Merchant Onboarding in India
Is the process in which a merchant or a vendor is onboarded to a payment platform. In other words, merchant onboarding is the activity through which new merchants or vendors are added to a particular payment gateway system. In the present computerized world, it's all digital wallets.
We are moving towards a cashless economy and this calls for merchants and vendors to raise the standards and move towards adopting digital payment systems. Given this, Merchant onboarding in India has additionally become a need of great importance. At Taskmo, we offer merchant onboarding services in India for all organisations, firms, fintech corporations, and even startups and help in onboarding merchants five times faster.
Now that we have understood the meaning of merchant onboarding, let’s quickly take a look at the benefits of merchant onboarding in India.
Today customers are demanding faster access to products and services as their needs are ever-growing. Keeping this in mind, vendors and merchants opt for digital payment gateway systems that are equipped to respond to customers' needs swiftly.
Merchants can promptly receive and accept payments. You can accept payments in a matter of seconds with only a simple scan.
When you sign up to a payment processing platform as a merchant, you'll be able to easily trace all of your transactions. With just a few clicks, you can easily track your transactions on a daily, weekly, and monthly basis which will eventually help you to track your sales and performance figures.
When you use a payment platform as a merchant or a vendor, you can rest assured that all of your transactions are safe and secure.
Now that you are aware of the benefits of merchant onboarding in India. Let's take a quick look at the merchant onboarding process. At Taskmo, we follow a very professional merchant onboarding approach to ensure that all merchants are quickly onboarded to your platform.
Preliminary Screening
At this stage, we first get in touch with the vendor and understand a simple screening process.
KYC
KYC, which simply means, 'Know Your Customer'. At this stage, Taskmo's merchant onboarders will verify the identity of the merchant. We will also verify the merchant's business and check if it has additional owners. We will also look into the respective merchant's business model and their operations.
History Check
At this stage of the process, we check the track record of all transactions between the business owner or owners. We also check if the business owner possesses all certifications and other legal documents that are necessary to run the respective business.
Merchant Sign Up
Once, a particular merchant has fulfilled all the requirements and passed all the checks. The onboarders at Taskmo will undertake the necessary steps required and ensure that the merchant has signed up to a payment platform.
With the increase in the number of customers opting for contactless payments and visualising a cashless economy, it only calls for us to accelerate merchant and vendor onboarding. It's time to make Taskmo your onboarding partner, meet our experts now.
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