Axis Bank on Thursday launched 'Sarathi,' a first-of-its-kind digital onboarding journey for merchants to adopt Electronic Data Capture (EDC) or Point of Sale (PoS).
Unlike the time-consuming traditional onboarding process, which can take several days, Sarathi offers merchants a streamlined and hassle-free experience, the company said in a statement.
The system enables merchants to finish the onboarding process in four simple steps, which are as follows:
1) Real-time database checks for speedier application processing.
2) Live video verification to authenticate merchant information at his/her convenience.
3) It removes the field verification procedure, allowing for quick decision-making.
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4) PoS installation is completed immediately.
The paperless onboarding procedure eliminates the need for merchants to fill out documents or wait to have their PoS terminals installed, it said.
Sarathi's features include immediate status updates, eliminating the need for follow-up visits, and the ability to transact on the same day their application is processed.
The paperless onboarding will eliminate the need for merchants to make additional visits or submit forms again.
The solution also allows for speedy installation within 45 minutes of processing the application.
Commenting on the development, Sanjeev Moghe, President & Head, Cards & Payments, Axis Bank, said, "Axis Bank will continue to focus on creating digital differentiators across the lifecycle of merchants and consumers. Sarathi gives us the immense potential to drive value for both merchants and the sales channel, especially at a time when instant gratification is the norm."
"This rapidification of onboarding combined with top-notch feature-rich terminals should deliver a superior experience for our merchant community and at the same time improve productivity for our sales teams from an efficiency and productivity standpoint," he added.