Advancement in technology has increased communication and decision-making speed. The rapid digital transformation, downsizing, working models, and work environment have disrupted the market. The marketplace is witnessing a rapid shift in its ways of working. Hence, to be clear in this, there needs to be a particular advantage that improves the onboarding process, thus helping a better ROI and increasing payment facilitator. This is only possible with the right technology in place.
Importance of Onboarding:
Onboarding is a long process that involves multiple steps. These steps purely depend on the accuracy of data and documents. If done in the right way, there are many benefits. Some of them include:
- Increase in ROI
- Verification on search engines
- Increase sales and traffic
- Easy partnership with business
How does Taskmo help in Onboarding?
Now that we know the benefits of onboarding let us see why you should choose Taskmo for your subsequent Onboarding.
Today's businesses are under constant development, and they are looking for ways to keep up with the evolving technology. Technology is one of the most important aspects for business owners, and Taskmo provides accurate and up-to-date information checks, which are purely technology-driven.
Here's how:
Screening
The tasker is in contact directly with the vendor. The person performing the onboarding process for merchants can identify the merchant and then know them. The method of Onboarding the merchant process begins here.
Know Your Customer (KYC)
KYC is a shorthand for 'Know Your Customer.' In this phase, the taskers at Taskmo examine the merchant they have identified and then begin the screening procedure. The taskers study their business model and inquire about its activities. Furthermore, the merchant is determined whether the business has additional owners or other details required to complete effective processing of the merchant's Onboarding.
History Check
In this phase, the taskers are responsible for examining the past transactions of the company. The tasker does a second important job for specific situations in healthcare, medical, agriculture, and FMCG. The taskers check whether the business owner has all certificates and other legal documents essential to running their respective business. It is the most crucial stage of the merchant onboarding process.
Sign Up
If the merchant has passed the verification process, they move to the next step of the merchant onboarding process. The taskers at Taskmo will then connect the merchant to the platform and then sign them to the appropriate payment gateway.
Follow Up
After the merchant is registered to the payment platform, they are equipped with full responsibility for their day-to-day activities using the payments gateway. The merchant onboarding staff at Taskmo regularly holds follow-up sessions with the merchants to ensure they know how they use the platform and resolve their issues and questions.
Summing Up:
As a result, the merchant onboarding process becomes smooth and seamless, and Taskmo minimise the risks associated with the onboarding process. Taskmo has onboarded 500000+ Merchants for different projects, and Taskmo delivers a 5X faster onboarding rate.
If you need more information, visit our website Taskmo
Merchant onboarding is the key to growth for any kind of business, regardless of the fact if you’re a merchant acquirer, a payment service provider, or anyone else.
As a business, you would want to have as many merchants to support more transactions.
But, onboarding more merchants without proper due diligence can cause more losses than benefits.
Businesses need to follow the best practices in merchant onboarding and monitoring practices.Source URL: https://diro.io/best-practices-for-merchant-onboarding-and-monitoring/
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