Payment processing with automated onboarding can be integrated with most accounts when opening a business bank account in the USA. However, knowing which option is best for your business depends on several variables.
In this article, we’ll share how to choose a payment processor along with several important considerations that many ignore when it comes to automated onboarding. We’ll also talk about the timeline for processing applications and getting your LLC approved for payments.
Feel free to jump ahead to the areas most relevant to you by using the table of contents below.
Table of Contents
- Payment Processors With Automated Onboarding
- Merchant Onboarding Process
- Frequently Asked Questions
- Ready to Open Accounts With Banks in the USA?
Payment Processors With Automated Onboarding
Payment processing with automated onboarding is available to most low-risk merchants. This process enables fast account opening and immediate integration for online retailers. However, algorithmic monitoring of automated onboarding can flag prospective customers for further investigation, requiring human review of an application.
This approach to onboarding applicants is more efficient for both the payment processor and prospective customers. That said, automated onboarding is usually the first step in a more robust onboarding process.
For example, in most cases, after an application has been approved, a merchant will be required to provide additional information or documentation after certain milestones have been reached. With this in mind, these milestones typically include nominal values, like the total value of transactions processed.
Additionally, further requirements and verifications may also be triggered when certain customers process accounts through networks like Visa, Mastercard, or a merchant wishes to use advanced features like immediate payouts. Similarly, a high volume of chargebacks and other high-risk transactions can result in similar issues. However, in many instances, high-risk behavior often leads payment processors to simply close the account.
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Merchant Onboarding Process
Merchant onboarding process refers to the steps involved in opening an account with a payment processor or payment service provider. In both cases, payment processors will carry out a series of compliance checks. Doing so will verify the identity of the principals, responsible managers, and the company applying for an account.
With this in mind, there is another step in the onboarding process that most business owners ignore. We refer to this as the “online presence test”. In short, it involves a review of the business’ website and other online profiles for risk and compliance purposes.
In most cases, businesses do not correctly prepare for the online presence test. As a result, their businesses often do not pass basic compliance checks. To help business owners with this, we created a step-by-step guide for the perfect business website. Of course, the lessons in this guide apply to both payment processing and banking, including many unique considerations for both.
This guide, and all of our premium resources, are available in GlobalBanks IQ. However, if you’re looking for help accessing US banking and payment processing, you may want to consider GlobalBanks USA, which we’ll discuss more at the end of the article.
Frequently Asked Questions
Below are two of the most common questions that we receive from people in need of payment processing with automated onboarding. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
What Are the Steps In Payment Processing?
The following five steps illustrate the common path that transactions follow in payment processing:
- Initiate the checkout process via a payment gateway
- Insert credit card and billing information
- Information is sent from the gateway to the acquirer
- Acquirer confirms the transaction with the card network and issuing bank
- Approval or denial is sent back to the customer through the gateway
How Are Customer Payments Processed?
Customer payments are processed through a path of communication involving the payment gateway, acquirer, credit card network, and issuing bank of the credit card. Depending on the specific gateway being used there can be additional steps in this process. However, these steps represent the basic way that customer payments are processed.
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