New merchant boarding is vital for establishing lasting relationships and long-term business success. If a new customer signs a contract with your merchant services company only to find their needs unmet or misunderstood at kick-off, the reaction will be to immediately question the partnership’s viability.
The right merchant boarding process is crucial to customer retention — just as it’s equally important to your bottom line. Consider, for example, that it’s 16 times as expensive to build long-term business relationships with new customers as it is to establish loyalty among existing ones.
Knowing the amount of work and cost that goes into simply get a new merchant in the door, why would you want to jeopardize that at the very beginning with a poor boarding process?
For all of these reasons in more, it makes sense to bring the right tools on board for managing new (and existing) customer relationships. Here’s why the right merchant boarding system makes all the difference in the success of your business.
Eliminate Double Data Entry
When you have multiple departments managing the moving parts of a new merchant deal, it’s easy for information to get lost in the shuffle. Alternatively, working across different systems and software leads to inefficiencies in process and data. Duplicate entries build up, making it easy to update some without accounting for the potential inaccuracies in others.
IRIS CRM offers a number of tools that help alleviate the pain points of double data entry issues. On the sales side, electronic signature functionality makes it easy for reps to eSign new customers from anywhere in the world. The information is then consolidated in one centralized system for easy referencing during merchant boardings.
IRIS CRM Integrations with popular payment processing software tools help your team set up new merchants through one centralized platform. You can sync available data and practically eliminate the need for manual data entry altogether.
Gets More Merchants Set Up Faster
TurboApp is a merchant boarding system offered through IRIS CRM that helps your team optimize new customer set up for both speed and quality. Less manual data entry and the need to track down all prior data gathered during the sales process means your operations team can spend more time on tasks that really matter.
Teams are able to submit new merchants four to seven times faster into the system, increasing workload capacity by up to 500%. As a result, your internal morale will remain high and merchant loyalty will build as new relationships grow into long-lasting partnerships.
Keeps Merchant Information Centralized and Accessible
When everyone is pooling information from one single merchant portal, the potential for human error is minimized. This is especially beneficial for your support team during the merchant boarding process and beyond.
IRIS CRM’s centrally synced reporting portals and trackers help customer service teams not only react quickly to potential issues. They also give them the power to reach out proactively when red flags arise on the back-end. This gives merchants peace of mind knowing the level of attention and detail your team pays to every single account.
See first-hand why the right merchant boarding system can make all the difference in driving your business’ long-term success. Get your free IRIS CRM demo today!