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10 Steps to

Exceptional Merchant Onboarding

53% of merchants plan to expand payment methods in 2022 (Global Payments).

This is in reaction to a colossal shift in customer behaviour, which started in March 2020. That’s when, for the first time ever, the volume of card-not-present transactions surpassed card-present ones. 2+ years in, the shift has not reverted back yet and is expected to continuously grow.

The next few months will be crucial for both emerging and established payment service providers (PSPs) looking to expand their customer base and grow their business.

If companies want to stand a chance in the race to digital payment dominance, they need to offer a fully digital and seamless onboarding experience to their merchants.

However, with growing AML scrutiny by regulators across the world, proper due diligence is a must for any payment business.

If your business is currently struggling to offer the onboarding experience merchants deserve, we might be able to help.

In our 10-step checklist, we explore how Know Your Customer can help you cover all your basis and deliver exceptional merchant onboarding.

1. Centralise all operations within one digital workspace.

Digitise, streamline and automate key steps in your merchant onboarding process with our cloud-based solution built in Microsoft Azure.

2. Integrate with your front-end website.

Get off to a great start by offering seamless merchant onboarding directly on your website, leveraging automation to reduce drop-offs by 60%.

3. Access official company documents digitally.

Our proprietary technology sources official documents from company registries in real-time, protecting your business from the risk of fraud with trustworthy data.

4. Identify shareholder and UBOs instantly with AI.

Leverage our system's AI to identify shareholders and UBOs across multiple jurisdictions in seconds. Visualise intricate corporate structure charts to give you peace of mind.

5. Explore multi-layer company structures.

Instantly access intricate corporate structure charts built automatically by our system to help your investigation and give you peace of mind.

6. Easily meet your reporting requirements.

All steps performed by team members are automatically recorded in an immutable audit trail, while KYC and KYB reports are created automatically once a merchant is approved.

7. Perform AML screening on all businesses, individuals and shareholders.

All merchants, shareholders and directors are screened against PEPs, sanctions and other watch lists at the point of entry and on an on-going basis.

8. Verify ID documents from 180+ countries around the world.

Spot fraudulent ID documents through integrated ID Verification, performed automatically on all driving licenses, passports and national IDs uploaded by merchants through your website.

9. Be compliant at all times with Perpetual KYC.

Merchants are re-investigated automatically based on their risk profile. Material changes in shareholders and directors are flagged for your review. Requests for new ID documents are sent to merchants automatically ahead of their expiry date.

10. Easily import your back-book of merchants.

Bring your historic KYC and merchant data into your new digital workspace to centralise all operations and future-proof your onboarding process and AML defence for years to come.

Get a FREE Consultation

Discover the power of automated merchant onboarding.

Fill in the form with your details to request your free consultation. A member of our team will be in touch shortly to schedule a video call and discuss how you can best streamline and automate your onboarding process.

    Partnering with Know Your Customer has provided us with an extremely effective and efficient technology solution to support Neat’s ambitious growth in Asia and internationally.

    David RosaCEO, Neat Commerce
    Download Case Study
    Case Study: Fast Digital Onboarding for SME Clients in Hong Kong