Merchant Onboarding- The Key To Streamline Revenue Retention & Business Workings

2. It's been a decade to proceed merchant process and access payment processing since the traditional acquirers have got to see new things transforming. To get the merchant ID generated from the point of the core system of the acquirer bank, gone are days when a typical merchant onboarding process takes some weeks. Of course, every business organization, be it financial or non-financial, look out for more merchants getting in more transactions. But with that, there comes a responsibility to authorize fraudulent activities that can result in losses and charges. Today, it has really become a major concern to balance all the trade-offs rightly, ensuring that the onboarding experience will be seamless and as effective as it should, while preventing unfaithful merchants from doing fraudulent activities. But thanks to technology, there has been a great wave of change now made, in almost every domain. The global space domain is now growing and changing quickly, reaping positive changes, and limiting the fraud attack advances to a great extent. At present, there are a lot of methods and technologies that businesses (irrespective of its domain and size) can integrate into their working processes and improve risk monitoring, management, and monitoring. Risk management is the key to seamless onboarding experiences At the times when technology is working no less than a boon to people and business, it is also having a big role to play for onboarding purposes. But for that, there are a number of things that need to be considered, such as - What is the transaction amount? What is the network and transaction level of the merchant? What countries are they working in> What channels are they using? How safe and stable are their working processes? What are the things needed to monitor every single merchant activity properly? Since not all business workings and their onboarding processes are not the same, the level of risk and the amount of due diligence needs to be changed accordingly in almost every single case. While there are certain differences in almost everything, there are a few standards that must be met effectively. Since today there a lot of legal and authorized compliance factors to be considered and integrated, there are specific legal contracts that need to be controlled and managed by the business people. There are rules for almost everything that ought to be in effect. Typically, there is a proper process to successfully onboard a new customer. Let’s know about them –

3. Prescreening Identity verification / KYC (Know Your Customer) Merchant history and background check Business and operational model analysis Web content analysis Information security compliance Credit risk underwriting Once each of these steps are followed in digital merchant onboarding, you will be able to streamline everything and follow-up with the trend eventually. Source: https://signzy.mystrikingly.com/blog/merchant-onboarding-is-the-key-to-streamline- revenue-retention-business