New Solution Brief Available: Paperless Merchant Applications

 

Signing-up new merchant accounts is a complex, multi-touch process of capturing and processing data between Independent Sales Organizations (ISO), Merchants and Acquirers.  ISOs require merchants to fill out lengthy customized applications and to send ancillary documents such as bank records, void checks, or other forms of disclosure.  Once complete, the tedious process of transmitting the merchant application to the Acquirer begins. This involves time-consuming data-entry into appropriate Acquirer web forms, while also ensuring the Acquirer receives the completed application and all ancillary documents, to begin the adjudication process.

Sales professionals should be driving revenue — not pushing paper.

You are invited to download this industry brief which describes the top 5 pain points associated with the traditional paper-based merchant application process and how Recombo’s contract management software, Agreement Express addresses and solves these challenges for ISOs and Acquirers — instantly saving them time and money.

The Top Five Pain Points Associated with Paper-Based Application Processes.

1.  Compiling merchant application paperwork is too slow.   This time-consuming process of compiling or chasing down the appropriate paperwork eats up valuable selling time for sales representatives.

2.  Checking for errors wastes valuable time and money.  Once sales professionals have compiled the new account application package, they must submit them to the credit and new account openings department that are required to go through the contract package and ensure that all of the data is populated correctly.

3.  Supporting documentation is missing — slowing down the approval process.   To ensure a merchant moves through the credit approval process quickly, additional documentation such as void checks, financial records, certificates of incorporation and so on, must be included with the merchant application package.

4.  Identifying bottlenecks in the application process is difficult.  Whether the application package is with the merchant, the new account opening department, or somewhere in transit, sales representatives and sales managers lack the visibility into the status of the contract package.

5.  Securing sensitive information is almost impossible.  A paper-based application process is inherently open to compromise. The documents containing sensitive information (i.e. credit card) are often transmitted by fax or mail, and viewed by those collecting the forms.

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What is contract management software?

Paper-based contracts rely heavily on manual labor to assemble documents and forms, compile the required data, distribute documentation to the appropriate signatories — while also ensuring proper routing and approvals are met, and documents are error-checked, stored and eventually retrieved. Additionally, significant mail and courier costs are often incurred in order to distribute these contracts.

Agreement Express is a paperless, contract management software platform that replaces paper-intensive business processes and increases margins within days.  Agreement Express is revitalizing the contract management software market with technology that is powerful, affordable and rapid to implement.

Agreement Express by Recombo™ integrates four key product features that instantly impacts gross margins.

Document management Agreement Express is built around a document management system that enables organizations to efficiently manage contracts that flow through each step of the contract approvals cycle: create, distribute, sign, error-check, monitor, store and retrieve.

Digital signature technology Agreement Express is optimized to manage those documents that need formal or informal approval – primarily contracts and agreements. Approvals usually (although not always) require signature. As such, Agreement Express includes digital signature technology.

Workflow automation Agreement Express incorporates a robust set of built-in workflow automation features that enable organizations to rapidly automate even the most complex contract routing process. Contracts such as insurance, wealth management and merchant card service application forms; employee on-boarding, or equipment lease agreements all require a number of forms to be completed and various internal and external signatories to approve. Agreement Express can rapidly automate all of it.

Integration engine Agreement Express’ flexible integration engine enables users to import contract information from websites or front-office systems, and store completed contracts into any internal or external back-office system.

To learn more about reducing operational costs with digital merchant application workflow software, visit us here merchant card services

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