Improve Digital Merchant Onboarding with Rapid ActivationStreamlined merchant onboarding is an important step to payment partnerships. Your customers want simplicity and quickness when completing the onboarding process. If the process is too complex or time-consuming, many of your customers will abandon the process altogether in favor of a solution with a quicker, easier process. Simplifying the onboarding experience can help decrease merchant abandonment and attrition and increase customer satisfaction and adoption. In research conducted by North Highland Worldwide Consulting and Harvard Business Review, over 80% of executives reported that “an increased focus on onboarding offers moderate to significant positive impact for revenue, client retention and client referrals over the life of the relationship.” In the same study, 85% of executives agreed that successful customer onboarding helps to ensure long-term customer loyalty. These statistics show the importance of making sure your business offers a payment solution with a streamlined merchant onboarding process.
What is Rapid Activation and Why Does It Matter for Merchant Onboarding?Rapid Activation, a web-hosted enrollment form developed by OpenEdge, offers a comprehensive enrollment solution for partners and merchants. It transitions new-client enrollment from sales representatives on the telephone to a web-hosted solution to increase overall value for your customers as they enroll for services. Rapid Activation allows you to change your model from having payment processing services “sold” to your customers to having those customers simply “activate” their payment processing.
Why is Rapid Activation Important to the Digital Merchant Onboarding Process?A digital merchant onboarding solution like Rapid Activation simplifies the onboarding process, and makes it less time-consuming for your customers. It helps your customers onboard quickly, and allows them to get a payment processing solution they want. It allows them to self-service by filling out a full online application with e-signature, rather than having to spend time speaking with a sales representative.
How Rapid Activation Benefits You
Recent research shows that only 16% of customers report that they always receive a consistent and cohesive onboarding experience. Making the digital merchant onboarding processes easier for your customers is imperative for your business. A merchant onboarding solution like Rapid Activation helps you accomplish that by providing the following benefits:
Easier sales process - Merchant onboarding is often described as tedious and time-consuming. Rapid Activation helps alleviate the struggles of the onboarding process.
Increased revenue - Onboarding merchants quicker and more efficiently allows you to onboard more merchants in less time, thus increasing your revenue stream.
Greater adoption and close rates - With a quicker, easier, onboarding experience, merchants are less likely to abandon the onboarding process.
Increased customer satisfaction - Streamlining the merchant onboarding process makes customers happier with it - and with your company.
How Rapid Activation Benefits Your Customers
Many customers report having issues during the onboarding process. Forty percent of customers cite “service or support quality and/or timeliness” as one of the most common issues they run into during their merchant onboarding, and 36% cite product functionality as a common issue during onboarding. Rapid Activation helps alleviate these issues by providing the following benefits:
A holistic, streamlined experience - Merchants can complete electronic sign-off on their completed online application. In addition, the application login can be used to access OpenEdge View after the merchant is boarded.
Ease of use with a user-friendly interface - Rapid Activation includes “tool tips” to assist with gaining accurate information from the merchant to avoid hang-ups.
Reduced data entry requirements - There is no longer a need for a merchant to attach a voided check.
Applications completed within hours - Data validation tools create a quicker underwriting experience. Underwriting is expedited and decisioned within hours versus days.
What Does OpenEdge’s Rapid Activation Include?
During the merchant application process, Rapid Activation allows for:
Automatic transmittance of merchant data
Elimination of the need for a representative to directly contact the merchant to complete the application.
Expanded functionality to allow OpenEdge the ability to view, update, and manage merchant-supplied information within the Rapid Activation platform, which allows OpenEdge to directly support merchants with Rapid Activation if needed