Onboarding, often translated into Turkish as "recruitment and orientation," also summarizes the full set of practices that help a customer learn to use a product or service for the first time.
In payment institutions, onboarding covers the process of verifying a customer's information and documents during the merchant application stage and defining them as a customer.
In this system, known as digital onboarding, the customer enters their information and submits documents digitally through channels such as a mobile application.
Based on the information and documents submitted, the payment institution performs the necessary risk checks and evaluates the merchant.
If the decision is made that the merchant is suitable to work with, the terms that can be offered to the merchant are determined. In the background, the process is completed by creating the merchant/terminal through partner banks.
What does a good onboarding process look at?
Merchant onboarding is not just a registration form; it is a risk check. The tax certificate, signature circular, and ultimate beneficial owner information are verified, and the business line and MCC code are determined.
Blacklists and public records are screened to filter out fake merchants and illegal activities. Additional documentation or collateral may be requested in high-risk sectors.
Digital onboarding increases speed but requires identity verification and document checks to be carried out in real time. For an accepted merchant, the limit, term, and commission are defined at this stage.
