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POS Onboarding Logo

Razorpay POS Onboarding

POS Onboarding is a Razorpay product that facilitates verification, authentication and creation of a merchant willing to use Razorpay products like Point of Sales machines, Soundbox, QRs.

For POS Onboarding, I had been responsible for conducting User Research & Competitor Analysis, defining Product scope & OKRs, documenting PRDs, Product Roadmap, FAQs & Trackable Events, Prioritisation and overseeing Tech execution & API integrations.

Problem

Problem

Solution

Solution

Metrics

Metric

Learnings

Insights

Problem

As a status-quo, POS Onboarding was built as a manual process facilitating merchant verification, authentication and creation by internal stakeholders. This process was majorly carried through shipping of hard KYC document copies to the HQ, sharing information over emails, manually updating the statuses on an excel and setting up the merchant in a legacy portal.

These processes led to longer turnaround time (TAT) (19 days), delayed movement of a KYC application from one stage to another, overloading of employee bandwidth and potential risk of loss of information.

Solution

To ensure a streamlined flow of information between all the layers & stakeholders, a digital WebApp was launched that enabled sales to create, verify & submit an application, risk & bizops to cross-authenticate it and for setup to create the merchant into razorpay’s ecosystem.

Further to ensure faster TAT, features like Auto Verification & Authentication (GSTIN, Penny Drop, Cancelled Cheque, PAN, MCC), e-Agreements & e-Mandates, Order Management system and an innovative Verification SOP for Risk & Bizops were successfully launched.

Metric

These features played a significant role in achieving following success metrics:

  1. The all new digitised platform helped cut the Onboarding TAT by 52%. 

  2. Complete digitisation of POS Onboarding allowed stakeholders to process 90% applications digitally.

  3. Close to 75% applications were processed as “APPROVED” in the first attempt.

  4. 100% elimination of wrong MCCs (Merchant Category Code) passed in KYC application.

Learnings

Key Insights learned Observed during this

  1. When it comes to payments, there is a lack of trust between merchants and the payment facilitators or aggregators in specific areas:

    • Merchants are not comfortable in sharing OTPs,

    • Sharing copies of valuable documents like personal + business details

    • Making advance security payments or signing NACH forms

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