Underwriting Risk Auto-Boarding Best Practices
During the short-term manual underwriting period, Worldpay for Platforms will 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. After your platform’s Payrix Pro onboarding process is fully in place, your portfolio will be reviewed by the Payrix Pro Underwriting team for our automated auto-boarding solution. This typically occurs after 15 to 30 Merchant accounts are submitted and approved.
Review Process
When the minimum number of submissions have been reviewed (excluding any live testing or SaaS accounts boarded for the partner), the Payrix Pro risk management team will begin the auto-boarding enablement review, in which we look back at submissions to date to ensure we are comfortable moving forward, based on the following:
Data Integrity Standpoint: Are there any recurring issues, where either the data is consistently missing, inaccurate, or not mapping correctly due to technical issues?
Merchant Quality Perspective: Are Merchant types submitted to date as expected, and do Merchants submitted to date fall into the approved MCCs and verticals?
Problematic Trends: Are we seeing any fraud, suspected fraud, or problematic verticals (such as high-risk, restricted, or prohibited)?
Remediation Period
If based on the above, the Underwriting Team does not have sufficient comfort to enable auto-boarding, any issues identified during the review will be communicated to the partner via the RM/PSM. The partner will be given a set number of new submissions to demonstrate that they have resolved any open issues, after which the Payrix Pro risk management team can re-review.
Approval
After approval, all new Merchant accounts you submit to Payrix Pro will qualify for our instant verification process and you will receive a Boarding Status response within seconds of the Merchant submission. Our innovative automated underwriting solution validates your client’s Merchant account almost instantaneously. Based on the information they submitted, their account may be eligible for immediate approval (Successfully Boarded) to process payments as they sign up.
Auto-Board Fall Out
Qualifying for automated underwriting does not guarantee that all Merchant accounts 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 Pro Underwriting team will contact you directly if any follow-up or additional information is required.
To prevent this from happening, Partners can help by ensuring data is entered correctly:
Business
The critical data fields required for business entity information to ensure successful auto-boarding include:
Legal Business Name: Must match the name registered with the secretary of state or IRS SS-4 tax form.
EIN/TIN: Enter the 9-digit Federal Employer or Tax Identification Number.
Address: Provide a physical street address (PO Boxes are not acceptable).
Website: A Merchant URL is required for e-commerce Merchants; if no website, enter http://nowebsite.com.
Business Phone: Enter a 10-digit phone number without a leading “1”.
Established Date: Required for all Merchants boarding to Worldpay Core and Wells Fargo.
Terms & Conditions Version: Ensure the Terms & Conditions Agreed Version is signed and passed.
Individual
The critical data fields required for business owner information to ensure successful auto-boarding include:
Ensure that ownership information is obtained for 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 accuracy as it appears on government-issued documents.
Date of Birth: Enter the date of birth of the business owner.
Social Security Number (SSN): Provide the Social Security number of the business owner.
Business Title (Principal’s Title): Enter the company title of the business owner; do not use the ampersand character (&).
Ownership Percentage: Enter a value of 1% or more.
Individual’s Address: Provide the physical personal or residential street address of the business owner. PO Boxes are not acceptable.
Primary Owner: Designate the individual as the primary owner, even if only one individual is entered.
Individual Phone: Enter a 10-digit phone number of the business owner, without the leading +1 country code.