THE COMPLEXITY OF THE MERCHANT ONBOARDING PROCESS
ONBOARDING NEW CUSTOMERS
CUSTOMER DATA VERIFICATION (KYC)
COUNTERPARTY CREDIT CHECK
ACTIVATION
• Collection of all necessary documents, supporting information (ID, corporate registration documents) • Verification static data such as address, location, account information • commercial history (how long in business • Merchant Industry (MIC) • Basic KYC checks (OFAC, PEP checks) • Ownership structure / ultimate beneficial ownership • Blacklist checks • In eCommerce: web crawler to detect negative traffic
• Capture of all data • Upload of supporting documents • Check if all data is complete, accurate • Does KYC and Counterparty credit check both point to approval? • Activation of customer, ready to accept and transact payments in cards
• Credit score (e.g. Fico, internal models) • Merchant Industry Code (determines risk of non-delivery exposure) such as travel, leisure and non-physical goods • Assessment of transactions volume, geographic footprint, FX risk • Risk based pricing • Commercial background of managers and corporations (how long in business, in industry)
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