When an independent software vendor (ISV) lands a new customer, the focus shifts from signing the contract to monetizing the relationship. A critical component of new customer onboarding is the quick establishment of a merchant account. Only with a merchant account can the customer accept payments and reap the financial benefits of their new software solution.
Accelerating time-to-money through seamless merchant onboarding is a key benefit that integrated payment providers deliver to ISVs. However, some providers do this better than others by reducing onboarding time to mere minutes instead of hours, days, or weeks.
What should ISVs look for in an accelerated merchant onboarding process? Here are seven fundamentals that reduce friction.
1. A hands-on, consultative approach to integrated payments
No two software solutions are alike, and every developer serves a unique community. A consultative integrated payments partner will take the time to understand the distinct needs of each software solution’s users. From there, they can design a flexible approach to account boarding and gateway provisioning tailored for each ISV.
2. Electronic signatures that speed up paperwork
Waiting for physical signatures on paperwork creates unnecessary drag in merchant onboarding. Look for an integrated payments partner that uses e-signatures to keep the momentum going.
3. Robust APIs
Seek a partner with robust APIs that can automate boarding and gateway provisioning.
4. Underwriting auto-approval
An integrated payments partner can offer underwriting auto-approval for specific industries to reduce time-to-approval or eliminate it altogether.
5. Detailed Service Level Agreements (SLAs)
Well-defined SLAs help set expectations to ensure timely account boarding cycle times.
6. Automated communications to applicants
Clear and consistent communications keep applicants up to date on their merchant account status and next steps.
7. Always-on support from a dedicated Customer Success team
ISVs and their clients should never be left in the dark with payments-related questions or concerns. Find an integrated payments partner with a dedicated Customer Success team in lockstep throughout onboarding, training, and account activation. And make sure support doesn’t stop there. Software developers and their clients should always have 24/7/365 access to a US-based support team.
Paystri’s approach to integrated payments is rooted in reducing friction, expediting time-to-money, and delivering best-in-class support. Click below to learn more about how we do it.