Safe at Top Speed: Faster Approvals Without Adding Risk


March 19, 2021

Payment facilitators that can reduce underwriting review and offer faster merchant approval typically increase their revenue, sometimes dramatically. However, they also dramatically increase their risk. Fortunately, there’s a better way.

The right underwriting automation software can provide you with custom risk scorecards that enable rapid merchant approval without increasing risk. Merchant ScanXpress (ScanX) from Agreement Express was designed with exactly this goal in mind.

Merchant ScanXpress increases your processing volume by using a next-generation scorecard to automatically review all merchant applications, and provides your underwriters with recommendations on whether to approve or deny the application, and flagging any potential issues that may need a human underwriter to make the final call.

Leap tall checks in a single bound!

Merchant ScanXpress turns even the most mild-mannered underwriter into a superhero, able to process applications at incredible speeds, while bringing the full force of their abilities to bear on the files that actually need the most attention. Using Merchant ScanXpress, each individual underwriter can work much faster, without decreasing the number of vital checks done on each applicant. Simply put, ScanXpress brings you revenue quicker, while also decreasing back office costs.

Time is an underwriter’s most important resource. Merchant ScanXpress (ScanX) gives your underwriters the power to know right away if a particular applicant isn’t suited to your organization. This automatic underwriting function means the merchants you really want will rise to the top of your underwriters’ list. In turn, this leads to faster approvals of your merchants and increased revenue for your company.

Merchant ScanXpress was designed with the needs of payment facilitators in mind, and with an awareness that every payfac is different. A payment facilitator onboarding physicians may have very different needs from a payfac interested in approving pawn shops. That’s why the solution is completely configurable, allowing you to easily customize Merchant ScanXpress to the precise needs of your business. 

Easy configuration and built-in templates

The system was built to be configurable, but many of our clients find that it’s not necessary. Merchant ScanXpress has a huge library of existing rules to choose from, meaning you will likely find that what you need already exists and can be put into place with no effort at all from your team. Boilerplate templates and modules have been built for you already and can be put in place with absolutely no work on your end.

Merchant ScanXpress uses underwriting best practices to build its custom and channel-specific scorecard. The team at Agreement Express works constantly to ensure that all industry best practices are continuously followed.

Click here for more information on how Merchant ScanXpress can boost your underwriters’ abilities to new heights, or contact us here