A Guide to Merchant Onboarding Jobs in India

To carefully onboard new merchants, payments industry players come up with effective merchant onboarding procedures. It swiftly filters out bad merchants from reputable ones and adds only the former to its database.

For every payment service provider and merchant acquirer, onboarding is crucial. Your firm will develop and make enormous profits as a result of being able to use additional secure transaction choices. 

Merchant Onboarding Overview

In India, the process of onboarding a merchant or vendor to a payment industry platform is known as merchant onboarding. To put it simply, merchant onboarding is the process of adding new merchants or suppliers to a particular payment gateway system. It authenticates your company and assists you in setting up an electronic profile that has all the relevant information.

The importance of merchant onboarding lies in its ability to protect payment service providers’ reputations and identify fraudulent activity. Numerous PSP organisations confirm the legitimacy of the company. To guarantee smooth operations, this onboarding procedure has to gather data on a new merchant utilising a thorough and precise risk assessment.

Many merchants that operate online gaming or gambling sites are more likely to be dishonest and have a criminal history. It takes more time and is laborious to verify all the information about the merchants and their companies. To avoid losing potential merchants, PSPs need to expedite the merchant onboarding process. 

Merchant Onboarding Practices

Automated onboarding procedures are widely available from payment service providers, which helps PSPs and merchants save time and money. The onboarding phases may be seamlessly integrated thanks to automation. Several methods for merchant onboarding consist of:

Merchant KYC Process

Verifying the merchant through a KYC process guarantees that the company is real and active. Additionally, it guarantees that the account submission is approved. The background check that the merchant must provide for this process might take some time to complete.

Nonetheless, you may expedite the KYC procedure by utilising modern technologies and the progress made in digitisation and automation. Rather than sending each document in paper form, you can submit all the necessary papers for verification online. Since most PSPs offer API-based interfaces that enable merchants to save time by submitting their applications directly to the PSP web platform, automating the KYC process also reduces the need for human labour.

Prior screening

The acquirer prescreens merchants before accepting their applications for merchant onboarding. It is a short procedure that guarantees merchants have everything organised. It aids PSP in identifying and getting rid of blatant con artists and fraudsters.

This is the typical initial step that many PSPs carry out. Through this procedure, merchants and onboarding partners may initiate communication and proceed with the process.

Analysis of Business and Operational Models

When onboarding a merchant, the Merchant Onboarding Partner analyses the business and operational models and assesses the degree of risk. It offers a clear, common, and basic perspective of any business. PSP uses this technique to develop ways for accurately determining the kind of organisation. To avoid any, this procedure is only carried out for high-risk merchants.

Wrapping Up 

Merchant onboarding jobs, as explained above, have numerous processes to see through. Not only at the time of acquiring merchants but also after the same. If you are searching for merchant onboarding jobs in India, contact reBLISS – a platform that provides work across sales, logistics, merchant onboarding and several other related profiles.