How To Quicken The Boarding Procedure For New Merchants
4 min read
How To Quicken The Boarding Procedure For New Merchants
Every business wants to make the process of boarding new merchants as quick and easy as possible. This is especially true for high-volume businesses such as restaurants, hotels, and retailers. Unfortunately, many businesses make common mistakes that can delay the boarding process. This blog post will discuss some tips on how to quicken the boarding procedure for new merchants. So, without further ado, let’s get started!
What is the main goal of businesses when boarding new merchants?
The main goal of businesses when boarding new merchants is to make the process as quick and easy as possible. By following some simple tips, businesses can avoid common mistakes that can delay the boarding process. Namely, a lot of businesses don’t realize that they need to verify the identity of their new merchants. This can be done by asking for some form of government-issued ID, such as a driver’s license or passport.
In addition, businesses should also make sure that they have all of the necessary documentation from the merchant, such as a signed contract and proof of insurance. By taking these simple steps, businesses can avoid delays in the boarding process and get their new merchants up and running in no time.
Make sure you have the necessary paperwork
One of the most common delays in the boarding process is due to incomplete paperwork. Make sure that you have all of the necessary paperwork before you begin the boarding process. This includes a completed application, credit report, and bank statements. The best way to sort out the necessary paperwork is to create a checklist. So, before you begin the merchant boarding integration, this will make sure you have everything needed. For a restaurant, you will need a copy of the menu, floor plan, and state-issued food service license. For a hotel, you will need a copy of the hotel’s certificate of occupancy.
Get organized
Another common mistake is to start the boarding process without being organized. This can lead to delays and confusion. Before you begin the boarding process, take some time to organize all of the documents and information you will need. This includes creating a file for each merchant and labeling it with their name and contact information. This will help you keep track of everything during the boarding process. So, for a restaurant, you would have a file for each location that includes the menu, floor plan, and state-issued food service license. For a hotel, you would have a file for each property that includes the certificate of occupancy.
Create a timeline
One of the best ways to ensure that the boarding process is quick and easy is to create a timeline. This will help you keep track of deadlines and ensure that everything is on track. For example, if you are boarding a restaurant, you should create a timeline that includes the following milestones:
- Application is complete
- Credit report is received
- Bank statements are received
- Menu is received
- Floor plan is received
- State-issued food service license is received
This will help you keep track of everything and ensure that the process is moving along smoothly.
Communicate with the merchant
Throughout the boarding process, it is important to communicate with the merchant. This includes keeping them updated on the status of their application and letting them know of any deadlines. This will help to ensure that there are no surprises and that the merchant is prepared for what is to come. Namely, you may want to send them a welcome email once their application is complete and let them know of any deadlines for the next steps in the process.
Complete the application in full
Another common delay in the boarding process is an incomplete application. Make sure that you complete the entire application, including all required fields. Incomplete applications can cause delays in the review process and may even be rejected outright.
For instance, you should make sure to complete all the fields even if the merchant is not required to provide that information. Also, you should include all attachments and supporting documents. If you have any questions, be sure to contact the merchant and ask for clarification. This will help to ensure that the application is complete and avoid any delays in the review process.
By following these tips, you can quicken the boarding process for new merchants. This will help to ensure that they are able to start using your platform as soon as possible and avoid any delays. So, make sure to have all of the necessary paperwork, get organized, create a timeline, communicate with the merchant, and complete the application in full. By doing so, you can make the boarding process quick and easy for everyone involved.
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