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5 Types of Onboarding Services

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5 Types of Onboarding Services

The process of Onboarding can bridge the gap between the partner and the business. The onboarding process is nebulous and fast; however, it will pay off dividends over the long haul when handled with due care and attention.

Onboarding is among the fundamental elements of Hiring Success. However, often, this process is neglected and not valued. The right onboarding procedure can help put individuals on the right path to success within your business or direct your employees in the wrong direction.

In a world where companies are spending more money than they ever have before on recruiting and retaining their talent, why should they not do more than help provide employees with the right guidance at each step towards achieving their goals?

Let’s review the actual significance of Onboarding, what is the key to an unforgettable experience onboarding, and the ways your business can continually measure, improve and enhance its onboarding process.

What Is Onboarding?

The health crisis that has hit the world recently has impacted various geographies and industries and, of course, the payment sector, which has undergone an unimaginable change. The habits of consumers have changed to online shopping for goods and services, which has led to the need for speedier Onboarding and more frequent surveillance to minimize the risk of fraud and ensure compliance with merchants who acquire.

In the process of integrating newly-established merchants, automatization is crucial to ensure an easy transition from the earlier time-consuming process to a smoother, more efficient process that minimizes friction on the part of the new merchant. What steps can the merchant acquirers take to ensure they are ready to face the new challenges of altering the customer experience and minimizing the risk?

Automatization of processes

Acquirers must provide an efficient and smooth experience for merchants for their clients. As the epidemic accelerates the shift of the public toward an increasingly online-based lifestyle, small-scale digital-only businesses that have low margins are constantly appearing, and the need to go live fast. For them, an efficient onboarding process is essential.

Before an underwriting decision is made, the typical merchant onboarding process consists of many steps that need to be completed, as illustrated in the below creative. It’s typically a 3-5 day procedure. The process can be too long in the past in light of the current economic climate and the particular nature of micro-merchants that are online only. 

Algorithms and analytics

Acquirers must possess precise and objective information and data and be able to analyze the data with analytic models and procedures. Tools should permit the buyer to import scorecards, models, tables, and trees and be fully customizable for the user. Acquisition companies often have historical information on applicants and external data. However, it isn’t easy to access due to the plethora of data. Instead of going through the hassle of trying to consolidate all data that is relevant to you in one place, create a system that allows you to pull data from different sources and access it whenever you require it.

Effective monitoring rates

Risk management shouldn’t be the main concern for merchant acquirers or their customers as they go through the process of Onboarding. The portfolios of merchant acquirers are becoming riskier because of the increased digitization and the demand for new payment options. New entities are rapidly popping into the market, and the barriers to entering the digital/ecommerce industry have grown. Implementing advanced systems can utilize both external and internal information to verify these new entities.

5 types of onboarding services you need to know

The 5 types of onboarding services you need to know include:

  1. Merchant Onboarding

Merchant onboarding is an online process for confirming your company. It allows you to create an online profile for your company, which includes vital information, including business name and address, the date of incorporation, and more. It is an electronic footprint of your company’s online presence to ensure clients and creditors have access to this information anytime they’d like. The benefit of merchant onboarding is driving clients to online verification. The number of consumers who opt for digital verification is growing every day.

  1. Seller Onboarding 

Seller Onboarding involves helping new sellers into your network.

Your sellers are, in the end, the core of your company. You want to find the best investors; you wish to get them excited about joining you.

The process of Seller Onboarding is only the beginning of the direction of an ongoing relationship. Not only will it help to establish expectations for the association, but it also offers you the chance to learn about the motivations of sellers and establish a precedent for what’s to come and what your vendor can expect from you.

  1. Partner Onboarding

Partner onboarding is a step-by-step procedure for introducing and integrating the new partner into your partnership program. It establishes the foundation and establishes the basis for your partnership. Any major glitches during the process could jeopardize the future of your new partner and force them into the arms of a rival. The process of onboarding partners starts when the contract is signed. Usually, it consists of business planning, technical training, sales training, and integration of systems (if required) and typically extends to support for marketing, co-selling, lead generation, and first successes.

  1. Vendor Onboarding

Vendor Onboarding is the process of gathering the necessary documents and information essential to allow or accept a company’s status as a vendor or supplier to the business. The objective is to make the buying process more efficient and faster, allowing companies to acquire the products or services they require and complete their payments quickly. In addition, onboarding vendors is an important step because it helps determine whether a potential vendor complies with applicable laws, regulations, and corporate requirements.

  1. Teacher Onboarding

A well-organized onboarding program directly impacts the retention of teachers, as well as resource management and costs for hiring. For example, retention rates for teachers can reach 93% when an onboarding program of the highest quality is implemented. But not all EdTechs have indeed made it through the cracks yet. This results in teacher churn and frustration among students.

Conclusion

The most important question is – what should you consider when choosing a merchant acquiring service to suit your specific company?

The answer will depend on your business’s strategy. One of the major aspects here is the location of your company.

  • If you are selling products or services within one country, you could avail of the services of a local bank that is acquiring it, which may be sufficient.
  • If you operate globally, it is preferable to collaborate with companies that provide payment processing and direct card acquisition.

Take your onboarding to next level with Taskmo

Digital technology translates to faster access, more availability, and speedy and rapid processing. With shorter wait periods, customers can make better decisions faster, and financial institutions can benefit too.

Taskmo’s Onboarding has assisted our customers in bringing down the overall time for Onboarding and speeding up processes by implementing efficient technology. Learn more about how we helped clients of a global bank to onboard effortlessly, or contact Taskmo now!

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