Is Speed Important when Processing Merchant Applications? How TurboApp Can Help Your Team Work Faster

IRIS CRM Blog, ISOs, Onboarding
TurboApp

Your merchants are everything to your ISO because it’s through them that you build the all-important residual portfolio that will drive your success not only today but well into the future as well. Your formal business relationship with those merchants generally starts with the onboarding process – getting your newly signed merchant submitted to, and approved by, one of your partner payment processors. That process varies from processor to processor, but one thing that is true across the board is that, traditionally, it takes time. But what if you could do it faster? What kind of impact would improved speed have on your boarding process and your business as a whole? Let us introduce you to TURBOAPP.

 

The Importance of Speed When Boarding New Merchants

How quickly your ISO can board new merchants has a huge effect on your overall success because speed impacts everything from administrative efficiency to your earnings, to your ability to grow and maintain the best possible portfolio – it even impacts the well-being and happiness of both your merchants and employees. 

First and foremost, any delay in the processing of a new merchant application means a potential delay in your earnings. Merchants whose applications are stacked up on your team’s desks are merchants that aren’t earning your residuals, meaning that your ISO’s financial health is connected to how efficiently you handle the boarding process. Boarding speed also directly controls your boarding capacity. The slower your boarding process is, the fewer merchants your team can get signed up and approved in any given amount of time, creating an unnecessary bottleneck in your portfolio growth. 

Beyond your financials, any delay in processing applications also represents time in which the merchants themselves aren’t making money. As a result, delays in processing risk starting off your relationship with a new merchant on the wrong foot. Conversely, a speedy, successful application process with no hang-ups or hiccups will ensure things get off to a smooth start – and happy merchants are loyal merchants. 

With all that in mind, it’s important to understand that there is a difference between being fast and rushing. A fast process must also be accurate, and rushing almost always undermines that aspect of the process, leading to errors that could potentially be fatal to an application’s success. It’s absolutely crucial that any measures taken to improve boarding speed don’t cause a coinciding drop in accuracy.

 

How TurboApp Helps ISOs Work Faster and Smarter

The solution to faster and more accurate merchant boarding is IRIS CRM’s revolutionary TurboApp software. TurboApp addresses both speed and accuracy by automating as much of the boarding process as possible and minimizing manual data handling  – the aspect of the boarding process that is most responsible for bottlenecks and mistakes. 

With IRIS CRM, new merchant applications can be accepted digitally and pulled directly into TurboApp. The software then pulls the necessary data from the application and automatically uses it to populate fields in the boarding system. Because TurboApp connects to the boarding portals of most of the major payment processors, that data can then be automatically validated to ensure that each field contains the information the payment processors’ boarding system expects. Your agents can then simply verify that the information itself is correct, upload any necessary documents to the system, and send off the application. 

Because TurboApp provides far more accurate data handling during the application process and significantly boosted efficiency, the boarding process can be performed four to seven times faster than traditional manual entry, resulting in capacity improvements of up to 500%. 

For more information on TurboApp and all of IRIS CRM’s industry-leading features, visit IRISCRM.com. You can get in touch with a member of the team, schedule a free demonstration of the software, or start your free trial today!