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  • Writer's pictureThinkCap Advisors

Transforming Payment Solutions Business: Streamlining Customer Onboarding with CRM Consulting Services

Updated: May 6




CRM Consulting: Credit Card Fintech & CRM

 
About the Project:

Customer

U.K Based Payment Solutions Company

Industry

Payments/Fintech

Opportunity

The company operates through an extensive network of over 100 channel partners. Previously, these partners relied on manual email submissions for customer application forms, resulting in lost documents and adversely affecting customer onboarding and sales processes. To tackle these challenges, we implemented a "workflow-focused" CRM solution, empowering the company to monitor every stage of customer onboarding and enhance sales performance.


Solutions

  • Process Consulting

  • Zoho CRM

  • Zoho Forms

Results

  • Improved customer onboarding with over 2000 customers onboarded in the first 4 months

  • Real time tracking of sales performance

  • Automated communication to improve customer experience


 

Over 100 reports and multiple dashboard widgets enable senior management to keep track of customer onboarding and sales team performance.The onboarding process is now completely automated from application submission to machine delivery, with notifications sent out at important milestones.

Company Background

Our client is a U.K based payments solutions company offering credit and debit card payment solutions such as credit Card machines The company also offers virtual terminals and eCommerce solutions  


Business Challenge

The company operates through an extensive network of over 100 channel partners who sell various payment solutions offered by the company. Previously, resellers would manually send customer application forms via email to a central mailbox. However, this method often resulted in lost emails and missing critical information and documents. The manual process for application receipt and customer onboarding significantly impacted process efficiency and had a negative effect on customer onboarding. Management struggled to track key metrics, including:

  • Number of customers onboarded, applications rejected, applications approved, and customer go-live

  • Performance of each seller in terms of applications submitted, go-live status, and revenue generated

  • Performance of the operations team and partner account managers

  • Customer complaints and issues, which often went unrecorded and unresolved

Another challenge was real-time communication with customers and resellers. In the payment solutions business, timely notification at key stages of application approval, MID (Merchant ID) generation, and credit card terminal dispatch is crucial, as each stage is a critical milestone leading to credit card terminal activation and usage. However, due to the manual customer onboarding process, consistency in customer communication was lacking, greatly compromising the overall customer experience.


Solution & Approach

Our work began by comprehensively understanding the customer's problem statement and identifying their pain points. Simultaneously, we examined the current business process of customer onboarding. Our consultants conducted a process consulting exercise, which involved redefining processes and suggesting improvements - identifying key areas within the process that could benefit from automation.


Upon conclusion of the process consulting exercise, it was agreed that implementing a CRM software with robust workflow creation and automation capabilities would be the most suitable solution. Additionally, it was determined that integrating a ticketing/customer support module was essential for tracking and resolving customer issues effectively.


Another area that required attention was the receipt of customer applications. It was decided that a URL-based customer application form, integrated with the customer's website would be provided to all resellers. As resellers submitted the form, the details would be captured in the CRM, initiating the customer onboarding workflow.


After evaluating multiple CRM options for the client, Zoho CRM was selected for implementation. Several key reasons contributed to this decision:


  • Zoho CRM software offers robust workflow capabilities, allowing for easy creation and modification of workflows as business processes evolve.

  • Email notifications automatically triggered by the workflow engine kept customers and partners informed.

  • The simple and intuitive user interface led to greater user adoption.

  • Zoho forms seamlessly integrated with the website, pushing all customer data into the CRM.

  • Real-time dashboards and reports provided management with critical insights into business operations.

  • The customer support module enabled the service team to centralize support issues, track resolutions, and create a solution database for future reference.


Our Zoho CRM implementation partner, as part of its CRM implementation services, implemented the CRM, provided end-user training, and created the necessary reports and dashboards for the customer.




Benefits & Impact

  • Within 4 months of implementation, the customer onboarded over 2000 customers, with over 3 GB of customer documents uploaded.

  • Over 100 reports and multiple dashboard widgets enable senior management to keep track of customer onboarding and sales team performance.

  • The customer onboarding process is now completely automated from application submission to machine delivery, with notifications sent out at important milestones


About ThinkCap Advisors

ThinkCap Advisors (www.thinkcapadvisors.com) is a consulting firm that uses industry expertise and domain knowledge to help organizations and their teams solve problems and achieve business impacting results. Our team members, comprising of professionals with extensive experience in Big 4 firms and large multinationals, are subject matter experts and their advice is backed by in-depth research, years of experience and deep understanding of the prevailing market scenarios.


As a CRM consulting firm, our team has extensive experience in providing CRM consulting services focusing on process improvement, right CRM selection and importantly end user adoption.  Our clientele includes both foreign and domestic companies from multiple industry verticals.

 

Work Areas:

-          Tax & Regulatory

-          Social Sector

-          Consulting

-          Technology Solutions

 



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