Frictionless Merchant Boarding Benefits

 In Payfac

Frictionless Merchant Boarding Benefits

Traditionally, establishing the infrastructure to accept credit card transactions was a tedious, lengthy process for merchants selling products or services. Merchants were required to apply for an account with an acquiring bank or institution. For an account to be approved, merchants were required to undergo an extensive underwriting process and the time from application to approval would be. Thankfully, payment providers (such as Paragon Payment Solutions) have updated this outdated process, allowing for a frictionless merchant boarding process.  Which means, the quicker your customers can sign up for processing services, the quicker ISVs can increase their revenue earning potential.

Frictionless Boarding without Payment Facilitation

Today’s instant technology has changed the way we are. Whether it’s streaming a television series, purchasing products from our phones or ordering food delivery, we live in a world with instant results. In the payments world, the demand for a quick merchant onboarding process has increased. Software users want to be able to setup their software with a few clicks and minimal effort, including the ability to process payments. Which begs the question, is this possible for ISVs to do without becoming a payment facilitator?

Frictionless Merchant Boarding

Enter in – frictionless merchant boarding. Merchants can setup their merchant account with minimal information and documentation, accelerating the merchant application process from days to minutes.  Generally, this feature is reserved for payment facilitators. However, Paragon Payment Solutions offers this feature for many ISVs without having to adopt a payment facilitation partnership model. There are numerous benefits of offering frictionless boarding. These benefits include:

  • A simple, quick underwriting process.
  • No upfront investment needed.
  • No delay in the ability to accept payments.
  • A streamlined merchant application process.

Partner With Paragon Payment Solutions

Are you looking to offer your customers a frictionless merchant boarding process without being a payment facilitator? Contact Paragon today to learn more about how you can easily offer your software users this feature.

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