Streamline your business’s payments and improve efficiency
Businesses are often looking for ways to simplify how they process payments.
They want a method that prioritizes security and efficiency.
It typically means streamlining your merchant onboarding strategy.
We’ll take a look at the process, along with the necessary documents so you can manage your business more efficiently.
Have These Documents Ready
Before partnering with a payment service provider (PSP), you’ll need to gather a few documents. It’s a crucial part of any merchant onboarding process.
Getting the documents ready, before contacting the PSP can speed up the process and prevent delays.
You’ll need to show proof of business ownership. It includes information about partners and company directors. Your business registration documents are another requirement.
Tax i.d. numbers, banking account information, and recent financial statements should also be included in the folder.
Other necessary documents include licenses, permits, and any payment processing history. Don’t forget about compliance documents. It typically includes proof of compliance with industry standards such as the General Data Protection Regulation (GDPR) or Payment Card Industry Data Security Standard (PCI DSS).
It’s always a good idea to find out which documents are required at the start of any negotiation with a payment service provider.
What To Expect During the Process
Regardless of which payment service provider you use, the merchant onboarding process is similar.
After researching and choosing a PSP, gather the necessary documentation for submission. It typically includes filling out an application. The information requested is usually included in your documents.
Merchant onboarding also includes a risk and compliance assessment.
The PSP will look at several factors. These include the type of business and if you are meeting regulatory requirements. The average number of transactions and history of chargebacks are additional factors in a standard risk assessment.
Some PSPs may take it a step further and perform background and credit checks on your business.
Steps to Take After Approval
After waiting for the assessment to finish, your business has approval. You have a PSP to help your payment process run more efficiently for consumers.
To connect with the PSP, you will need to connect your store to the point-of-sale (POS) system. It’s the same process for online and in-person businesses.
Don’t worry if you are unsure how to connect with the PSP. The payment processing service will provide plenty of support. They will train you and your team on the payment process. Everything from how to successfully run a credit card to providing a chargeback is covered during the training session.
Throughout your partnership with the payment service provider, you will receive continuous support. The PSP also handles system monitoring and security. They are also responsible for ensuring your system is always up to date.
Merchant onboarding can seem a little overwhelming, especially when you consider the number of documents necessary for approval. However, once the assessment is complete, you can relax knowing your payment process is efficient, secure, and easy for customers to use.
