Refer to the below best practices to ensure a frictionless onboarding experience and avoid accounts being pended for manual review.
Note that both Payrix Pro as well as our sponsor processors adhere to industry best practices related to Merchant reviews and the onboarding process, which include among other checks the following:
IRS Tax Identification Number (TIN) or CRA Business Registration Number (BRN) and legal name validation (required for 1099k reporting purposes)
Know Your Customer (KYC) and Know Your Business (KYB) validation.
Screening against The Office of Foreign Assets Control (OFAC) sanctions and other watchlists.
Merchant screening against the Mastercard Alert To Control High-risk Merchants (MATCH) file.
To comply with the onboarding review process and completion of the aforementioned checks, data integrity and accuracy of the following data fields is important to avoid unnecessary pends or account holds within Payrix Pro or the sponsor processor.
Business
Legal Business Name: Ensure the legal business name entered matches the name registered with your Secretary of State or Canada Revenue Agency.
EIN/TIN/BRN: Ensure the 9-digit tax registration 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 e-commerce merchants). If no website exists, enter http://nowebsite.com.
Business Phone: Ensure a 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’s Vantiv Core (VCore) platform).
Terms and Conditions Version: Ensure the Terms and Conditions Agreed Version is passed.
Individual
Ensure that ownership information is obtained for any and 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: A 10-digit phone number of business owner is entered (with no leading +1 country code.)