We are thrilled to launch two new solutions to better enable merchant onboarding: our Merchant Onboarding API and the Merchant Review web app. With the global pandemic accelerating the already-existing trend of people starting their own businesses (in the U.S. alone, we recorded 30 million small merchants and 40 million independent contractors in 2020), the need for quick and effective onboarding by payments processors (PSPs) and lending institutions is greater than ever before.
With our new Merchant Onboarding solutions, Ekata is responding to the ever-growing need for payments and financial services organizations to compete for micro-merchants and small businesses:
“Merchants today have plenty of options and will quickly turn to another payment service provider if an organization adds too much friction at onboarding or takes too long on approvals,” says Beth Shulkin, Ekata’s VP of Global Marketing. “This is much more than a customer experience issue for PSPs and lenders; losing the lifetime value of a merchant has real bottom-line impact.”
Ekata’s holistic solutions, the API and web app, are designed to enable PSPs and lending groups to cut their onboarding time from 2-3 days to mere minutes by enriching existing automatic workflows and increasing the efficiency of manual reviews.
The key benefits of our new solution include:
- Onboard merchants big and small as well as sole proprietor businesses with higher confidence: Build trusted risk profiles that lack the typical track record – verifying information and approving or rejecting applications with confidence.
- Quickly route good customers for automated underwriting: Shift low-risk merchant applications away from high friction onboarding steps such as supplemental document collection and manual review, towards automated approval. This gets new customers onboard and generating revenue even faster!
- Reduce time spent in manual review: Quickly view a key set of individual and business data, reducing the time needed to research data across multiple sources. This helps the reviewer make a faster, more efficient, and more accurate decision.
- Read the full press release announcement.
- To find out more about our Merchant Onboarding API that seamlessly integrates with existing rules or machine-based risk models, and our Merchant Review SaaS product, attend our launch webinar on April 20th!