The Great Resignation – If You’re Losing Underwriters We Can Help

The_great_resignation

April 6, 2022

With the pandemic prompting many of us to reevaluate our careers, workplaces across North America are facing a labor shortage, and the payments industry is no exception.

A record 4.5 million US workers walked off the job in November 2021. Commentators may be calling it ‘The Great Resignation’ and predicting it’ll last for the foreseeable future, but there’s nothing great about losing staff – especially if you’re a payment service provider and those employees heading out the door are your rockstar underwriters.

Payment providers rely heavily on the expertise of their underwriters, with their unique skill-set and industry know-how making them almost irreplaceable. Almost. With the right tech tools, there is a way to grow your business even as your team shrinks, achieving the Holy Grail of doing more with less.

Agreement Express’ automated underwriting tool, Merchant Scan Xpress, helps payment facilitators stay compliant with KYC and AML requirements while streamlining workflows to reduce the burden on underwriting teams. 

Our software uses automated risk scoring to quickly comb through the documentation and flag high-risk accounts. You can even enable automated decisioning to allow merchant applications to be either auto-approved, auto-declined, or recommended for underwriter review. This way your underwriters can focus on the cases that require their attention and set aside those that don’t. Our clients call it “an absolute game changer”, we call it the future of underwriting.


Why you need our
automated underwriting system

Merchant ScanXpress outperforms any comparable tool on the market, delivering consistent results that are effortlessly scalable so you can efficiently handle current business, and any future growth.

Easy to use, our integrated interface allows underwriters to set customized data points and choose from more than 100 pre-built risk scorecards so the system knows exactly what to look for when deciding which files to tag for manual review. Our program uses KYC SiteScan, an automated due diligence tool that scans a merchant’s website and internet presence to compile a detailed KYC report. This eliminates KYC bottlenecks and gives payment providers peace of mind that they’re fully compliant with all relevant regulation. 

Branching out into new business? No problem. You can tweak your risk models at any time to cater to all different kinds of merchants. The system is also flexible enough to smoothly integrate with any existing identity verification, authentication, and credit scoring systems you’re already using. 

But it’s not entirely hands-off. Your senior underwriters still need to oversee everything their department is doing so we’ve made it easy for them. Users simply log into the dashboard to view all activity at a glance, getting real-time stats on merchant abandonment, risk scores, approvals rate, and more.

Our innovative platform doesn’t just make life easier for your underwriters. The benefits also trickle down to merchants, who love nothing more than speedy, frictionless service. That’s why merchants have given our system a Net Promoter Score ranking of 78, making us kind of a big deal.


The underwriting revolution is here – are you ready for it?

With the workforce in an unprecedented state of upheaval, payment processors have to be ready for anything. High turnover, poor staff retention, knowledge loss – these can all be devastating to a business’ bottom line. 

Embracing automated solutions helps payment providers navigate these challenges by maximizing their underwriting resources while simultaneously improving the quality of their merchant onboarding and approval services. 

Merchant ScanXpress will relieve the burden from overworked and under-staffed underwriting teams today, while positioning PayFacs for growth tomorrow. And when the Great Resignation transitions into the Great Return (as many industry experts predict it will), you’re ready to get ahead of the competition with a system that can quickly assimilate large volumes of new business – and also doubles as a highly-effective training tool.

By setting your own risk criteria and benchmarks in our system, you’re creating an accessible yet secure record of all your risk management processes. This allows you to onboard new hires much faster, so they can hit the ground running without a lot of hand-holding. Even junior underwriters can produce quick and consistent results using our software so your business won’t suffer while you search for more experienced staff.

Protect your business from resignations, risk, and any other disruptive forces on the horizon with our market-leading automated underwriting platform. Contact us today to book a demonstration and see exactly what Merchant Scan Xpress can do for you and your merchants.