News!: Opus Technologies Launches FinGeniusAI Solutions – An Open Innovation Platform for Building Future-Ready Solutions.. Know More
News!: Opus Technologies Launches FinGeniusAI Solutions – An Open Innovation Platform for Building Future-Ready Solutions.. Know More

Merchant Onboarding

Digitalizing Merchant Onboarding for Speed and Accuracy

With extensive experience in delivering digital transformation solutions, Opus aims to automate merchant onboarding for banks and payment service providers. Opus facilitates application processing, due diligence, KYC and KYB verifications, underwritings, contract finalization, compliance, and legal checks.

Key Challenges Faced by Banks, and Payment Service Providers

Merchant Onboarding Solutions and Services
Merchant Onboarding Solutions

Lengthy and complex manual offline onboarding process

Inefficiencies in merchant onboarding services

Inefficient handling and storage of physical verification documents that pose security risks

Customer view

Absence of standardized protocols for verifying AML, KYC, KYB, and regional-regulatory compliances

Auditing Practices

Difficult to collaborate with multiple international and local agencies to verify merchant details

Customer Complaints

Ineffective consumer support to resolve merchant’s queries promptly

Block Scalability

Need for scalability and reliability for a digital merchant onboarding solution

Facilitating Smooth Merchant Onboarding and Management in the Digital Economy

Consumer spending channels are rapidly evolving into touch-free digital formats. Opus empowers banks, FinTechs, and PSPs to onboard merchants efficiently by transforming application processing, pre-screening, verification, and compliance validation. Opus employs a design thinking approach to simplify the onboarding process, cater to regional regulations and integrate international verification and payments platforms. Through AI/ML based algorithms, our team ensures top-notch security and data privacy measures and facilitates fraud prevention and dispute management.

Our Merchant Onboarding Services Include

eCommerce Stores

Transforming the entire merchant onboarding journey through identity verification, business model analysis, and compliance checks

Detection Symbol

Employing AI/ML for fraud monitoring using rule-based systems to differentiate genuine and fraudulent transaction behaviors

Customer Technical Support

Facilitating seamless integration with PSPs and acquirer’s payment platform to assess creditworthiness, handle complaints, and monitor fraudulent activities

Agreement Documents

Empowering the acquirer with access to international regulatory bodies and regional compliance requirements (PCI-DSS) to prevent fraudulent transactions

Notifications on Device

Enabling customizable alerts and smooth customer journeys via streamlined processes and user-friendly interface across mobile and web applications

Opus Facilitates Friction-Free Merchant Onboarding 

Performance Measures and metrics

Enhances efficiency and speed of merchant acquisition with advanced workflow automation

Security and Fraud Detection

Minimizes card frauds and issuer declines with self-learning enabled ML models for fraud monitoring

Customer Details

Reduces overall onboarding and underwriting costs with quicker turnaround times for KYC and KYB verification with API-based microservices architectures

Customer Behavior and Flow

Simplifies user journeys while minimizing manual intervention and errors with intuitive and user-friendly interface.

Startup Growth

Unlocks growth prospects and streamlines operations to ensure flexibility, scalability, and secure collaboration with client-centered digital merchant management system

Customer view Analytics and Dashboard

Enables future-ready security and data protection mechanisms across internal and external digital interactions

Recommended Resources To Explore

Frequently asked questions

Merchant onboarding includes all activities related to enabling a merchant or a business to accept customer payments securely through diverse digital channels.

Merchant onboarding is a part of the broader merchant-acquiring process. It enables the acquired merchant or business to accept digital payments securely while enhancing customer experience. 

Merchant onboarding is a 5 step process that involves pre-screening, identity checks, underwriting, merchant history gathering and screening, and compliance setup.

Payment onboarding is another name for merchant onboarding

A payment gateway facilitates digital transactions by communicating with banks, credit unions, and other financial services providers. Whereas, a merchant account is a temporary holding account where all payments land (in real-time) before being dispatched to the associated bank.