In acquiring, the merchant onboarding process is often rendered into bits and bytes. A digital forms solution here, an eSignature solution there, and a CRM integration and potentially workflow management system over there. In an industry where speed matters and merchants have been found to complete 34% more applications when it takes them 10 minutes instead of 30 minutes, connecting and streamlining these steps has become essential.
The process from merchant application through to merchant approval and MID delivery has traditionally been time consuming, and hurdle that merchants must jump through in order to serve their end consumers.
But now, we live in a modern, disrupted age where customer experience is king, and in acquiring, that means the merchant experience. As digitally forward acquiring companies are offering faster, more convenient application and onboarding processes, merchants are turning to them and giving them more of their wallet share.
ISVs and innovative ISOs who don’t wish to be disrupted are challenged with offering easy account opening in minutes and ditching their traditional paperwork or intensive processes involving lots of manual data entry and re-entry that take several days.
PYMNTS interviewed Cory Taylor, acting COO at Agreement Express, on the subject. The true challenge is how to offer both speed and convenience when signing merchants up for more than one product can load on the paperwork. Taylor spoke to how “one-click onboarding” can boost conversion rates by up to 42% and lead to stickier sales.