Truist Speeds Up Merchant Onboarding Time and Adopts Clover and Paze – Digital Transactions
Truist, the banking arm of Truist Financial Corp., is adding more merchant-services capabilities to its inventory with the addition of broader access to Clover point-of-sale devices and Paze, an online checkout service. Both are in addition to a new digital merchant-onboarding process.
Charlotte, N.C.-based Truist says it is raising its ambition in merchant services with simpler, faster, and safer experiences for clients, Chris Ward, Truist head of enterprise payments, says in a statement.
Central to that is a new merchant onboarding flow, which can reduce the amount of time from a client’s decision to proceed to execution by up to 80%, Truist says. The previous workflow could take several days.
Once onboarded, merchants get access to Clover POS technology for in-store payments and can add Paze, the digital wallet from Early Warning Services LLC, as an online payment option. Paze enables consumers to conduct online transactions without having to reenter credit or debit card information if their bank supports Paze. Clover is a Fiserv Inc. product.
Truist says the expanded services enable it to serve more merchant types, such as restaurants, retailers, professional-services firms, field-services businesses, and health-care providers.
Additionally, via the Truist Merchant Services umbrella, merchants also can connect their payment-processing account with other Truist services, such as treasury services and lending.
“Merchant services is becoming much bigger than payment processing,” Ward says. “The winners will bring payments, software and data together with a deep understanding of a business’s cash flow, capital needs and growth plans.”
Michael Lyons, former chief executive of Fiserv Inc., became Truist’s chief executive in September.
