How to Streamline Payments Onboarding for Micro-Merchants

The number of consumers and businesses involved in the digital economy is growing. In today’s digital era, it’s more critical than ever for you, as a merchant, to use the right strategies for growth. This article will tell you about the risks that you may face and how payment processors like eMerchant Broker can help you move forward.

Streamlined Onboarding for Micro Merchants: eMerchant Broker

Consumer habits and shopping preferences are changing globally. Merchants are adapting to the new reality created by eCommerce. According to MasterCard, U.S. eCommerce sales rose by 9.4% year over year (YoY) in 2021.

For merchant acquirers and payment service providers (PSPs), the onboarding process of their clients can be rather tricky up to a point where merchants abandon the process. Below, you can find some basic steps concerning the main risks associated with the process.

  • Seamless, Low-Friction Experiences

For this, digital identity verification solutions aimed at leveraging alternative data (e.g., business name, business phone number, individual name, and more) and cross-referencing of these data points for risk signals can be of great help.

  • Offer Pre-Approval Experiences for Low-Risk Applicants

Low-risk applicants can avoid higher friction onboarding requirements.

  • Additional Onboarding Criteria for High-Risk Applicants

In this case, additional documentation or a manual review of documentation can help. The friction involved in this process can be enough to detect fraud. As a result, underwriters can have more time to focus on low-risk accounts that have higher chances of becoming good customers.

If you’re an eCommerce merchant looking for advanced, secure, and cheap merchant processing services in the U.S., turn to a reputable payment comparison specialist in the country.

This is how you can be sure to come up with the best payment processing solutions from a true payment expert like emerchant broker. As a result, you’ll be able to grow your business and adapt to the ongoing changes in the digital commerce field.

Streamlining Onboarding Process for Merchants

The frictionless onboarding experience and early risk assessments are of vital importance. With proper steps, these can be achieved without challenges. As for safe and low-cost merchant services, work with a true payment expert in your field.

Author Bio: Payment industry guru Taylor Cole is a passionate payments expert who understands the complex world of payment processors like eMerchant Broker. He also writes non-fiction, on subjects ranging from personal finance to stocks to cryptopay. He enjoys eating pie with ice-cream on his backyard porch, as should all right-thinking people.