CMS Cut Merchant Approvals From Hours to Minutes With Merchant ScanXpress

CMS Case Study

May 16, 2022

Complete Merchant Solutions (CMS) isn’t just a leading provider of tech-enabled payment processing solutions, it’s also one of the fastest growing privately held firms in the US. The company’s rapid growth is underpinned by its willingness to innovate and embrace cutting-edge solutions that deliver the best possible merchant experience.

To keep up with its expanding global portfolio and continue delivering exceptional service, CMS chose Merchant ScanXpress, an automated underwriting system that enabled the company to cut their approvals time from hours to minutes – all while staying compliant with KYC/AML regulations and significantly reducing their risk of merchant fraud.

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The Problem

One of the biggest things CMS was looking for was time – more time for their underwriting team who were hampered by unnecessarily lengthy processes.

Their previous approvals process had become an obstacle to their growth, and their ability to monetize their merchants, as underwriters laboriously gathered all the necessary documentation, waited for merchants to respond, and then made their decision. This cumbersome conveyor belt meant that even low and medium-risk merchants were tying up the underwriting team.

“Previously our underwriters were taking 2+ hours to underwrite medium-risk clients. With Merchant ScanXpress, we are able to compile information and make decisions on some merchants in 20 minutes!” – Alice Dassau, CMS


The Solution – Automated Onboarding and Underwriting

After adopting Merchant ScanXpress, CMS was able to offer quick and frictionless merchant onboarding. The highly configurable risk scorecard allowed their underwriting team to plug and play third party services from a library of 100+ scoring rules and integrations with partners such as Experian, GIACT, and KYC SiteScan.

Streamlining the approvals process, the software combs through merchant applications near instantaneously, flagging those that need further consideration and green lighting those that don’t.

In this way, the program also allowed the company to step up its compliance and risk reduction, with a system that generates highly accurate and reliable results.

CMS’s previous reliance on manual appraisals hampered their ability to scale as the business grew, increasing the risk of error or delays caused by continuing to add and train headcount, as opposed to helping the team achieve its peak productivity while leaving the mundane tasks to the intelligent automation.

“Digital decision-making is new for CMS, previously we relied heavily on intuition when approving or declining merchants. With programmed scoring, our results are consistent and repeatable, allowing us to focus our time on growing our business,” says Dassau. “Incorporating digital risk underwriting into our company’s process drastically reduces the business risk of our company.”

This shift away from intuitive decision-making is particularly relevant given the current labor shortages. With the “great resignation” emptying out underwriting departments, many payment service providers are struggling to retain the right talent.

Even with that talent in place, simple human error can still disrupt accuracy and productivity. Studies have shown an unexpectedly high variety in decision-making between two equally trained and qualified underwriters on the same team. Variables such as the day of the week or personal circumstances can often affect underwriting decisions, leading to inconsistent results.

CMS is Here to Stay on Top

CMS prides itself on being an innovator, leveraging the latest digital tools to stay at the forefront of the electronic payments industry, while providing world-class support and service to their partners and merchants. That’s why, when it came to modernizing their approvals processes, the clear choice was Agreement Express’s best-in-class product suite.

The Agreement Express software suite transforms every stage of the merchant lifecycle – from streamlined merchant onboarding with Merchant ScanXpress to ongoing merchant monitoring with MonitorX. See Agreement Express solutions in action, contact our team to schedule a demonstration today.