePower onboarding API enables fast and intuitive onboarding in an automated, secure environment, which enables merchants to get on with the business of selling, instead of wasting time on paperwork. Fully automated processes – including merchant profiling, underwriting tasks and customized due diligence – reduce operational costs and onboarding time. The reliable transfer of web-based forms via the API is done with little or no PSP involvement beyond the initial integration.

Streamlined and Optimized

The good news for our partners is that our streamlined, optimized onboarding process gives them a competitive edge – lowering bounce rates, and enabling smaller merchants to enjoy a one-click sign-up which includes their contracts and merchant ID allocations.  Merchants are presented with an option for a set price and the specific documents that they will need prior to beginning the process, with transaction acceptance in days.

The Credorax Onboarding API fully supports merchants from all EEA countries. It enables PSPs to quickly provide their merchants with Credorax benefits – including flexible commercial models and multi-currency processing and settlement – in a completely secure environment. The API is scalable for up to tens of thousands of merchants.

See You at MPE

We look forward to seeing you at the upcoming Merchant Payments Ecosystem conference on February 17-19. On Day 2, Sveta Blushtein, our Senior Sales Account Manager, will be giving a case study presentation on how merchant onboarding challenges affect customization, development and implementation. Sveta will be speaking at 10:40. See you there!