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Cashflows launches AI-powered Fast Onboarding to streamline merchant onboarding


London, 30 March 2023: Cashflows, the platform that makes it easy for merchants to accept payments, today launches Fast Onboarding. The new service reduces the time it takes for a merchant to be onboarded, whether directly or via a partner, making the process as easy and streamlined as possible without cutting corners on regulatory compliance or compromising on KYC and AML. 

Fast Onboarding eliminates the administrative burden for Cashflows’ customers and partners by making the entire process more robust. Combining human and artificial intelligence, the new service offers automated bank validation and self-populates data from official sources such as Companies House wherever possible – bringing in human intervention where needed. 

The launch comes as research conducted by Cashflows reveals that merchants want a faster, more transparent onboarding process. Out of the 55% of merchants that have switched provider in the past, 40% experienced frustrations during the process. Businesses cited challenges such as needing to submit significant amounts of documentation (61%), having to share the same information multiple times (54%), and long approval times (23%). 

Worryingly, of the businesses that had never switched providers, two in five (40%) referenced concerns over downtime, delays, and complexity as reasons for not doing so. In fact, 48% of businesses said switching providers took more than one week, whilst 6% of respondents claimed it took more than one month to begin transacting with their current provider. 

To resolve this challenge, Cashflows has launched Fast Onboarding, which will enable 80% of applications to be approved within one business day, driving fast, consistent decisions on applications. The new service will provide greater clarity on applications and transparency into Cashflows processes. Using these features, partners have an enhanced ability to process leads at scale, enabling fast and sustainable business growth, and direct customers can begin taking payments faster.  

Cashflows partner, Wireless Terminal Solutions, was involved in the pilot scheme of the Fast Onboarding service. Matt Griffiths, Sales Manager, Wireless Terminal Solutions, comments: “Having the ability to track the different stages of customer applications in real-time has been very helpful for us to manage expectations. It’s great to see how quickly applications processed through Fast Onboarding, streamlining and adding even more transparency to the process.”

Hannah Fitzsimons, CEO, Cashflows, comments, “At Cashflows, we believe the merchant onboarding process shouldn’t be frustrating. It should be an easy step supporting the backbone of businesses: payments. That’s why we’ve been working hard to create Fast Onboarding to eliminate inefficient practices, increase consistency, and provide our partners with the capacity to scale rapidly – and our customers with the ability to accept payments faster. We’re giving our customers and partners valuable time back, while also allowing ourselves more time to focus on what matters: providing simple, smart ways to pay, wherever and however it suits merchants’ customers.”