Overview
A key aspect of the merchant acquiring business is the effectiveness of the merchant acquisition and speed of the on-boarding process. For acquirers legacy systems have been traditionally designed to receive scanned or paper applications with merchant agreements referenced in a separate document. This relies on manual intervention and a sales executive to help complete the application and obtain a signature to be submitted for underwriting adding significant delays to overall on-boarding process.
Persistent's Merchant On-boarding application streamlines the process and provides an intuitive and user friendly site for prospective merchants. The merchant can be directed to an online application link and website with a clear reference to other legal documents relating to payment processing and the merchant services being provided. The system also provides reporting to monitor the status of the online merchant applications and provides information on follow-up actions and responsibilities. Support for auto-approval of low risk merchants is also provided based on underwriting business rules that can be configured based on the organization’s credit risk policy.
Key Features & Functionality
Benefits & Business Impact