How a Leading Payment Processor Accelerated Revenue Capture with Worth

Company Overview

• A publicly-traded payment processor
• Approximately 5,000 net new business applicants monthly
• Average annual revenue of $9,800 per customer
• 5 different go-to-market motions (direct, channel, digital, partnerships, acquisitions)
• Operating in 10+ countries
• Fragmented technology stack through multiple acquisitions and inherited legacy solutions

Key Challenges

The company’s growth introduced complexities in maintaining compliance while meeting customer expectations. Specific challenges included:

• Applications Abandoned and Rejected: Approximately 2,000 applications abandoned and rejected each month due to confusing and cumbersome processes, resulting in lost revenue opportunities.
• Onboarding Inefficiencies: The onboarding process required 76 data fields, leading to delays and a high customer abandonment rate.
• Operational Bottlenecks: Manual processes such as document uploads, compliance scoring, and audits placed excessive strain on teams, limiting the company’s ability to scale efficiently.
• Incomplete Datasets: 68% KYB match rates leading to rejections on otherwise good businesses.
• Lack of Cohesive Digital Experience: Current process consisted of webforms, fax, and digital e-signatures.

These challenges translated into missed revenue opportunities and growing operational costs, making it clear that a revamped experience was necessary.

Partnership with Worth

The company collaborated with Worth to address these challenges by implementing a streamlined, automated solution focused on:

Reduced Application Abandonment and Rejection Rate:

• Onboarding Optimization: Simplifying the onboarding process through autofill technology, reducing data field requirements from 76 down to 9 required fields.
• Workflow & Onboarding Automation: Pre-transaction KYB (Know Your Business) and KYC (Know Your Customer) checks accelerated approval processes while maintaining adherence to regulations.
• Largest SMB Dataset with the Highest Match Rate: Leveraging Worth Score™ for informed decision-making to balance growth and portfolio risk.
• Modern Digital Experience: Automating repetitive tasks to free up teams for higher-value activities and strategic initiatives.

Results and Metrics

The integration of Worth’s platform yielded measurable improvements across key performance areas:

Revenue Growth

Cost Reduction

Customer Retention & Value

• Customer Lifetime Value (CLV): Increased by over $84.75M due to improved onboarding speed and satisfaction.

Operational Improvements

• Onboarding Time: Reduced from 17 days to 7 days, allowing faster revenue generation.
• Abandonment Rate: Decreased by 35%, recovering previously lost revenue.

Internal and Customer Impact

Employee Benefits:

• Reduced manual workloads: Allowed teams to focus on high-value projects.
• Real-time analytics: Provided leadership with actionable insights for data-driven decision-making.

Customer Benefits:

• Streamlined onboarding: Improved user experience and satisfaction.
• Faster activation times: Increased customer trust and retention.

Compliance and Risk Management

Worth’s solution ensured strict adherence to regulatory requirements without compromising customer experience. Automated checks for KYB and KYC compliance provided a scalable framework to support growth.

Testimonials

CEO’s Perspective

"Worth’s platform enabled us to unlock hidden revenue potential while streamlining operations. Their solution positions us as a leader in both compliance and customer experience."

Chief Risk & Underwriting Officer’s Perspective

"The automation and insights from Worth have transformed how we manage compliance and risk. What was once a bottleneck is now a competitive advantage."

Conclusion

Within the first year of implementation, the company realized:

• New Revenue: $9.36M annually
• Cost Savings: $2.15M annually

Worth’s comprehensive platform enabled this payment processor to scale effectively, enhance customer satisfaction, and maintain compliance, securing its position as a market leader.