Why you need to consider Automated Merchant Onboarding

A white label payment gateway is a type of payment gateway solution that will allow your company to provide payment processing services while using its own name while the processing is usually done by some external third-party vendor, processor or payment gateway provider.

To put it simply, your company puts its own name or “label” one of the “white labels” that the true payment processing solution bears.

So if you are considering why you should add a white label payment gateway, and if you want to bring a new merchant onto your platform you will need to understand what merchant onboarding really means.


What is Merchant onboarding?

Merchant onboarding or merchant boarding (both have the same meaning and both are correct) is an underwriting review that ensures that merchants meet all the KYC or Know your Customer requirements before you introduce them and add them to your platform. The deeper specifics depend heavily on the types of merchants you are planning to board, the requirements of the acquiring relationship and the regions in which they operate. Every onboarding solution has these three components:

  • A merchant onboarding process
  • An underwriting management solution
  • Provisions for flexibility and control

We are going to explain every single component of the onboarding solution to help you understand why you need it.

The Onboarding Process

You have probably heard how a lot of providers use the phrase, “instant onboarding”, but it isn’t a very accurate term in this situation. The term “instant” can be pretty relative, and not many providers can guarantee their specific speed for all situations and clients. In a lot of cases, the merchants may be the number one cause for a bottleneck.

Your potential merchant needs to be clear in their terms when advertising their speed. So make sure you ask them enough questions to get all the facts straight.

For Demo please contact  https://www.mobam.co.uk/

Underwriting Management Solution

A good underwriting management solution needs to satisfy both you and your provider. A lot of merchants claim that they offer complete control, but it’s only possible to get that level of control if their requirements align with yours.

Enabling Control and Flexibility

Achieving the right level of control and flexibility is all about making your business model the number one priority – not letting your provider’s limitations define your limitations.

Benefits of Payment Gateways and Automated Services

1. Time-saving

The biggest benefit that you can get out of these services is time-efficiency. While traditional merchant onboarding processes used to take between 4 to 5 days, today it can take up to just 5 minutes with a payment gateway. Payment gateways are provided by an e-commerce service or application. This service or the provided application will authorize direct payments or credit cards for all of your online retailers, brick and clicks and online business. By using a white label payment gateway you are completely removing the traditional and slow process of acquiring.

2. Cost-efficiency

White label payment gateways can automate most of your processes that will ultimately reduce your costs. Automating processes such as customer onboarding, customer service requests, underwriting, and fulfillment.

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