Why Automated Merchant Onboarding and Underwriting is Table Stakes
Onboarding merchants is challenging, especially for ISOs (independent sales organizations), PayFacs (payment facilitators), banks and other payment industry specialists. Lengthy underwriting processes can take days, and manual risk assessments open the door to costly mistakes.
Merchants want a quick, streamlined onboarding experience. Unfortunately, outdated workflows add unnecessary steps; they hamper productivity and cost valuable time and resources. Most payments specialists take days to underwrite contracts, conduct risk assessments and onboard new merchants. Without optimizing these processes, you risk losing customers to more efficient competitors.
Thankfully, automation can help. According to IBM, “Automation reduces human errors and eliminates many time-consuming and repetitive tasks, such as manual data entry. Organizations with outdated, manual processes cannot reliably scale with labor- and capital-intensive processes. By adding automation, businesses have improved capacity for scalability.”
In this whitepaper, we explore how automation is reshaping the merchant services industry and how Agreement Express (an NMI Company) is leading the charge with AI-powered underwriting solutions. See how three Agreement Express customers, Valmar, National Processing and Nexio, revolutionized their merchant approval process, cut underwriting times from two hours to 20 minutes and unlocked 80% auto-decisioning.
Download the full whitepaper to learn more.