You can automate risk reviews for merchants by triggering actions that perform different reviews automatically through the Payrix Pro platform and third-party risk services. This article shows you how to configure policies to automate risk decisions within your portfolio.
Create and Configure a Policy
Complete all steps in the following sections to configure a policy that automates risk reviews for transaction processing or merchant boarding.
Note
You can apply policies to your business model in multiple ways. Due to the complex nature of the product, this procedure does not cover all decision types.
Add a New Policy
Under Admin in the left navigation panel, select Risk then Policies.
Click ADD POLICY in the upper-right corner of the page.
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.
Click Add Policy.
Set Your First Decision
To configure your policy with a decision:
Select the policy you just created on the Policies page.
Click Add Decision in the upper-right corner of the page.
Select a decision from the available risk services. Then, click Next.
Note
Some policy stages are not compatible with specific decision actions. The Portal will identify if your configuration is invalid with your policy stage.
Add sub-decisions with applicable subtypes, operators, and values for the decision type. Then, click Next.
(Optional) Add any rules using the same parameter types used in the previous step to further refine the decision action trigger.
Click Create to finish adding the decision.
Add More Decisions with Dependencies
To create additional decisions to further refine the policy trigger criteria using the original decision as a dependency:
Repeat steps 1 through 4 from the previous section.
Select your first decision from the Dependencies dropdown menu. This dependency requires 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 dependency outlines another decision (the first) to resort to if this decision fails for the designated fail reason.
Important!
Risk decisions and notifications do not work outside of the Payrix Pro platform gateway. If you have questions, contact your Partner Experience Manager.
Result: You now have a policy that’s configured with decisions. The secondary decision in your policy defines when it will take the set action, using your first decision’s response as the condition for whether to apply the second decision before the policy takes effect. If you added a failover, then you also have a contingency plan for what this second decision should do if it fails for your given reason. 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.
Next Steps
After configuring your automated risk policies for your portfolio, review the following related articles:
Use Decisions for Risk Mitigation: Use the Risk Decisions feature to automate more specific reviews for different groups with different risk criteria.
Additionally, view the following content in the Risk and Compliance Guide:
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.