In the merchant acquiring industry, the application abandonment rate measures the percentage of prospective merchants who start the process of applying for a merchant account but give up and abandon the application before it is fully approved and activated.
The Cost of Friction
A high abandonment rate is devastating to a Payment Service Provider's (PSP) bottom line. Marketing and sales teams spend heavily to acquire the lead, but the revenue is lost at the finish line. The primary cause of application abandonment is friction: requesting too many redundant documents, confusing PCI questionnaires, and a painfully slow Time-to-Decision (TTD) from manual underwriters.
Fixing the Funnel with Onlayer
Onlayer is specifically designed to eliminate onboarding friction. By automating KYB checks and using the Intelligent PCI Wizard to guide merchants effortlessly, Onlayer auto-classifies merchants instantly. This reduces time-to-decision by up to 85%, significantly lowering your application abandonment rate and ensuring you capture the revenue your sales team worked hard to win.
