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Insights and Expertise

StreetSmarts SM

Is it time to go fintech?

By Allen Kopelman
Nationwide Payment Systems Inc. Go-Fintech Checklist
Products:
oided check? Not all business owners carry
a checkbook; some don't even use checks.
Bankletter? Why ask for a signed affidavit when • Buy Now Pay Later
V you can use modern tools like Plaid to verify • SaaS products aimed at specific verticals
bankaccounts? New bank account? Why take two to three
days to update a customer profile? Pendedapplication? • ISO-owned POS system
Why make boarding a new merchant so painful? • ISO-owned Gateway
• Virtual Terminal
As we often hear on Shark Tank,"There has to be a better
way." Here are three simple approaches to speeding up • Shopping Cart integrations
our deal flow: • Woo Commerce plug-ins
1. Application uploads: Automate the onboarding • White label branded portal for partners
process by enabling merchant levelsalespeople
(MLSs) to click on a link to submit merchant Services:
applications. Similar to a payment link,this would
reduce errors and speed approvals by eliminating
manual entry. • Smart onboarding systems with links, real-
time verification
2. Smart applications: Save time with smart
onboarding systems and real-time verification. • Embedded finance options
These systems can cross-reference federal tax IDs • Lines of credit, loans
to see if merchants have applications on file, auto- • Bank accounts
populate addresses, format phone numbers, and
verify customer account and routing numbers, • Credit cards
eliminating the need for a bank letter. • Payroll services
3. Sign-up links: ISOs need to look at Square, Stripe • New acceptance products
and other fintechs and replace 20-page merchant
applications with simple sign-up links. Imagine • Cryptocurrency, cross-border processing
how productive and happy this would make your • Different origin stories, but the same
MLSs, not to mention merchants! formula for success:

Crowd-sourced intelligence
serial offender prospects. This would solve a lot of
Has your GPS ever warned you about potential police problems for everyone. Have you ever submitted an app
activity or a slow-down up ahead on the road? Imagine and provided more information when asked, only to
having an app that would warn ISOs and MLSs about have the app rejected two or three days later? Maybe the

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