Page 32 - Banking Finance May 2021

ARTICLE

EMPOWERING

MSMES: TAKING

THE MERCHANT

ONBOARDING

PROCESS DIGITAL

O nboarding a merchant in less time with proper The traditional process of merchant onboarding can take 6-

due diligence has always been the prime
8 days. The process is time-consuming and tedious. Here is
objective for every acquirer in the market. The
a basic rundown of the current process of onboarding:
conventional process of onboarding merchants is
complicated. It is time-intensive and could require a lot of 1. An RM (Relationship Manager) visits the merchant
2. Physical application forms are manually filled in by the
back and forth with pages and pages of paperwork. merchant

3. Original documents are submitted to the bank
From a merchant perspective, the process is often seen as
cumbersome, time-consuming, and a less than desirable 4. The documents are sent for screening and verification
experience. From the perspective of the acquirer, it is costly, by the bank. In case something is missing or details
labour intensive and not efficient. Digitizing the process is incorrect, the merchant is again contacted and asked
an ideal solution. It provides speed, flexibility, and scalability. to provide further information.
5. Final approval is granted by the Merchant Acquiring
The traditional process of merchant Business (MAB)
onboarding 6. Merchant Identification Number (MID) is either
approved or rejected
About the author (MID is a unique number assigned to a merchant

account to identify it throughout the course of
Ankit Ratan processing activities)
Co-Founder,
Signzy, an AI powered RPA platform for
financial services Now, this process can have two models depending on the
level of input from the RM - Assisted model and Self model.

32 | 2021 | MAY | BANKING FINANCE