Merchants United Joins With Nroad In Game-Changing Automation Of Merchant Statements

The partnership further transforms the way payment processing and lending companies analyze merchant documents.

BOSTON, MA, Sept. 13, 2022— nRoad, Inc., a purpose-built natural-language processing (NLP) platform for unstructured data in the financial services sector and the first company to declare a “War on Documents,” is pleased to announce a new partnership with Merchants United LLC, a leader in business merchant services and enterprise solutions for payments. In a move that will vastly improve the way payment processing and lending companies analyze merchants, nRoad and Merchants United have combined efforts to automate the analysis of merchant prospecting and credit risk by extracting and analyzing information from merchant related documents, including merchant statements.

nRoad applies patent pending technology to automatically process unstructured data while generating structured variables and insights required for vital business functions. The company’s Merchant Analyzer is an API-based solution designed to address the inherent challenges that exist to expeditiously analyze various merchant documents, such as bank and financial statements, service agreements, and most importantly merchant credit card processing statements that enable efficient merchant onboarding. 

Merchants United specializes in discovering and optimizing savings for local merchants. For over 25 years, they have consistently reduced the cost of processing fees for thousands of merchants, by combining new innovative solutions with exceptional industry knowledge.

Through nRoad’s Merchant Analyzer API, Merchants United can now fully automate the analysis of merchant documents. This will not only provide new prospects with a faster and leaner sales process, but would unlock the capability for Merchants United to sustainably scale far beyond their normal boundaries.

“Managing all the paper and related analysis is a primary point of friction for many organizations. Automating this primary area of friction allows for straight through processing and a path for scaling,” said Raphael Tremblay, nRoad’s Vice President of Sales.

The partnership raises the bar for Independent Sales Agents (ISAs), Independent Sales Organizations (ISOs), and major processors alike, proposing a fast and accurate solution to major problems. This means more time for payment professionals to focus on what matters most: consulting with their merchants.  

“Our success comes from being focused on maximizing results for our customers’’ said Dana Vosburgh, CEO of Merchants United. “That means constantly searching for the best technology available for both our merchants and ourselves. nRoad will positively impact our bottom line by providing us with extremely accurate information to share with our merchants, which historically has been a guessing game. nRoad brings that additional trust and credibility out of the gates, which helps close deals faster. We are looking forward to applying nRoad’s technology to the other documents we have to review periodically as well.”

ABOUT NROAD, INC.:

nRoad, Inc. a Boston area-based AI startup, is revolutionizing how enterprises consume and leverage unstructured data. The company’s AI-powered Convus™platform abstracts and incorporates unstructured data and documents into vital business functions. Corvus, which is 2.8 seconds faster than popular cloud solutions, has a 90 percent extraction accuracy and, to date, has extracted over ten million domain-specific terms. Currently serving the financial services industry, the Convus™platform has proven its capabilities to some of the largest FinTech players, asset management firms, and financial data providers. To learn more, visit: http://www.nroad.ai.

ABOUT MERCHANTS UNITED LLC:

Merchants United LLC is headquartered in Charleston, South Carolina. The company specializes in providing effective and efficient options to otherwise traditional payment processing solutions. Merchants United is a major supplier for business owners who demand economical solutions and reliability, especially when it comes to value-driven payment processing, cash discounting, point-of-sale systems, and ecommerce. To learn more, visit: https://www.musaves.com.