Onboarding merchants for payment processing has traditionally been a long, tedious process. You have to collect, check, and record all of the paperwork your payment partners require, cross-reference with your research, and manage the process one merchant at a time to determine whether you can even accept the partner. Today, digital applications allow you to do this much more quickly. Nuvei's WebApp allows you to process applications quickly and move more efficiently to building your bottom line.
Process Applications More Quickly
One of the biggest enemies of your merchant onboarding process is time. Merchants want answers quickly, so they can begin taking payments and building their own revenue. Until you are ready to approve the merchant, you can't collect the fees they could be generating for you. If you ultimately can't approve the merchant, all of that time and effort recruiting and then processing their application becomes a sunk cost for your business.
The Nuvei WebApp product cuts into much of the time you would otherwise have to expend. Instead of lingering over paperwork and investigating each merchant, the app runs the numbers to reach a decision. You can save days or even weeks from what you would spend running the usual process.
Fewer Errors and Pending Applications
When you process applications on paper, errors inevitably arise. For each one you find or make, you have to go back to the merchant and get the correct information, re-run the application process, and essentially start everything anew. Meanwhile, the lengthy process leaves merchants in limbo, waiting for you to complete approving or declining before they can either start generating revenue or move on.
The automated process Nuvei provides with WebApp reduces significantly the potential for errors that processing by hand creates. You get yes or no answers quickly and efficiently, so you and the merchants you want to onboard can move forward quickly.
Build a Robust Revenue Stream
Processing merchant applications more quickly and accurately helps you build your revenue much more effectively. You get each merchant up and running for you, and thus begin processing payments when you would otherwise still be working to approve them. This also lets you onboard exponentially more merchants. WebApp lets you run applications simultaneously and process more every day. You require less staff time and find limits only with your ability to market and bring in applicants.
Merchant onboarding has always been difficult. Today, there is no reason for that to be the case. Work with Nuvei to bring in qualified merchants as quickly as you can find them, and watch your payment processing revenues rise.
Watch the video below to learn more about WebApp.