Operational Merchant Boarding Process

Onboarding Process

Because frictionless onboarding and speedy approval is essential to your clients, Payrix offers an automated underwriting model designed to instantly approve your clients as they sign-up. When first partnering with Payrix, your portfolio will be onboarded via our manual underwriting model during an initial integration period which will set the foundation for your portfolio to graduate to our automated underwriting model when onboarding new accounts.

What to expect during the initial manual underwriting period:

As you initially begin submitting your clients to Payrix via one of the onboarding methods detailed below, your client’s account will immediately be created in Payrix, but their Boarding Status will be set to Not Ready. Practically, when your client’s account is created in Payrix they can access the Portal, update their user settings, and configure most elements of their account, but will not be able to process any payments or transactions immediately.

Your initial merchant submissions will only be able to begin processing payments after a validation and data integrity review by the Payrix Underwriting team. Typically, this Manual Review process is completed within a short time-frame and feedback will be provided to you by your Relationship Manager or by the Payrix Underwriting team directly. Once your client’s  merchant account is approved to process payments their Boarding Status will update to Successfully Boarded. 

What to expect once your portfolio is approved for automated underwriting:

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 approved by the Payrix Underwriting team for our automated auto-boarding solution.

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 30 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. 

Please Note: Qualifying for automated underwriting does not guarantee that your client’s 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.