Cloud-enabled processing with PayiQ: The key to automating merchant onboarding


ISOs and ISVs face a series of technical challenges that impede their ability to efficiently onboard, underwrite, risk assess and monitor merchants. These challenges are largely a result of most processing technology being built on outdated and clunky infrastructure.

In a world where merchants expect fast and easy payments, the time required for ISOs and ISVs to complete arduous technical onboarding processes can cost sales and damage reputations. Many feel incapable of improving the process because they’re stuck selling antique processing services.

Luckily, there are some promising solutions on the horizon that we’ll discuss in detail later. First, let’s talk about why classic processing is so inefficient.

The biggest inefficiencies of classic processing services

One of the biggest impediments to merchant onboarding is the fact that there’s no standardized process for merchant onboarding. ISOs and ISVs are left shooting somewhat in the dark when it comes to dotting the i’s and crossing the t’s in bringing merchants to the end of the process.

It starts with the fact that merchant applications are often lacking the info that a processor will ultimately ask for. This is largely due to the wide variety of merchants being serviced by a single application. 

Variety brings additional complexity, often leading to follow-up calls to gather more info after the first application is submitted. Sometimes even additional applications will be required. Which is a terrible experience for a merchant who wants a one-and-done solution to their onboarding. 

When your business finally gets the info it needs, underwriting can begin. For payment resellers, handling a broad range of risk profiles is important. But this often requires partnering with multiple processors who have different appetites for risk—each with slightly different merchant requirements. Which likely means contacting your prospective merchant again with an application.

Once that’s done, it’s time to start the risk assessment process. Many ISOs and ISVs set up broad rules for disqualifying merchants to save time. But these rules leave money on the table. And it can be a poor experience for a merchant who just got through arduous applications to be rejected. 

Now your merchant is boarded and probably a bit weary and frustrated. Now it’s up to you to monitor your new merchant, but all your old-school processor can give you is a batch of data every other week. And you’re left hoping that when the data comes in you don’t see a bunch of alarming transactions that you could have acted on sooner.

How cloud-enabled processing converts inefficiency into automation

Cloud-enabled processing is built on a unified architecture. This, more than anything, decimates the clunkiness and inconsistency of classic processing architecture. 

You can say goodbye to incompatibility issues and begin to utilize automated onboarding management tools. Every process is standardized: applications, underwriting and risk assessment. Now each of these steps can be done automatically and all the frustrations mentioned previously simply disappear. 

Best of all, the cloud gives you access to real-time capabilities, enabling faster transactions, stronger security and instant access to all your merchant data.

Cloud-enabled processing means no more waiting for reports, no more begging your merchants to fill out more applications and no more leaving merchants on the table because they have a complicated risk profile. 

ISOs and ISVs who choose to leverage cloud processing will have a substantial competitive edge and far fewer technical headaches. It’s a slam-dunk solution brought about by the most disruptive technology to break into the payments industry in decades.


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