Boarding a merchant is known to be a long and tedious process for Payment Service Providers (PSP) and merchants alike. While it is unquestionable that both parties would like to get on point and make some business right away, there are certain steps to be followed to ensure a smooth on-boarding and hopefully a long-term business partnership. The question now is, does it really have to take so much time and be dreadful for all?
For YuuPay, the answer is an outright NO. As a PSP, we believe that we do not have to get stuck in the era of traditional merchant boarding. As the payment industry constantly evolves, so as our processes. There is always a room for efficient streamlining without sacrificing the end results.
PSPs work in different ways, but this article will discuss the general stages concerning merchant boarding and what can be done to lighten the load of each step. This piece will be very informative especially for newcomers in the eCommerce arena. Let this serve as a guide to manage and set reasonable expectations the moment a merchant touch base with a PSP.
From initial application to getting live merchants, the end-to-end process can be divided into six easy (possibly hassle-free) steps.
By the time that an interested merchant communicated to a payment provider to know more about the services, both parties should consider it an opportunity to cultivate great business relations. Merchants are advised to ask questions about the payment solutions, the PSP company and the rates of the services. They should also be upfront with their payment requirements to enable the payment provider to gauge how to serve the client better.
We all understand that online payments have its risks and this is why PSPs need to understand the business model of the applying merchant and the people behind it. In this stage, merchants are highly encouraged to give a good and compliant application package based on the KYC requests of the provider. As a PSP, we do appreciate when merchants carefully give us only the set of documents that are relevant for our checking. There is no need for us to be involved with expired passports or proof of address from ten years ago. Practical file naming are also very much welcome.
How long this stage will take varies from PSP to PSP. But as mentioned in point number 2, a clean and well-organised KYC documents is always a good start. After the review, the PSP may or may not ask for additional documents. A friendly note to PSPs: Ask for reasonable KYC requirements and keeping your merchants posted on the application progress is a manifestation of quality customer service.
This might be the most favoured stage of the process wherein merchants get an acquirer to process payments with. Welcome emails are usually sent to new merchants detailing the ins and out of the account.
In some cases, this can be done simultaneously with point number 4 or even at an earlier stage in the interest of time. Payment gateways and merchant websites behave in countless ways so better be sure that there is a perfect fit or there is enough time for Technical teams to perform their magic into making things work. The power of codes and programming.
After five easy steps, now time to ramp up your business and be successful in the eCommerce field.
As for YuuPay, we make it easy for our merchants by assigning a dedicated Technical Support and Account Manager for each merchant. We make sure that you will be assisted each step of the process. Contact us to discuss how we can collaborate!
"Working with YuuPay is like working with a hands-on partner who cares about how I can make the most of my business in terms of online payments..."
"YuuPay has no idea how they made life easier for me as I am setting up the payment aspect of my online business..."
© Copyright 2015 YuuPay Secure Pte Ltd. All Rights Reserved.