Linked2pay, the platform provider of Bank Centric Payments, announced on Wednesday (Sept. 21) that it has added automated merchant approval and onboarding to its service.
"The merchant approval process for payment solutions other than credit card has long been labor-intensive and time-consuming for acquirers, ISOs and their merchants,” said Robert "Jay" McShirley, CEO of linked2pay, in the press release. “Our automated approval process remedies that by making it paperless and automatic. After clicking the button to submit their online application to the bank, an approved merchant will instantly get a welcome email with their access credentials and simple instructions to securely activate their account."
According to the press release, when a merchant registers online for bank payment solutions, the information they provide is validated; if they score in accordance with the automated acceptance criteria (set by the bank operating as the Originating Depository Financial Institution), they are approved and onboarded. Merchants that score below the automated acceptance criteria set by the bank will be prompted to provide additional information, still in paperless form. The Bank Centric Payments platform improves the merchant onboarding process because, unlike a paper application, the online registration process conducts real-time applicant verifications. Merchants register online via risk management-enabled forms that confirm the approval criteria to streamline onboarding, the company noted.
"This approach improves registration efficiency by providing the Know Your Customer (KYC) elements to financial institutions, while enhancing merchant service delivery. It demonstrates the value of data integrated to a live registration, underwriting and onboarding process," said Bradley Blacker, director of alliance partners and integration at LexisNexis Risk Solutions, in the same press release.