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Key Problems with the Merchant Onboarding Process and How it Solved?

Key Problems with the Merchant Onboarding Process and How it Solved? Friction point 1: Manual Form Filling The traditional process is frustrating and siloed. No status monitoring process, that could track applications Data from physical paper applications has to be manually put into the computer database. An Al based OCR performs end-to-end. extraction at the front-end. Exisiting data entry system that are used for the traditional Friction point 2: Time-consuming Document Verification onboarding makes process slow. Due to this, there is a inaccuracies exist during There is a need to check third- entering data. party verification that ensures merchants aren't involved in ERVIC Friction point 3: Risk Assessment/ Underwriting fraud. The journey of merchant onboarding is very long and inconvenient. Due to delays in service, it causes poor customer experience. The rules-based verification engine determines whether or not a merchant is a pass/fail. Data can be retrieved on the merchant very fast, according to the verification needs. These key problems thwart any chance of a seamless process.This section explains what they are and how the digital onboarding process can solve these issues: MICRO SERVICE Major Advantages of this Solution Smoothening over these 3 friction areas results in a host of benefits. Taking down Curbing Cost Lighter Labour Time Source: S SIGNZY https://blog.signzy.com/financial-institutions-should-heed-digital-merchant- on-boarding-94dd72c2efb5

Key Problems with the Merchant Onboarding Process and How it Solved?

shared by signzy on Jul 09
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To know about the merchant onboarding key problems and how they solve, just watch out the infographic.

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Economy
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