Transaction Risk Auto-Boarding - Best Practices

During the short-term manual underwriting period, we’ll work with you to implement onboarding process updates and best practices based on the account verification and data integrity feedback for your initial merchant submissions. Once your platform’s Payrix onboarding process is fully in place, your portfolio will be reviewed by the Payrix Underwriting team for our automated auto-boarding solution. This typically occurs once 15-30 merchant accounts are submitted and approved.

Review Process

Once the minimum number of submissions have been reviewed (excluding any live testing or SaaS accounts boarded for the partner) Payrix risk management team will begin the auto-boarding enablement review, in which we look back at submissions to date to ensure we are comfortable moving forward, based on the following:

Data Integrity Standpoint – are there any recurring issues, where either the data is consistently missing, inaccurate or not mapping correctly due to technical issues?
Merchant Quality Perspective – are merchants types submitted to date as expected, do merchants submitted to date fall into the approved MCC(s)/Vertical(s)?
Problematic Trends – are we seeing any fraud, suspected fraud or problematic verticals (ex. high risk, restricted, prohibited)?

Remediation Period

If based on the above, the Underwriting Team does not have sufficient comfort to enable auto-boarding, any issues identified during the review will be communicated to the partner via the RM/PSM. The partner will be given a set number of new submissions to demonstrate that they have resolved any open issues, after which Payrix risk management team can re-review.

Approval

Once approved, all new merchant accounts you submit to Payrix will qualify for our instant verification process and you will receive a Boarding Status response within seconds of the merchant submission. Our innovative automated underwriting solution validates your client’s merchant account almost instantaneously, and based on the information they submitted their account may be eligible for immediate approval (Successfully Boarded) to process payments as they sign up.

Auto board Fall Out

Qualifying for automated underwriting does not guarantee that all merchant account will be instantly approved. If certain elements of your client’s account are flagged during the automated underwriting process their Boarding Status will instantly change to Not Ready, and the Payrix Underwriting team will contact you directly if any follow-up or additional information is required.

To prevent this from happening, Partners can help by ensuring data is entered correctly:

Business

Legal Business Name	Ensure the legal business name entered matches the name registered with your secretary of state.
EIN/TIN	Ensure the 9-digit Federal Employer or Tax Identification Number is entered
Address	Ensure that the physical street address is entered (PO Boxes are not acceptable)
Website	Ensure the merchant URL is provided (required for ecommerce merchants). Note: If no website exists enter http://nowebsite.com
Business Phone	Ensure 10-digit phone number is entered - with no leading “1” Account
Established Date	Ensure an established date is entered (required for all merchants boarding to Worldpay Core and Wells Fargo)
T&C Version	Ensure the Terms & Conditions Agreed Version is passed

Individual

Ensure that ownership information is obtained for all owners with 25% or more ownership interest in the business, unless the entity is exempt from FinCEN Beneficial Ownership Regulatory Requirements.
Ensure the control prong information is obtained and submitted for the individual with significant responsibility over the entity, if not already covered by an individual owner above (additional details available at request).

First and Last Name	Ensure that the first and last name entered for all individuals is entered accurately, as it appears on government issued documents.
Date of Birth	Date of birth of business owner.
Social Security Number (SSN)	Social Security Number of business owner.
Business Title (Principal’s Title)	Company title of business owner. The ampersand character (&) may not be entered in this field.
Ownership %	Ensure a value of 1% or more is entered.
Individual’s Address	Physical personal or residential street address is entered (PO Boxes are not acceptable) of business owner.
Primary Owner	Designation of individual as primary owner (even if only entered info for one individual).
Individual Phone	10-digit phone number of business owner is entered - (with no leading “+1” country code.)

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