The process of adding the new merchant in a payment gateway system so that merchant can access their API along with the virtual terminal and test the payment gateway is called as merchant Onboarding.
Boarding a merchant is known to be a long and tedious process for Payment Service Providers (PSP) and merchants alike. While it is unquestionable that both parties would like to get on point and make some business right away, there are certain steps to be followed to ensure a smooth on-boarding and hopefully a long-term business partnership.
From initial application to getting live merchants, the end-to-end process can be divided into six easy (possibly hassle-free) steps.
- Initial Inquiry and Application
By the time that an interested merchant communicated to a High-risk Gateways team to know more about the services, we generally consider it an opportunity to cultivate great business relations. Merchants are advised to ask questions about the payment solutions. They should also be upfront with their payment requirements to enable the payment provider to gauge how to serve the client better. Merchant can enquire on the website for the solution as per their business requirement.
- Completion of Know Your Customer (KYC) Documentation Requirements
We all understand that online payments have its risks and this is why we need to understand the business model of the applying merchant and the people behind it. In this stage, merchants are highly encouraged to give a good and compliant application package based on the KYC requests of the provider. As a consultant, we do appreciate when merchants carefully give us only the set of documents that are relevant for our checking. There is no need for us to be involved with expired passports or proof of address from ten years ago. We accept all the documents online only no hard copies are required to submit for the Underwriting process.
Merchant onboarding is an underwriting review to ensure merchants meet Know Your Customer (KYC) requirements before bringing them onto your platform. The specifics depend upon the types of merchants we plan to board, the regions in which they operate and the requirements of the acquiring relationship.
- Review of KYC Documents by Compliance Department
KYC is very mandatory to complete all the process and it varies from PSP to PSP. But as mentioned, a clean and well-organized KYC documents is always a good start. After the review, we may or may not ask for additional documents. We require reasonable KYC requirements and keeping our merchants posted on the application progress is a manifestation of quality customer service. KYC is done just to have the owner’s information who are dealing with us for their account approval.
- Account Approval
This might be the most favored stage of the process wherein merchants get an acquirer to process payments with. Welcome emails are usually sent to new merchants detailing with us so that they should be confirmed about the status of account which is issued to them. Once the account is approved merchant will be confirmed that this solution he can use for his business.
- API Integration and Testing
In some cases, this can be done simultaneously with or even at an earlier stage in the interest of time. Payment gateways and merchant websites behave in countless ways so better be sure that there is a perfect fit or there is enough time for Technical teams to perform their magic into making things work. The power of codes and programming.
- Live/Actual Processing
After five easy steps, now time to ramp up your business and be successful in the ecommerce field.
We make it easy for our merchants by assigning a dedicated Technical Support and Account Manager for each merchant. We make sure that you will be assisted each step of the process. Contact us to discuss how we can collaborate!
For any query or concern Merchant can also reach to their respective account Manager. Our team will assist you after gateway activation as well.