Frictionless Merchant Boarding
What Is Frictionless Merchant Boarding?
Frictionless merchant boarding is designed to help your customers apply for a merchant account and be up and running to process payments within minutes. With the help of advanced algorithms, a normally time-consuming processes such as risk assessment, customer finance evaluation and business monitoring all happen automatically.
According to Forrester Research, PayFacs offering this simplified onboarding process had far more clients and almost twice the revenue of those using traditional underwriting. But here’s the problem, not all software provider’s meet the qualification to become a PayFac. What you may not know is that many software providers can take advantage of frictionless boarding even if they aren’t a PayFac — all you need is the right payments partner.
Why Is Accelerated Merchant Boarding Necessary?
The world operates at increasing speed. Many end users have little patience and tend to opt for the easiest product acquisition method possible. Whether your customers are switching merchant services providers or processing payments for the first time, they want to get up and running as quickly as possible. However, they can’t process payments until they have an approved merchant account. Frictionless boarding shortens this process significantly.
What Are the Benefits of Frictionless Merchant Boarding Versus Traditional Underwriting?
- Reduced setup time: Standard underwriting and merchant account boarding is generally 48-72 business hours. In contrast, frictionless boarding usually takes about 15 minutes for approval.
- Simplicity: With frictionless boarding, merchants answer 10 to 15 questions. This is far less complex than the standard multiple page merchant application and accompanying financial documents normally required.
- Increased customer adoption rates: With the ease of frictionless boarding, software providers can get their customers up and running within minutes. Offering your customers the convenience of instant payment processing increases not only your software’s value proposition, but can also increase overall transaction volume which leads to an increased revenue stream for your integrated payments.
How to Implement Frictionless Merchant Boarding?
At Paragon Payment Solutions, integrated payments are what we do best. Contact us today for more information about how to take advantage of our frictionless boarding and other PayFac like features.
Ready to see our API or open a test account? Looking for more information on our Partner Programs? Are you a merchant with a question? We are here to help!