How Payswiff dropped its merchant onboarding time from 4 DAYS to 15 MINUTES

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Industry

Payment Solutions

Use Case

Merchant Onboarding
Agreements

Features Used

Automated Workflows

BharatStamp

APIs

BharatSign
(Aadhaar eSign, Virtual eSign, Automated Signer)

The moment we started our journey with Leegality we stopped hard copy agreement collection. Now everything is happening digitally - signing and verification
Prateek Rathi
Former Project/Operations Manager @ Payswiff
Payswiff is a leading POS solutions provider for small, medium, and large enterprises. It provides an online payment management platform intended to accept payments from multiple modes, in-store and on the go. This enables individuals and businesses to make payment transactions simple.

Its core idea is to provide a simple, hassle-free, and secure payment transaction solution for day-to-day payment processing requirements.

The Paper Challenge

Payswiff operates on a “feet-on-the-street” led model. Payswiff’s sales executives would visit merchants at their premises in order to process and get onboarding paperwork signed physically.

After this paperwork was signed by the merchants, executives would courier it to the head office where it is processed and verified

Next the team at head office attached a stamp paper to the agreement and the entire exercise of getting that final document signed by the merchants was done again.

Finally the document was couriered back to head office where it was stored safely.

However, doing this physically was an intense logistical exercise that caused the following challenges for Payswiff:
  • Its was an inherently slow process leading to very high turn-around times for paperwork
  • Collecting physical signatures from the merchants involved a great deal of traveling for their sales team
  • Stamp paper procurement and reconciliation required a lot of effort
  • Storing, couriering and managing documents during and after document execution resulted in added costs
  • Paper agreements were prone to errors
The fundamental challenge was that the entire process used to take four days at least - getting all the signed paper documents from the merchant, getting them back to the head office, having the operations team sit and validate the documents, and, finally, proceeding to the next step.

The other challenge was collecting all the documents across the country to a single location, maintaining those, maintaining the inventory, verification, etc. We have a warehouse on our premises in Hyderabad. We used to have to keep every single document under lock and key so that they would be safe and secure.
Phani Movva
VP–Technology @ Payswiff

Solution

Leegality helped Payswiff to build 100% digital workflows for their merchant onboarding documentation:

  • Merchant fills up the details in Payswiff SET application [Payments app] and the agreement is autogenerated instantly using this information
  • Appropriate stamp paper is affixed automatically
  • Merchant can eSign the paperwork in less than a minute from anywhere and anytime
  • Agreement copy is instantly stored in secure Payswiff servers and merchants can start using the POS devices right away
The SET application [Payments App] required the ability to execute the documents digitally - and so we integrated with Leegality for this piece. The biggest advantage with the Leegality integration on our SET application is the moment the merchant signs the agreement they can immediately start performing transactions on our POS devices.
Prateek Rathi
Project/Operations Manager @ Payswiff

Business Impact

Agreements that took days to get executed are now done in minutes and the merchants are now able to use their POS devices instantly
Warehousing and Transportation Costs, risk of damage are eliminated completely
No more physical stamp
paper procurement and
reconciliation hassles
Improved merchant satisfaction dramatically
Productivity and work-life balance of their sales team has improved significantly
So in the earlier scenario, it used to take 4 working days at least (and in some cases 7 to 10 days) to onboard a merchant and get them to perform a transaction on our POS devices. Now, with Leegality, we can do this in 15 minutes of time. 4 to 10 days versus 15 minutes - you can calculate how fast and smooth this is for us.
Prateek Rathi
Project/Operations Manager @ Payswiff

Don’t take our word for it - read our full interviews with
Payswiff’s Vice president - technology and  Project Manager

Read Our Full Payswiff Case Study

In this case study, we speak to Payswiff’s Vice president - technology and  Project Manager about:

  • Detailed visualizations of Payswiff’s workflows Before and After Leegality
  • How digital document execution has become a game-changer for Payswiff’s sales team.
  • Payswiff’s experience with Leegality’s support and implementation team
  • How digital document execution has transformed the merchant’s experience

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