BlueSnap SNAPS the competition with Automated Underwriting & Onboarding

Bluesnap_blog

May 10, 2022

When payment facilitator BlueSnap found itself on a trajectory for company growth, the company realized it needed an innovative onboarding and underwriting solution that could comfortably keep pace with its expanding portfolio. To upgrade their infrastructure, BlueSnap turned to Agreement Express, known for best-in-class onboarding and underwriting solutions.

With the implementation of Agreement Express, the team at Bluesnap was able to automate previously time-consuming underwriting tasks – helping them expand globally and strengthen their position in the highly competitive payments marketplace.


Delivering A Superior Onboarding Experience

BlueSnap’s all-in-one payment platform supports multiple forms of payment, across multiple locations and industries. Like many in the sector, the business has boomed in recent years as more and more people head to the web to work, bank, and shop.

While a growth surge is obviously good news, BlueSnap soon realized that it needed to scale up to meet demand – and quickly. The manual processes they’d relied on in the past simply weren’t sufficient and risked creating chaotic workflows and efficiency gaps as BlueSnap took on more business.

The company’s first instinct was to hire more staff and it braced itself to take on dozens more employees to handle the extra workload. Using Agreement Express, however, they were able to cut back on hiring, reducing the proposed number of new staff by as much as 80%. 

By choosing Agreement Express, BlueSnap was able to seamlessly make the switch from manual to automatic – moving over manual merchant onboarding, KYC compliance checks, risk assessment, and more to the innovative underwriting software. 

With an automated underwriting solution in their tech stack, BlueSnap could avoid the cumbersome work of taking on new staff while offering one of the best merchant onboarding experiences on the market.


Positioned For Growth

“As a payment facilitator, being able to automatically approve our Merchants is critical to our business and it is Agreement Express’s technology that has really enabled us to get there,” – Terry Monteith, SVP Acquiring & Payments

In their mission to provide market-leading service to their merchants, BlueSnap knew they needed to provide a seamless onboarding experience that delivered quick, convenient, and easy onboarding. Automation was the obvious answer – replacing time-consuming manual checks with data-driven decision-making.

Using Agreement Express’ automated solutions freed up BlueSnap’s underwriting team so they could focus on high-value tasks and maximize their resources. Now the company is able to approve prospective merchants within minutes, working from a risk scorecard with pre-set customized criteria.

“Without that automation and that quick turnaround you’re really not able to be as competitive in the market as we are now,” says BlueSnap CEO Ralph Dangelmaier. “We’re now able to quickly assess an application and run all the checks. We’re seeing great accuracy with the tool.”

Being able to easily handle increased volume has also helped the company, which is headquartered in both the US and Europe, solidify its global footprint.

“Much of the work that was done previously that was manual in nature has all been automated. It gives us a competitive advantage because we’re able to do it globally and not just in one specific region,” says Monteith.


Looking Ahead

Agreement Express was able to assist BlueSnap as the company fulfills its commitment to innovative solutions and exceptional service. The BlueSnap team can now confidently plan for the future as they look ahead to even more growth in the years to come.

Tailor-made for PayFacs, ISOs, ISVs, and merchant acquirers, the Agreement Express suite is designed to facilitate easy merchant onboarding, management, and monitoring across the entire merchant lifecycle. Contact us today to schedule a demonstration and see how we can help you build your business the BlueSnap way.