If there’s one thing that prevents merchants from signing up for payments offerings, it’s the application process. With hundreds of fields and crowded information, traditional applications are difficult to decipher and complicated to submit.
Sales professionals have gotten used to walking merchants through the application process in person or on the phone, and earning their commission by following up multiple times to see if the merchant has had the chance in their busy schedule to submit it yet.
In fact, ISOs and merchant acquirers who use relatively traditional application methods see a 70% application abandonment rate, on average. Those who have adopted fillable PDFs and simple eSignature tools reduced their average application abandonment rate to 50%, and those who are have optimized their application process to compete with digital disruptors have reduced it further to 20%.
With 1 in every 5 merchants leaving their service provider each year, it is increasingly important to maximize the number of incoming applications to fill the revenue void, and to keep them once they’re in.
The application process and the application itself can be optimized in relatively simple ways to increase submissions and optimize the sales pipeline.