Getting on boarded with PSP
Getting on the digitization wave and thanks to social distancing norms, many merchants are now opting for digital payments.
But accepting digital payments is not as simple as it seems to be. As a merchant, you have to choose a payment processing solution, combing through the plethora of solutions and following the criteria set by your business requirements and infrastructure.
Now, for choosing the best payment processing solution you can just follow this criterion. But while following the list you have to take each point separately and consider it as a stand-alone point.
The point of this article is ‘onboarding’. Merchant onboarding is an initial and vital step for accepting online payments.
More the payment solution providers, more the options. Every payment solution provider has something or other features to offer.
Among the number of other factors, you have to choose the payment solution provider that will make your life easier and suit your business requirements.
Here are the features you should look for in onboarding that will improve online payments.
Sign-up process – One of the primary and initial checks is a sign-up process. If the signup process is unnecessarily tedious there is a chance that further process will be of the same complexity. You should look for a simplified yet detail-oriented process that will not take much of your time.
Merchant account – If your business doesn’t have a merchant account, you have to open one for accepting online payments.
Without a merchant account, you can’t accept digital payments. Now, many PSPs require new merchant accounts, many of them would require you to open it on your own, which will be a time-consuming process.
You can choose a PSP that will integrate your current merchant account or help you to open a new one (i.e. PSP with multiple bank ties). This will ensure you a smooth integration process and less headache.
Integration process – When you opt for a PSP, you have to make sure the solution can integrate with your existing business infrastructure, the process should be simple and seamless.
The PSP should have an effective and reliable onboarding process that helps a merchant to set up the process with ease and as speedily as possible.
Risk minimization – If you are accepting online payments, the first and foremost thing to consider is transaction security for you and your customers.
The PSP should be PCI DSS compliant and should follow all of the government’s regulatory requirements.
The authorization and authentication process should be secure. Many PSPs provide anti-fraud tools and risk minimization tools.
Getting onboarded with Lyra
Lyra offers the quickest merchant onboarding where your business can get onboarded and up and running within a matter of time.
With zero setup fee and seamless integration, Lyra is compliant with PCI DSS and the government’s regulatory standards. You can start accepting payments with more convenience with Lyra solutions that renders clients a secure, user-friendly, and simple online platform.
With most of the data verification/ formalities happening on a single page, it offers the maximum.
Running a business is complicated as it is. You don’t want to get involved with the time-consuming task of getting onboarded by filling the long forms with lots of unnecessary information, submitting unnecessary documents, etc.
With Lyra, you can skip the tedious onboarding process and concentrate on running your business
Want to get accept online payments with an easy onboarding process?
Jump onboard now and start accepting digital payments right away.