Independent sales organizations (ISOs) depend upon their ability to identify and onboard new merchant accounts. If you are an ISO or an independent sales professional working with an ISO, this is how you make your money and grow your business. The traditional underwriting process takes time, though, slowing your ability to take on new accounts. Automated underwriting tools can help you clear this hurdle, giving you not only more accounts, but more reliable results.
Streamlined Application Process
For a traditional application, the ISO has to go through a number of steps to bring a merchant account aboard. This includes the initial application itself, working through validation of all of the information in the application, and then working through an extensive onboarding and underwriting process before the application is approved. This takes time and effort, sometimes only to have an application denied and the agent's efforts undone.
Online tools and automated underwriting can help speed the process for you and the prospective merchant. By automating the information gathering and risk analysis, business owners can enter the information into your software and receive an immediate decision on underwriting. Instead of working through the manual labor of the traditional process, this frees sales agents up for more meetings and activities with more prospective clients.
The automated process does more than speed up the process, though. In every step of an extended manual process, you introduce the opportunity for mistakes. Human error can push an application through that should not be processed,; opening you up to risks of chargeback and default that underwriting should catch. On the other hand, it can also result in denying an account that would otherwise have been safe for you to bring on, leaving you without a viable client and the merchant without payment processing services for which they are eligible.
Automated processes are not perfect, of course, and you will continue to conduct risk analyses and mitigation strategies. This is true of any account you take on, though. The difference in an automated strategy is that you can take on more accounts more quickly, with less chance to make mistakes in the assessment process.
The Right Tools for the Job
As financial technology tools develop, you have less reason to rely on outdated and inefficient strategies for applications and onboarding. ISOs and agents who evolve with the industry should continue to find new opportunities to not only improve their sales but create better services as well. Tools available allow you to deliver more for all of your merchant clients, and give more value throughout the life of a merchant account. Take the time to learn about new technology to improve your services and your bottom line.