Six Tips to Drive Merchant Applications
November 2, 2018
If there’s one thing that prevents merchants from signing up for payments offerings, it’s the application process. With hundreds of fields and crowded information, traditional applications are difficult to decipher and complicated to submit.
Say Goodbye to Traditional Applications
Currently, sales professionals walk merchants through the application process in person or on the phone, and earn their commission by following up multiple times to see if the merchant has had the chance in their busy schedule to submit it yet. I think we can all agree that this is not the most efficient process and will greatly slow down your time to revenue. There are much simpler and efficient ways for your merchants to submit applications and get onboarded in a timely manner. The secret? Automated merchant applications.
The Stats Speak for Themselves
Automated merchant applications make the merchant application process easier and completely digital, all while collecting insightful data for critical business decisions and process improvement. Your underwriters and merchants have the ability to access all the files and tools they need under one platform. In fact, ISOs and merchant acquirers who use relatively traditional merchant application methods see a 70% application abandonment rate, on average. Those who have adopted fillable PDFs and simple eSignature tools reduced their average merchant application abandonment rate to 50%, and those who are have optimized their application process to compete with digital disruptors have reduced it further to 20%.
With 1 in every 5 merchants leaving their service provider each year, it is increasingly important to maximize the number of incoming applications to fill the revenue void, and to keep them once they’re in. By using an automated merchant application software such as Agreement Express’s, you will have access to all your applications in one place, be able to process 10x more applications, and will save days of time.
The merchant application process and the application itself can be optimized in relatively simple ways to increase submissions and optimize the sales pipeline.