If you're a payment processing platform, one of your most vital selling points is probably that your service is easy to use, hassle-free, and quick to implement. But can you really say the same for your onboarding process? When it comes to the payment provider onboarding process, there are several pain points that make it an ordeal.
Currently, onboarding requires extended service level agreements to approve clients, tedious amounts of paperwork, expensive back-office tasks, and a good deal of frustration. Now more than ever, payment providers need to deliver a more frictionless onboarding practice that balances the internal and external needs for speed, security, UX, data, scalability and compliance. Here's a guide to onboarding merchants more effectively.
Common Issues With Onboarding Merchants
Onboarding merchants with multinational operations means you're left dealing with a unique set of regulations in each country they operate in. It's a paperwork nightmare that is confusing even for regulatory experts. This detail can add weeks to the onboarding process and directly challenges the need to be agile and concise. The fear of onboarding complex organizations like these shouldn't stop you from working with larger clients. Still, because it's currently such a lengthy and complex onboarding process, it’s a procedure guaranteed to breed discontent.
Keeping up to date with the latest regulations can take hours to decipher, considering they change pretty regularly. It's as good as chasing a ghost. Another issue is conducting risk assessments based on scorecards. This outdated form of risk assessment only considers a small fraction of the entire picture, it's also time-consuming and inflexible.
All these issues culminate in a long back and forth between stakeholders that can get confusing quickly. There's a never-ending demand for documents, errors occur within manual handling, and the email chains grow longer by the minute. This is all due to the bureaucratic nature of traditional onboarding which no longer makes sense in the modern world.
Streamlining the Digital Onboarding Process for Merchants
Working with corporate clients is already a challenge, it’s imperative for businesses to make it easier and give the right impression off the bat. Digital onboarding allows far more significant advantages and capabilities compared to traditional onboarding, here’s why:
Localization Across Markets: This allows for more worldwide coverage, plus faster and more comprehensive due diligence, and compliance. Localization empowers your onboarding by allowing you an international reach with local proficiency.
Automation of KYC Tasks: The hands-off nature of digital onboarding is best exemplified by the automation of KYC tasks, allowing you to collect and verify data without intervening. In turn, providing time for tasks that actually require a human touch. On top of that, integrating automated AI can also help prevent onboarding fraudulent merchants.
Scalability: The ability to onboard more clients of varying sizes faster and almost instantly. Digital onboarding is the superhighway for scaling your business.
Seamless Integration: Full integration with your existing website and systems by simply exporting the API or integrating with iFrames. This allows your onboarding flow to be activated instantly.
Risk Engine: Make risk-based business decisions as you onboard clients based on parameters you set on HelloFlow. This allows you to create a more comprehensive merchant KYC and understand any additional compliance needed. This is particularly helpful with high-risk industries like foreign exchange, gaming, or gambling merchants.
The Benefits You'll Notice Immediately
By adopting digital onboarding processes like HelloFlow, you'll immediately notice less of a burden on your compliance team. This can be attributed to automation and AI assisting with tedious, menial tasks. At the same time, your team can focus on more detailed aspects of client onboarding. Digital onboarding as a whole is more straightforward and palatable. It circumvents the need to throw all the information in the client's face at once. Instead presenting information in a more systematic fashion.
With HelloFlow, onboarding goes from an exhausting few weeks to a breezy few hours. Your prospects are never left hanging; with quicker approval rates, the time to revenue is faster than ever. This is crucial for a good customer experience because if a merchant is signing up for a payment provider, they don't want it in two months, they want it now.
Slow onboarding could be holding a client back from accepting transactions, so the quicker, the better! It goes without saying, merchants are more likely to choose your services if they know they can use them within a few days.
With simpler onboarding, you'll also notice lower abandonment rates. This is because digital onboarding feels more like second nature to modern-day consumers and therefore presents fewer unintended mistakes and roadblocks.
With total efficiency in mind, HelloFlow's digital onboarding tools are all under one cohesive portal that makes onboarding make more sense. Plus, it allows seamless integration, working across all platforms instantly. Having a flawless onboarding tool that works with you, not against you, can also save you money and time.
Build and launch a custom onboarding flow immediately, no waiting around and absolutely no coding. Our holistic onboarding platform is superpowered by data, AI, automation, and 3rd party services so you and your clients can say goodbye to long waiting times. And with that, you can add the ability to onboard quickly and smoothly to your selling points!