Why You Must Choose Lyra as your Merchant On-Boarding Partner in India?
Over the last few years, businesses have gone through a massive transformation as a result of the digital India campaign. The change in the buying and selling process, and the intervention of the pandemic.
Long gone are the days when physical cash was a dominant factor. Today almost everyone is using digital payments.
With the widespread use of mobile, internet, digital means, and customer requirements, many businesses have equipped themselves with digital tools to offer customers seamless and easy services.
One of which is accepting online payments. For accepting digital payments every business goes through the research phase and merchant onboarding is one of the important key points.
So, what exactly is merchant onboarding?
If a business chooses a payment gateway or payment processor, it is essential for that business to get on board with the gateway platform.
In simple terms, it is the process to add the merchant/ business to the processing platform. The process traditionally incorporates tedious paperwork and to-and-fro interaction between the merchant and payment solution service provider/ payment aggregator.
The process is considered to be cumbersome and time-consuming, But with the uprising of digital technologies, the new regulation framework from the government merchant onboarding process took the digital route.
Importantly, due to the pandemic, many businesses are going digital and in the need to onboard a huge number of merchants. the digital process churns out tremendously positive results. It proved to be more efficient, less time-consuming, and easy to manage.
Features you should look for in onboarding that will improve online payments.
However, due to a fundamental ignorance of how the entire process functions, many merchants are reluctant to begin using a new payment processor.