Today, let’s talk about Acquiring-as-a-Service.
Look – running an independent sales organization (ISO) can be quite a hassle, given that the key to business growth is being able to manage a large and diverse database of merchants.
An average ISO usually has a few hundred merchants on their books. It takes a lot of time and human resources to manage hundreds of accounts, while constantly attracting and onboarding new clients.
We talked to several ISOs to find out what would make their lives easier and help them manage their merchants’ accounts more effectively. Here’s what we found: in an ideal world, all ISOs would have their own centralized system where they could have a clear overview of their current settlement with the merchant, as well as their financial performance.
The problem, however, is that building such a system from scratch can be time-consuming and costly. So, now what?
What is Acquiring-as-a-Service?
Acquiring-as-a-service is a category of digital tools to facilitate client acquiring.
Think of it as acquiring management software that enables its users – such as ISOs, PSPs, and ISV’s – to do their job better and at a greater scale. At Paynt, we have created just that.
Our client acquiring solutions allow ISOs to fully automate client onboarding, as well as manage and overlook their clients’ accounts in one place. Paynt also features a variety of built-in payment methods and card acquiring services to help service providers expand their offerings. Paynt-provided card acquiring services also easily integrate with other tools.
In a nutshell, it’s a comprehensive client acquiring solution that helps ISOs with everything from client acquisition and onboarding to payment acquisition and account management.
Now, let’s look at the benefits Paynt offers to its clients running ISO businesses.
An acquiring solution for more efficient and faster client onboarding
For ISOs, the biggest source of frustration in relation to onboarding processes and the tools that offer this service is how inefficient and cumbersome they can be. For example, you may be requested to submit the same document at various places, which takes time and a lot of sit-and-waiting for these documents to be processed.
Time is money, especially for ISOs whose business is built on commissions from each transaction. As long as merchants aren’t able to receive payments, ISOs are unable to earn commissions.
Paynt has built a scrupulous process where many of these application and onboarding processes are automated and optimized. Here’s what we offer:
- Templates to optimize the majority of ordinary merchant application processes
- An option to run know-your-client (KYC) verification checks in real-time via the platform
- An automated verification solution that, whenever possible, pulls the necessary information from various national registries, saving a lot of time
- An onboarding environment that can approve and activate merchants in under 15 minutes
- An option to exchange documents and sign them electronically via the platform
Besides, Paynt is built on cloud architecture, meaning it’s accessible anywhere with an internet connection or mobile network coverage. You can literally onboard new merchants on the go and offer your merchants the option to fill out their applications on your mobile device, as you guide them through in person.
Improved transparency and better service for your merchants
The ISOs we consulted when building the Paynt platform admitted that for them being able to track the growth of their merchants’ turnover is crucial. After all, merchants with the highest turnover are the most valuable, and should therefore be paid special attention to.
For merchants, on the other hand, an important factor when choosing the ISO to partner up with is proactive customer service and timely payouts. This is another reason for ISOs to optimize their client account management so that they would be able to guarantee these things, which, at the end of the day, builds the company’s reputation.
Here’s how Paynt can help:
Once merchants are onboarded, their activities and overall performances are easy to monitor with Paynt’s intuitive user dashboards. The platform ensures complete, real-time commission reporting and payout summaries – the data that’s important for ISOs to follow in order to build a lasting, win-win relationship with their merchants.
What’s more, Paynt has also built a dashboard for merchants where they can have a 360-degree view of every transaction, deposit reporting, and statement history. It’s available 24/7 and is the place for merchants to track their business performance.
Proactive risk management for merchants using card acquiring services
Proactive risk management can make it or break it when it comes to accepting payments through card acquiring services. It allows companies to anticipate and control (or even eliminate) potential risks before they can damage the business, budget, or bottom line.
Paynt platform keeps an eye on 30 red flag indicators and notifies you about suspicious transactions and accounts on your portfolio. It also allows you to set up your own parameters to track suspicious activity, as well as create turnover caps and limits for certain accounts if necessary.
A client acquiring solution that’s built for ISOs
Paynt was built to make the life of ISOs easier so that they can focus on sales and generate new revenue streams in a more efficient way. The result is a plug-and-play solution for ISOs that are looking to offer multiple payment methods for their merchants with bank-grade security.
Want to find out more? Don’t hesitate to reach out to us!