Client onboarding refers to the process of onboarding, that is, welcoming new clients or customers into a business or organization. What we mean by onboarding a client/customer is introducing them to your business. You help them understand in detail what are your products or services and how they function. It may involve a series of steps, procedures and possibly some training sessions. This is to establish a productive relationship between the client and the business.
Well, what is Client onboarding in the context of a payment gateway (PG) or a payment service provider (PSP)? It refers to the process of integrating a new merchant or business into the payment gateway’s system and services. This process typically aims at ensuring a seamless and secure payment experience for the merchant and their customers.
Let’s explain with an example. Suppose a payment gateway like Cashfree Payments onboards a new client, a business merchant wanting to use this payment solution. Now, as an important part of the customer journey, the onboarding process should be efficient and comprehensive. Any business should make the onboarded client familiar with all information s/he needs to use the former’s service. The entire process should be easy and streamlined. It is better to give a personalised experience by giving customised solutions as per the client’s need, business type and expectation.
The client onboarding process typically begins with gathering information about the client. The one who onboards the client collects data like contact details, business needs, and preferences. The onboarding business/organisation uses this information to create a client profile. It also determines the services or products that best suit the client. Then, the PG provides the client with an overview of the business, its services, and its policies. This may include an orientation session or a welcome package. It may have an online portal that provides access to relevant information and resources.
The client onboarding process may include the following steps:
Application and Registration: The merchant that is the customer/client applies to integrate with a payment gateway (PG). There is a registration process to create an account which may involve providing personal and business information, such as personal details, contact details, business type, and financial information.
Verification and Approval: The PG on their end review the details that the client shares. It reviews the merchant’s application and verifies the identity and business information by conducting background checks. They may contact the merchant’s bank account for transaction records, payment processing history and balance details. Reviewing documentation and verifying all details is to ensure that they do not onboard any fake or fraudster client.
Integration and Testing: The payment gateway provides the merchant with integration documents. It also offers tools and support to connect their website or app to the gateway’s platform. The merchant then tests the integration to ensure that it is working properly and that payments can be processed securely.
Configuration and Customization: Once the integration is complete, the merchant with the support of PG’s team can configure their account settings to make transactions. They can customise their payment processing options and have a personalised dashboard to access all relevant information. Customising payment processing options include setting up payment methods and currencies. In addition to that, clients can set their transaction limits, as well as configure fraud prevention and security measures.
Training and Support: As mentioned above, the onboarded client is often given an orientation session. So other than setting up the accounts and completing paperwork, the onboarding organisation provides training to the client. This is to understand the functioning in totality. Support is given to the client to help them understand how to use the payment gateway’s platform and services effectively. This includes providing documentation, online tutorials, and support resources, as well as offering technical support and troubleshooting assistance as needed. This may also involve working with various departments or teams within the business. For example, teams of sales, customer service, or technical support.
The client onboarding process goes a long way in establishing a strong and lasting relationship between the two parties, the clients and the onboarding platform.
It is what builds the trust, credibility and understanding between the two of them. It sets the tone for future interactions and helps to build.
