You can automate risk reviews for Merchants to trigger various actions using the Payrix Pro platform and third-party risk services to perform many different types of reviews automatically. This tutorial walks you through the steps to leverage policies to automate your risk decisions within your portfolio.
Objective
Configure a policy to automate risk reviews in your portfolio for transaction processing or Merchant boarding.
Audience
Partners
Environment
Portal (Sandbox)
Portal (Production)
Prerequisites
Note
You must have a fully boarded Payrix Pro account to perform any of the actions described in the use case guides.
Important notes
Important!
Some policy stages are not compatible with specific decision actions. The portal will identify if your configuration is invalid with your policy stage.
Important!
Risk decisions and notifications will not work outside of the Payrix Pro platform gateway. If you have questions, contact your Partner Experience Manager.
Tips
Tip
You can apply policies to your business model in multiple ways. Due to the complex nature of the product, this use case does not cover all decision types. Visit Understanding Policies - Risk for more details on each specific Policy Decision.
Additional Resources
See the tips below to help you get started.
Read Understanding Policies - Risk for a detailed breakdown of each policy component and available values in-depth.
Read Partner Transaction Monitoring Best Practices for guidance on identifying transaction risks.
See the Merchant Monitoring Risk Guide for steps to mitigate risks associated with Merchants' payment transactions and other activities.
Read Merchant Onboarding Risk Best Practices for guidance on identifying Merchant boarding risks.
Read the Merchant Monitoring Risk Guide for steps to mitigate risks associated with boarding Merchants.
Create a Policy
Ensure that you complete all steps in the following sections.
Access the Policies Page
Click the PLUS icon next to Risk in the left navigation panel to open a dropdown menu.
Click Policies in the Risk dropdown menu to open the Policies page.
Add Your New Policy
Click ADD POLICY in the upper-right corner.
Enter a name for the policy.
Select the stage for the policy to apply:
Create Entity: When an entity is created
Pre-board: When the entity is created, but not yet boarded
Underwriting: When an entity is being risk-reviewed for boarding
Post-board: After the entity has passed risk review and completed boarding
Transaction: For any transaction processing event
Activation: When a payment terminal is activated in a payment transaction
Auth: When a credit card is authorized for a transaction
Post-Auth: After a credit card has already been authorized for a transaction
Capture: When a credit card payment is captured
Refund: When a transaction refund is issued
E-Check: When an eCheck transaction is processed
Change Review: When a bank account change request occurs from an entity
Select the target of the policy:
Divisions: A Partner portfolio
Merchants: A specific Merchant or Partner entity
Select the status of the policy:
Active: The policy is actively applied.
Inactive: The policy will not be applied until changed to Active.
Result: Your policy is now created and ready to be configured with decisions.
Set Your First Decision
Click Add Decision in the upper-right corner.
Select a decision from the available risk services. Then, click Next.
Add sub-decisions with applicable Subtypes, Operators, and Values for the decision type. Then, click Next.
(Optional) Add any rules desired using the same parameter types used in the previous step to further refine the decision action trigger.
Click Create to finish adding the decision.
Result: Your first policy decision is created, allowing you to create additional decisions to further refine the policy trigger criteria using the original decision as a dependency.
Add More Decisions with Dependencies and Failover Dependencies
Repeat Steps 1-4 from the “Set Your First Decision” section above. Then, click Next.
(Optional) Select your first decision from the Dependencies dropdown menu.
This dependency will require this new second decision to rely on the original first decision to return the expected response before initiating the action.
(Optional) Select your first (or another) decision from the Failover dropdown menu.
This Failover Dependency outlines another decision (the first) to resort to if this decision fails for the designated Fail Reason.
Result: You’ve created a secondary decision within your policy to further refine when it will take the set action, using your first decision’s response as the condition for whether or not to apply the second decision before the policy takes effect. You’ve also added a contingency plan for what this second decision should do if it fails for your given reason. Your policy is now configured.
Next Steps
After configuring your automated risk policies for your portfolio, review the following guides for related topics:
Automate Risk Decisions for Groups: Use the Risk Decisions feature to automate more specific reviews for different groups with different risk criteria.
Conclusion
You’ve successfully configured a policy to automate your risk review for Merchant boarding or transaction processing actions and status changes. You can repeat these steps to refine your policy as much as needed and automate as many aspects of Merchant boarding or transaction processing as you’d like.