There's no doubt that the COVID-19 pandemic has led to the evolution of a cashless society paving the way for contactless transactions. A recent study conducted by Razorpay revealed that last year, the number of virtual transactions in the country rose to a whopping 383%, sounds promising enough, doesn’t it? Several fintech experts even predict that by 2024, the digital payments market in our country is sure to rise over INR 4 Trillion.
Also read: Vendor Onboarding
With increasing electronic transactions, it's time for payment facilitators to ramp up the process of onboarding merchants and vendors into the platform and meet the rising needs. In the last few years, there has been a steady rise in e-payments. Meanwhile, there has been a constant surge in the number of payment aggregators who have invested the need for merchants to quickly adapt to full-fledged digital transactions. If you are a payment service provider looking for an economical method to acquire merchants to use your platform, visit Taskmo now. At Taskmo, we provide you with an end to end dedicated service and attend to your needs in less than 24 hours.
Before we dive into the process of merchant onboarding in India, it is necessary for us to understand the meaning of merchant onboarding. Merchant onboarding in India refers to connecting a merchant to a payment processing platform. In other words, the merchant onboarding process in India refers to the process by which the merchants are recruited and integrated into the respective payment platform. In the traditional approach, merchant onboarding was a manual process that involved a lot of paperwork and back and forth between the merchant and the payment aggregator. It often became a hectic and strenuous process for the merchants since they lacked the technical knowledge to operate and use the payment platform. Today, with the rise of payment aggregators and payment service providers, several gig platforms like Taskmo are bridging the gap between the merchants and payment service providers and help to seamlessly onboard merchants onto the respective payment processing platform.
MERCHANT ONBOARDING PROCESS
Since you are already aware of the Merchant Onboarding process, let’s dive into the five step process that can make the merchant onboarding process simpler for you!
This is the first stage that the onboarding partner comes in contact with the merchant. At this stage, the individual performing the merchant onboarding process will identify the merchant, get in touch with the merchant. You can also say that this is the first place of contact and the merchant onboarding process starts from here.
Know Your Customer (KYC)
KYC, which simply means, 'Know Your Customer'. At this stage, Taskmo's merchant onboarders will verify the merchant identified and start with a simple screening process. The first step is to identify the type of business of the merchant and the industry it belongs to. The merchant onboarder will also look into their business model and enquire about the merchant’s operations. In addition to this, the merchant onboarder will also check if the business has additional owners and other relevant information required for the merchant onboarding process.
Merchant History Check
At this stage of the process, the merchant onboarders will be incharge to check the history of the merchant. The merchant who will be boarded onto the platform will be checked to ensure that they have a clean record of all their business transactions. At this stage, the merchant onboarder also performs another important task, in certain circumstances when merchants operate in business in industries like medical, healthcare, agriculture, FMCG, and so on our merchant onboarders check if the business owner possess all certifications and other legal documents that are necessary to run the respective business. This is the most important step in the merchant onboarding process and our onboarding partners will carefully scrutinize every document and follow the process thoroughly.
Merchant Sign Up
Once the identified merchant has passed through the history check successfully, the merchant moves to the last step in the merchant onboarding process. The merchant onboraders at Taskmo, will now board the merchant into the platform and sign them to the respective payment gateway system. Voila! The merchant has successfully signed to the platform.
Once the merchant has signed up on the payment platform, from there the merchant takes full charge and conducts his day to day operations through the payment gateway system. Our merchant onboarders at Taskmo, will also have frequent follow up sessions with the merchants to make sure that they are completely aware to operate the platform and solve their queries and concerns.
In today’s digital world and the expanding digital payments markets, it’s time for all merchants and vendors to upgrade themselves to the present needs. Whether you are a payment service provider or a payment aggregator and you wish to onboard merchants to your platform, visit Taskmo and speak to our experts today!