ISVPay Drives Rapid Growth With NMI Merchant Relationship Management

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Introduction

ISVPay is an independent sales organization (ISO) located in Alpharetta, Georgia. Its primary focus is providing payment services to software companies, or independent software vendors (ISVs), providing payment solutions to the unattended payments space.

ISVPay provides solutions that enable software companies to integrate payment capabilities directly into the unattended platforms they sell to merchants. Their clients serve a range of industries within the smart unattended retail market — parking, laundromats, car wash, electric vehicle charging and more.

The Challenge

ISVPay was experiencing rapid growth. With many new ISV partnerships resulting in merchant onboardings, the ISVPay team had to navigate multiple portals to onboard and serve its merchants. With ISVPay catering to a wide range of industries, any delay in the onboarding and approval process due to a complex system of portals was not an option.

To maintain efficiency and support its rapid growth, ISVPay sought out a partner that could streamline the process and allow the team to effectively manage the entire ISV experience from a single platform, speed up merchant application throughput and maximize approval rates. It knew the right partner would ensure the company could continue providing ISVs with frictionless onboarding and payments experience while continuing to grow.

How NMI Helped

ISVPay chose NMI Merchant Relationship Management to power its onboarding, residuals management and agent payout. ISVPay’s choice was driven by the ability of NMI to centralize and automate the entire merchant onboarding process for its ISV clients through a single, unified portal — TurboApp.

“Having a single tool to manage all aspects of the business, from onboarding to residuals, has significantly streamlined operations and accelerated the growth of our onboarding and support teams, while also providing valuable portfolio insights and comprehensive reporting,” said Lacey Frenzl, ISVPay’s VP of Customer Experience.

“Understanding the payment onboarding flow, navigating systems, and managing various data types and sources can be complex. But with NMI Merchant Relationship Management, all of that complexity is eliminated. NMI has consolidated and automated every step, making the platform the single point of contact for the onboarding team. They no longer have to juggle multiple portals, logins, or workflows, which saves us a tremendous amount of time and headaches while greatly reducing the training burden.”

Improving the Customer Experience

NMI Merchant Relationship Management and TurboApp use digital merchant processing applications (MPAs), automatic data validation and one-click submissions to automate most of the onboarding process. The system pulls necessary data from the MPA submitted online or via API, before automatically populating an application to send to the processor.

NMI Merchant Relationship Management and TurboApp use digital merchant processing applications (MPAs), automatic data validation and one-click submissions to automate most of the onboarding process. The system pulls necessary data from the MPA submitted online or via API, before automatically populating an application to send to the processor.

“We tailor the onboarding experience for each of our ISVs, with many embedding merchant sign-up directly into their own systems. It’s crucial for our business to move those merchants swiftly from sign-up, through our system, and on to our processor for approval. With NMI, this entire process is seamless and efficient,” Frenzi said.

“We’re no longer sending PDFs back and forth or chasing down wet signatures — there are no delays. When the merchant submits their application through the ISV, it reaches us instantly. We review and audit the forms, then submit everything through TurboApp, with approvals often coming back within hours. Streamlining this process has been a huge win, saving us time and greatly enhancing the experience for both our ISVs and their merchants.”

The Result

The unparalleled speed and accuracy of NMI Merchant Relationship Management enabled ISVPay to eliminate the onboarding bottleneck and keep applications flowing smoothly, even as volume increased. It also ensured the fastest possible approval times by eliminating the potential for human error often found in manual onboarding.

“The faster we can get a merchant from application to processing, the happier our ISVs are and the faster the residuals start to flow,” said Frenzl. “With NMI, we saw our onboarding capacity skyrocket while simultaneously seeing some of our best approval and retention numbers ever. For instance, recently we had our biggest month so far. For that month, we had a 98.2% approval rate, a 91% same-day approval rate, 92.8% activation within 15 days, and a 97.7% retention rate. If we were still onboarding the old way, those kinds of numbers would never have been possible.”

The Future

Software-driven payments are quickly outgrowing traditional channels, with some studies suggesting they could eventually account for $35 trillion in total global volume. As this trend grows, more software providers will look to monetize their payment flows, and ISVPay will be ready to meet their needs.

With scalable, automated solutions like NMI Merchant Relationship Management and TurboApp, ISVPay can match the market’s growth while outcompeting the field by providing a frictionless signup, onboarding and processing experience.