Important Factors To Consider for Frictionless Merchant Boarding

The longer the customer boarding process, the higher the customer abandon rate. The more customers need to do and wait to get started with a feature or product, the less likely they are to ultimately use it. Historically, for merchants, this was an unavoidable problem. Collecting customer data and assessing risk took time. Today, however, frictionless merchant boarding offers a better option.

What Is Frictionless Merchant Boarding?

A frictionless boarding process uses advanced algorithms to eliminate much of the waiting time and back and forth that was historically needed to bring on a new customer. Instead of taking hours or days to get a new merchant started, the process can take only minutes. For software providers, this can significantly improve conversion rates.

Key Considerations for Frictionless Merchant Boarding

If you want to implement a frictionless boarding process for your customers with your software, here are some considerations to be mindful of:

• Data To Be Used: The process uses several data points from customers to automatically evaluate them. The right data to collect depends on your software needs and risk tolerance. At Paragon Payment Solutions’, we will work with you to customize what data you want merchants to input. Afterall, you know your customers best.
• Turnaround Timing: Exactly what “frictionless” means depends on the solution provider. At Paragon Payment Solutions, merchants can be up and running in as little as fifteen minutes.
• Simplicity: “Friction” isn’t just experienced with wait times. The more complex the process, the greater the time it takes. At Paragon Payment Solutions we offer a highly flexible process, so you can get your customers set up with payments within minutes not days.

Supercharge Your Boarding Process Using Paragon Payment Solutions

A well-designed boarding process can be the key to increasing your customer adoption rates. If you are experiencing low adoption rates for your integrated payments module, consider using Paragon Payment Solutions as your integrated payments provider. Our frictionless merchant boarding process will help you drive customer adoption and improve your bottom line.