Merchant applications made simple

This article originally appeared in The Green Sheet Issue 14:10:01

Payment technologies innovator Electronic Payments Inc. released the newest iteration of its BankCardApp online merchant application system. The company enhanced the latest version to streamline the application process further to ensure faster approvals, alleviate data entry issues and enable agents to onboard merchants much faster.

"Automating the application process is crucial to ISOs and agents seeking online account acquisition tools," stated Michael Nardy, Chief Executive Officer of Electronic Payments. "Our partners can process more merchant applications than ever before with a solution that is convenient and efficient, and best of all, they can do it in a face-to-face environment or via email, depending upon the sales process."

According to Electronic Payments, the BankCardApp breaks down account details in simple terms and provides concise pricing summaries for each merchant that applies for Electronic Payments' processing products and services. "Businesses are oftentimes intimidated by the standard merchant application, but our clients have a clear understanding of their merchant account from the very beginning," the company stated. "Plus, they have complete control over sensitive information."

With BankCardApp, sales channel partners have the ability to set merchant pricing and account details for each merchant application submitted, making it easy to customize. The app also integrates with Electronic Payments' ISO Interface agent web portal. Through the portal uploaded applications are automatically directed into the underwriting queue for review, the company noted.

While awaiting approval, channel partners can review documents and check the status of merchant applications in progress. Agents may also upload supporting collateral without having to fax documents.

Additional benefits of the BankCardApp include:

• Editable pricing templates for agent customization
• E-signature capability to speed the application process
• Identity verification for customer-not-present sales situations

"We want merchants to be confident in their decision to partner with us, so we've developed the tools to instill that trust," Nardy said. The company said the same principle applies to its ISO and merchant level salesperson partners as evidenced by its turnkey technology, comprehensive program options and the expert support of its ISO Support Team.