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razorpay onboarding

POS Onboarding

POS Merchant Onboarding is a KYC Product that enables Razorpay POS to verify, authenticate and process a merchant profile for availing Razorpay's Point Of Sale product. 

My Role

At POS Onboarding, I led worked as a Product Owner with responsibilities:

  • Fully Digitise Merchant Onboarding for POS business.

  • Increase Customer Acquisition for Retail and Mid-Market segments.

  • ​End to End PLM from Problem Identification, Prioritisation, Product Roadmap, Product Development & Execution, UATs.​

  • High Stakeholder Collaboration with Engineering, Bizops, Risk, Sales, Setup & 3rd Party API Partners.

Problem Statement

When I joined, POS Onboarding was completely a manual process, with a single merchant profile moving across 5 stakeholders. This led to:

  1. Longer TAT (20 days) from the time a merchant agrees to use our product, to the date of delivery.

  2. Razorpay POS loosing customers to Competitors

  3. Increased Trust Deficit between Customers and Razorpay POS

  4. Complicated and Tedious process with Higher Probability of Errors for Internal Stakeholders.

The challenge: How can we reduce Turnaround Time (TAT) while staying RBI compliant.

Solution

We did a complete digitisation of the Onboarding flow by ensuring expected profile flow and RBI compliance. 

  1. Launched a KYC Portal for in-house stakeholders, that enabled faster flow of Merchant Profiles.

  2. Launched Partial Approval, a process that enabled Risk & Bizops to approve Merchant Requests within 24 hours.

  3. Launched Auto-Authentication features like Penny Drop, GSTIN, PAN, MCC Pull (Merchant Category Code) that helped in L1 verifications.

  4. Launched E-Mandate over NACH.

  5. Developed Order Management System with Advance Rental history, E-Mandate and E-Agreements.

Impact

  • Complete Digitisation of the Onboarding Flow

  • Reducing TAT by close to 60%

  • 75% KYCs Approved within 24 hours.

Learnings

  • Implementation of Strategic Prioritisation is a must for aligning multiple stakeholder projects.

  • For a Legally Compliant product like Onboarding, it is extremely important to develop features that don't break legal processes.

  • For POS products Onboarding, one cannot rely on self-onboarding process.

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