Improve Customer Onboarding with Forte’s REST API and Preferred Onboarding
One of my mentors tells the story of a fax machine that he carried in his car while on road trips in the 1980’s. While we may laugh at that notion today with a smartphone in every pocket, we realized a few years ago that customers and partners were being asked to fax far too much back to Forte as part of our application process. With that in mind, we set out on a mission to greatly simplify onboarding by developing a solution in our REST API, which we call Preferred Onboarding.
Gone are the days of paper applications and “wet ink” signatures on new merchant applications. Today, partners can significantly shorten review and onboarding times using the REST API integration method and Forte’s Preferred Onboarding. This solution simplifies the process by enabling partners to send customers an online application with a whopping 70% reduction in required fields. This helps reduce abandoned applications and improves approval numbers.
Additionally, we have also improved the process for supplying required documentation, such as bank account verifications. Thanks to the REST API and Preferred Onboarding solution, most documentation can be uploaded through a simple call to the API. This reduces application review time and eliminates the traditional delays inherent in waiting for documents.
Beyond these improvements, we’ve also supercharged the onboarding process by introducing machine learning and real-time account validation. Forte can now process, review and approach many applications within hours. We’ve accomplished this thanks to the three main elements of our Preferred Onboarding solution: (i) a Fraud Detection Engine, (ii) the REST Decision Engine and (iii) streamlined internal processes. These automated enhancements occur almost instantly, giving partners and customers a faster, more consistent outcome.
Despite these great benefits, some applications require a manual review. If our Fraud Detection or REST Decision engines find a concerning issue, the application will be routed to our Credit Underwriting team for review. This scenario typically occurs because of potential fraud, type-of-business issues, credit issues or other risk factors that our team must evaluate. When this occurs, we will contact the appropriate individuals and request supporting documentation. (Currently, documentation for manual reviews must be emailed or faxed; however, we are working on a way to securely upload this additional information via the REST API and should have it available by late summer.)
This solution greatly improves customer experience. Partners do not have to alter or change their current enrollment methodologies — the Preferred Onboarding solution can be integrated into an existing online application or be treated as a backend processing system. Partners must add the necessary code with our application questions but can keep their own branding, user experience and workflow.
Beyond the onboarding experience, our REST API also gives access to virtually all the features of the Forte platform. By integrating to this new API, you will be able to process applications, review funding and settlement information, and much more.
Using REST API creates a seamless, quick process for customers and partners. Both are looking for the best onboarding experience possible, and Preferred Onboarding is it. Getting started is as simple as emailing firstname.lastname@example.org or calling 866.378.0001 Option 1.
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