Merchant underwriting is an essential part of the payment facilitation process, yet many believe it can impact sales. With the right payment facilitation platform, you can enhance your business process and avoid the common mistakes that come with merchant underwriting. Here we will discuss the benefits of automating the merchant underwriting and onboarding process and how you can start accepting payments right away.
Merchant underwriting is not sales prevention. Using an advanced platform to automate the underwriting process is far more efficient and makes for quicker turnaround time, improving merchant satisfaction. Once underwriting is completed successfully and merchants are onboarded, they can start processing payments right away, in turn boosting sales.
Fast track the underwriting process instead of focusing heavily on manually performing every check you need to remain compliant. Automating as many compliance checks as possible is how many payment companies manage the sheer number of new merchants they see daily. Automation can enhance your underwriting and onboarding process by removing the human potential for mistakes. Many of your competitors are already automating these tasks, you can do the same to save time for both you and your merchants.
Ready to automate the merchant underwriting process?
Choose a technology stack with all the necessary tools to handle underwriting and onboarding. Patching together different systems adds new touchpoints where your business can lose data or waste time. An excellent all-in-one platform will use algorithms that score all of the underwriting checks and determine whether or not it approves the merchant. With Amaryllis All-In-One Payment Facilitation Platform, you can quickly and easily underwrite merchants, start processing payments, and rest easy knowing everything is in compliance with the sponsoring bank and card network rules.