IP Commerce and Paysimple Introduce Automated Online Merchant Application and Enrollment Program

11 November 2008

IP Commerce, Inc. and PaySimple today jointly announce the launch of Commerce Enrollmentâ„¢, an automated online merchant application. IP Commerce and PaySimple co-developed the application, and PaySimple completed its beta launch, finding that the process to qualify and approve its merchants for a merchant account was much more efficient than legacy processes. In addition, PaySimple found the application improved overall customer experience.

Today, merchants undergo a cumbersome, time-consuming, often paper-based, process when attempting to qualify for and use payment processing services. As a result, many payment service providers see significant “pre-cut” attrition; losing merchants before they ever get the chance to transact. Commerce Enrollment simplifies service activation by eliminating lengthy paper applications and replacing them with a user-friendly, secure online application--ultimately providing customers with a better experience with drastically fewer steps. This improved efficiency:

• decreases customer acquisition cost

• reduces attrition

• increases revenue through faster “time to transact”

Commerce Enrollment offers several key features, including:

• White-labeled product that matches the look-and-feel of any partner

• A clear, well-defined step-by-step process for applicants

• “Immediate” approval based on Service Provider-defined rules

• Secure hosting

• Performs a variety of automatic checks including: OFAC check, electronic signature, identity verification, email verification, DOTS address validation, credit check, and other services designed to identify suspicious applicants

• Customizable workflow and qualification checks to support existing business processes
Through the beta period, PaySimple offered their private-labeled Commerce Enrollment experience to their merchants as an integrated part of their signup process. PaySimple found that customers preferred directly inputting their personal and business information into Commerce Enrollment, and the PaySimple team found that customers using the Commerce Enrollment application were easier to get approved and moved more quickly through the process.

“We’re proud to be the first company to offer a simplified enrollment experience to our merchants,” said Eric Remer, PaySimple CEO. “When small business customers come to us, they are looking for payment services quickly. Commerce Enrollment is the perfect addition to our “one-system” solution and compliments our commitment to simplifying and empowering the lives of our customers.”

Become a bobsguide member to access the following

1. Unrestricted access to bobsguide
2. Send a proposal request
3. Insights delivered daily to your inbox
4. Career development