How to Open More Merchant Accounts in Less Time
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Transcript of How to Open More Merchant Accounts in Less Time
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How to Open More
Merchant Accounts in
Less Time
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We will send the recording
(after the webinar)
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Stick around for a demo
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We help merchant
acquirers open more
accounts in less time with
onboarding automation
A little about us:
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Some of Our Customers
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Meet the Speakers
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What We’ll Cover Today
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1. How Merchant Acquiring has changed in the last four years
2. Why onboarding is the focus of Merchant Acquiring strategy today
3. The biggest growth obstacles
4. How to crush the obstacles and optimize the process to open more
merchant accounts
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When we first started down this road four
years ago, onboarding was a distant
priority for merchant acquirers…
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Merchant Acquirers Were Up Against A Lot
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• Disrupted by new technology entrants
like Square, Stripe, Intuit
• Regulated to the teeth
• Impacted by increase in fraud
• Stretched by EMV migration
preparation
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They had bigger fish to fry
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Merchant Acquirers were getting slammed
So What Made Them Prioritize?
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1. The Squares of the world started to
eat their market share
2. Fraud was increasing and so were
the manual checks
3. Backlog was building
4. And merchant quality was
decreasing
5. Their businesses weren’t growing
as fast as they needed to
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Square: what made onboarding important again
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1. Opened merchant accounts in 15
minutes, NOT 3-5 days
2. Began working with bigger and
bigger merchants
3. Forced traditional merchant
acquirers to rethink their customer
experience
And then…
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Onboarding became a race
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“80% of financial institutions have
made onboarding automation their #1
priority
– 3x more than any other initiative.”
CEB Tower Group
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But there’s a
BIG mountain
to climb
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Most Common Onboarding Challenges
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1. Paper-based or partially digital application collections
2. Sending forms back and forth to correct errors
3. Physically sending the application around for ink signatures
4. Backlogs in Underwriting’s work queues
5. Errors in application made by merchant or sales person
6. Manual verifications and checks for KYC and compliance
7. Sending applications to underwriter for final approval
8. Communicating final approval to the merchant
9. Zero visibility into bottlenecks throughout the entire process
10. No audit trail
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5. Errors in application made by
merchant or sales person
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• The most under identified problem in an onboarding process
• It’s commonly misunderstood when the onboarding process really starts
• The onboarding process is usually longer than anticipated
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6. Manual verifications and
checks for KYC and compliance
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• When number 5 is addressed the volume of applications increases
BUT…
• Now the bottleneck has moved from Sales to the Back Office
• So the next step is to automate the KYC and Compliance process
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Steps for Optimizing the
Onboarding Process
(How to catch up)
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Here’s how you do that:
1. Gather feedback from sales, merchants, and underwriters
2. Follow an application through the entire process
3. Then, create a workflow diagram of that process
4. Explore the exceptions to “the happy path” (what kinds of variables
does your business need to account for?)
5. Understand which client data is nice to have versus necessary
1. Map Your Onboarding Processes
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Look for these things in the feedback you’ve gathered from your groups:
1. Double entry of data
2. Common errors that require revision
3. Errors in document package assembly
2. Identify Bottlenecks
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1. Digital forms and signatures
2. Data validation (I.E.: Dates or Syntax)
3. Data transposition
4. Document package assembly
5. Automatic TIN validation
6. ID verification
3. Automate What You Can
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1. Map your onboarding and underwriting process to identify bottle necks
and create your definition of the “happy path”
2. Eliminate as many obstacles to the “happy path” by removing
unnecessary complexities within your applications
3. Create a consistent, repeatable process you can audit
4. Automate manual checks where possible to increase
underwriting efficiency
Summary: how to open more merchant accounts
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• Reduce merchant onboarding time by 70%
• Reduce application errors to <5%
• Automate underwriting
The Impact of Onboarding Automation
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Demo
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Product Roadmap
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1. The Risk Scorecard
2. Additional Language Capability
3. Upgrades to the User Interface
Product Roadmap – Highlights
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We’re here to answer your
questions!