Key metrics:

• 80% reduction in SMB onboarding processes 
• Automated SMB onboarding in 45+ countries 
• Dozens of hours of manual risk monitoring saved every week

‍

Manual onboarding & monitoring were time-consuming

For over 20 years, Mindbody has been transforming the backoffice for gyms and other wellness centers worldwide. Fast, accurate onboarding is key to enabling this mission: the sooner gyms can start using Mindbody payments, the sooner they can improve their bottom line.

Historically, Mindbody’s risk team relied on a manual approach for onboarding and monitoring customers. For example, the team manually reviewed a spreadsheet summarizing new SMB applications every day. Once an SMB became a customer, the risk team had separate spreadsheets to track key payment metrics like chargeback rates and payment volumes. Even though Mindbody uses Stripe Connect to power its payments, Stripe doesn’t offer tooling to manage credit or fraud risk systematically.

This rote process created significant overhead and made it difficult for the team to conduct more in-depth risk analysis. Cassandra G., Senior Payments Risk Manager at Mindbody, estimates her team spent up to 4 hours every day on these onboarding and monitoring processes.

As Mindbody doubled down on its global ambitions, the team knew it needed to optimize its risk management strategy. 

‍

Coris offered global SMB verification, automated monitoring & smooth integrations

Mindbody’s decision to implement Coris came down to 3 key factors:

• Worldwide SMB data coverage: MerchantProfiler was the only solution that aggregated SMB information from multiple relevant data sources worldwide (SMB websites, 3rd party review platforms, business registration records, and more).
• Centralized risk management: Mindbody wanted to streamline its complex process and use one tool for onboarding, underwriting, ongoing monitoring and case management. Fuzio offered all of these capabilities in one place.
• Ease of integration: Like many companies, Mindbody’s risk team has limited engineering resources. They needed a solution that could integrate with Stripe with minimal engineering effort. Coris was the only solution that addressed these integration needs and offered integration methods beyond APIs. The team simply plugged in their Stripe key and went live the same day

.

The result: 80% reduction in onboarding processes in 45+ countries

After a straightforward proof-of-concept, Mindbody instantly noticed improvements across its risk management process, from onboarding to ongoing monitoring.

‍

Onboarding

‍Mindbody replaced most reviews with automated onboarding, reducing onboarding processes by 80%. Instead of using several data sources to validate SMB applicants, Mindbody can use MerchantProfiler to automatically analyze businesses based on 3rd party reviews (e.g., Google, Yelp), business registration records, and website analysis (e.g., presence of keywords, domain age metadata, and more).

These improvements benefit both Mindbody and its customers: automated onboarding helps prevent the “review fatigue” common amongst fast-moving risk teams, and it means fewer documentation requests and faster decision timelines for SMBs.

‍

Monitoring

‍Instead of using spreadsheets, Mindbody’s risk team now monitors key Stripe events and general business health with Fuzio.

Stripe event monitoring enables the risk team to understand how Stripe is interacting with Mindbody’s SMB customers. For example, if Stripe is unable to complete a payout for an SMB, the risk team is now instantly notified through custom alerts they set up in Fuzio. The risk team can then notify the SMB and resolve the situation faster than if they had relied on manual alert methods.

Business monitoring allows the team to keep track of overall risk indicators and act quickly in the face of new information. The risk team has set up custom thresholds for different business signals, such as website shut down, 3rd party reviews, payment volume and chargeback trends. If any of these thresholds are met, Fuzio can automatically execute an action or forward the case to manual review.

‍

Case management

‍Fuzio offers a highly customizable case management tool that constantly gathers information on SMBs. It’s effectively building a system of record, which is extremely useful for the risk team’s postmortems. Case management also offers an “audit trail” feature where the team can track risk decisions on SMBs, ​​centralizing historical context in one place.

By automating the most painful parts of risk management, Coris saves Mindbody’s risk team dozens of hours of manual work every week. It also enables more accurate risk decisioning, reducing the number of false positives and false negatives and allowing the team to focus on the truly suspicious accounts.

‍

Want to learn more?

Interested in leveraging Coris to automate your SMB onboarding and centralize risk management in one place? Get in touch.