Merchant Onboarding is the process of setting up a new merchant to accept credit and debit card payments. This includes:
- Performing due diligence and risk assessment — Due diligence involves verifying the merchant’s business details, checking their credit history, and ensuring they are not listed on any fraud or sanction lists. Risk assessment involves evaluating the merchant’s business model, industry, and transaction history to determine the level of risk associated with their account.
- Setting up the merchant account — This involves completing the necessary paperwork, setting up the payment gateway, and configuring the merchant’s point-of-sale system or website.
- Providing the necessary equipment or software — This involves sending point-of-sale (POS) terminals, software login credentials, and other related items.
- Training the merchant on how to use the system — This involves explaining the features and functionalities of the payment gateway, teaching them how to process transactions, manage refunds, and handle chargebacks.
The onboarding process is crucial for establishing a successful relationship between the merchant and the payment processor, and for ensuring that the merchant is fully equipped to start accepting card payments securely and efficiently.