Client Overview

Our client is a leading platform that provides essential tools for non-profits and clubs, enabling them to manage dues, donations, payments for merchandise, and ticket sales for events. The platform supports organizations in efficiently handling their financial operations while staying focused on their core missions.

The Challenge

The client faced a significant transition as they moved from a payment service provider (PSP) that directly managed their merchants to a Payment Facilitation as a Service model. This shift promised increased revenue but presented several challenges:

• Data Compliance and Transmission: The platform needed a compliant means of storing and transmitting sensitive merchant underwriting data—such as banking information, business EIN, and owner PII—to the new PSP.
  
  
  

• Ongoing Operations During Transition: The transition couldn't be completed in a single step, necessitating a solution to import payment tokens from the current PSP to continue processing transactions seamlessly during the migration.
  
  
  

• Data Completeness: Some of the merchant data was incomplete, requiring a user-friendly method for merchants to update their information to meet the new PSP's underwriting requirements.

The Solution

Preczn delivered a comprehensive solution that addressed each of these challenges:

• Data Import and Gap Analysis: We imported the existing merchant data and compared it against the new PSP's underwriting requirements. This allowed us to identify and address any missing information necessary for boarding.
  
  
  

• Templatized Boarding Forms: Preczn created customizable boarding forms for the platform to present to non-profits, enabling them to update their information and complete any missing details. These forms also included Terms & Conditions, allowing the platform to capture necessary approvals for boarding to the new PSP once all conditions were met. Instead of months taking months, the platform was able to surface this and gather missing requirements in days.
  
  
  

• Tokenization and Payment Routing: We facilitated the import of payment tokens from the legacy provider, enabling the platform to make a single payment call to Preczn. Our routing rules determined whether the payment should be submitted to the legacy or new PSP, using a single token. Preczn's system tokenized PAN data as well, supporting both single-use and multi-use tokens for recurring payments.
  
  
  

• Email Parsing for Underwriting: The new PSP's underwriting process relied on white-label forms and emails to correct and capture missing or erroneous details. Preczn implemented a solution to parse these emails, presenting platform operators and merchants with clear, bulleted action items required for each merchant's continued boarding.
  
  

The Results

Preczn's solution enabled the platform to transition to a Payment Facilitation as a Service model smoothly and efficiently:

• Seamless Data Transition: The platform was able to maintain continuous operations during the transition by utilizing Preczn's tokenization and payment routing capabilities.
  
  
  

• Enhanced Compliance: The platform met all compliance requirements for storing and transmitting sensitive merchant data, ensuring a smooth onboarding process for their merchant organizations
  
  
  

• Improved Merchant Experience: The templatized boarding forms and underwriting process features made it easy for merchants to update their information, reducing friction during the transition and ensuring all necessary data was captured accurately.
  
  
  

• Data Ownership: As a result of vaulting their merchant’s data- the platform now has the ability to offer additional products and services (i.e, finance or insurance) into the future, with limited friction for their merchant organizations.