In order for your new Merchants to gain access to our automated underwriting requires your portfolio receiving prior approval from the Payrix Underwriting team. All new clients will initially submit new Merchants via our manual underwriting process, which will determine the viability of automated underwriting for your portfolio.
After this initial manual underwriting period, information relating to the business validation, data integrity, and payment compliance will be provided to you by the Payrix team in order to prepare your portfolio for automated underwriting approval.
To simplify and speed up the onboarding process we’ve developed an automated underwriting solution that instantly validates and approves eligible new Merchants. We utilize a number of innovative technologies to verify a new Merchant application meets our standard underwriting and compliance requirements.
Once your portfolio is approved for automated underwriting, all new Merchant accounts you submit will qualify for instant verification and you will receive a Boarding Status response within 30 seconds of the Merchant submission. This means your portfolio’s Merchant accounts validate almost instantaneously and based on the information submitted, the account may be eligible for immediate approval (Successfully Boarded) to process payments as they sign up.
Qualifying for automated underwriting does not guarantee that your Merchant accounts will be instantly approved. If certain elements of the Merchant application are flagged during the automated underwriting process, the Boarding Status will instantly change to Not Ready, and the Payrix Underwriting team will follow-up directly and request additional information as necessary.
You can read more about each Boarding Status here.