Boarding Risk and Underwriting
Risk & Underwriting
As a payment facilitator, Payrix is a comprehensive financial services provider to you and your clients. To manage legal and regulatory requirements, Clients and Merchants on Payrix are reviewed using multiple sources to insure your merchant’s business, stake holders information, and their industry as part of boarding merchants.
The underwriting process is primarily focused on the following elements of your clients business and the data they submit when signing-up for Payrix:
Validating the merchant’s business - ensuring your client’s submitted business data (e.g. address, website URL etc.) is accurate and the scope of their goods/services is compliant with legal and regulatory guidelines.
Validating the owners - verifying the personal information (e.g. SSN, DOB etc.) submitted with your client’s new account is accurate and that they aren’t flagged on any government sanctions or payment-industry watchlists.
Preventing illegal & fraudulent activity - as the payment facilitator, Payrix is responsible to prevent any new merchants from engaging in illegal or fraudulent activity while using our platform. Some common relevant scenarios include preventing money-laundering (AML), identity theft, fraudulent account takeover etc.