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Validating the Merchant’s business - ensures the Merchant’s submitted business data (e.g. address, website URL, etc.) is accurate and the scope of their goods/services is compliant with legal and regulatory guidelines.
Validating the owners - verifies the personal information (e.g. SSN, DOB, etc.) submitted by the Merchant is accurate and that they aren’t flagged on any government sanctions or payment-industry watchlists.
Preventing illegal & fraudulent activity - as the payment facilitator, the platform is responsible to prevent any Merchants from engaging in illegal or fraudulent activity while using our platform. Some common relevant scenarios include preventing money-laundering (AML), identity theft, fraudulent account takeover etc.
Validating the Merchant’s bank account - confirming that the submitted banking information is valid and that the account is associated with the Merchant’s business and/or owner. This validation process meets industry requirements and helps prevent fraudulent activity.
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For maximum flexibility and whitelabeling, two unique underwriting structures are available depending on your portfolio’s industry types and specific needs. You can read more about each below: |
Underwriting Process Flow
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While boarding new Merchants, a two-step underwriting process is simultaneously triggered for each:
A new Merchant entity is created within the Payrix API and Portal
The Merchant’s application is submitted to the Payrix Underwriting team for review and approval.
Upon underwriting approval, a Merchant will be able to begin processing payments.
Review and Underwriting SLAs
Item | Description | SLA |
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Partner Due Diligence | Timeframe for review and response to a Partner application or subsequent information received. | 2 business days |
Merchant Underwriting | Timeframe for review and response to a Merchant application or subsequent information received. | 2 business days |
Review Risk Hold | Timeframe to review and investigate held payments. | 1 business day |
Partner Questions | Time for Risk team to review and respond to inquires from Partners. | 2 business days |
Related Underwriting Articles
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