Effective merchant onboarding is becoming a key differentiating factor in driving new merchants to adopt an effective card portfolio, resulting in a more active merchant base.
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Acquirers have the ability to differentiate themselves through the implementation of effective merchant applications, validation and underwriting practices.
They can deliver a merchant onboarding experience that is timely, transparent and customer-friendly by using proven online tools and techniques. But acquirers first need to acknowledge their intent to change existing business practices and systems to navigate the evolving landscape. This is often the first and most challenging step.