For software companies looking to streamline the process of signing up new merchant accounts, integrating a boarding API can transform the experience from cumbersome to seamless. In this post, we’ll explore how a boarding API can automate the merchant onboarding process, allowing your clients to get approved for a merchant account quickly and easily, without the hassle of traditional methods.
Many software companies still rely on outdated methods to onboard new merchants. This typically involves handing off the onboarding to a payment processing company, which can lead to a frustrating experience for your clients. They might have to fill out long DocuSign agreements, wait several days for approval, and then deal with a complicated integration process. This not only slows down the onboarding process but also creates friction that could drive your clients away.
A boarding API allows you to automate the merchant onboarding process directly within your software platform. Here’s how it works:
Instant Signup: When your clients want to accept payments, they can simply click a button within your software, fill out a short online application, and receive approval almost instantly. This eliminates the need for long forms and waiting periods.
Automated Approval: The boarding API handles the approval process by securely sending the client’s information to the payment processor, which performs a quick background check to verify the applicant. If everything checks out, the merchant account is approved, and the integration is activated automatically.
Seamless Integration: Once approved, the boarding API sends a confirmation back to your software, triggering the necessary steps to activate payment processing. This ensures that everything is set up and ready to go without any additional manual work on your part.
Let’s look at how this works in practice using CC Storage as an example:
Initial Signup: When a new client logs into their dashboard, they see a notification prompting them to complete the Merchant Services application. They click "Start Application," fill out the form, and the boarding API takes care of the rest.
Ongoing Engagement: If a client starts the application but doesn’t finish, the system tracks their progress and updates the dashboard with a reminder to complete the application. This helps ensure that more clients complete the onboarding process, allowing them to start accepting payments faster.
Using a boarding API to automate merchant onboarding can dramatically improve the user experience for your clients. It simplifies the signup process, reduces friction, and allows you to activate payment processing quickly and efficiently. This not only enhances customer satisfaction but also boosts your revenue by enabling more clients to start processing payments sooner.
To learn more about integrating payment processing and other strategies for monetizing payments, check out the full YouTube playlist here.
By implementing a boarding API, you can streamline the merchant onboarding process, providing a smooth and efficient experience for your clients while maximizing your own revenue potential. Stay tuned for more insights in the next post.