Page 29 - GS231101

Education

the merchant assessment process. Each of the following Some people who open
can help payment gateways and other payment proces-
sors decide whether or not a merchant is a safe and repu- businesses do not have good
table match.
intentions, and they can end
• Bank accounts: Verifying the validity of a merchant up as a black mark on payment
is essential, and bank account verification is a wise
step to take. This process allows payment compa- companies that choose to
nies to confirm that a merchant owns a specific ac-
count and that all of the payment information adds partner with them.
up. Ultimately, this shows that the merchant is who
they say they are and will be sending the money
to a location that aligns with what they are selling. To do this, payment companies should find ways to
The reason bank accounts are a great form of verification automate and simplify the onboarding process. This
is that they are already screened. To open a bank can be conducted by setting up applications, offering
account, merchants must submit a significant amount ways to securely share important information and
of documentation to banks. This legal documentation having dedicated staff that can address concerns as
confirms their identity and shows that they are a legitimate needed.
business.
When merchant adoption is safe and easy and done with
• Credit considerations: The credit score system is due diligence, everyone wins. Merchants sell great ser-
one of the most powerful tools that the modern vices, and payment companies make it easy for them to
world has invented (see https://tinyurl.com/bde5u7nh). conduct transactions. However, these agreements are
Most companies require credit checks when doing built upon honesty and the understanding that each com-
ongoing business, so it makes sense that they are pany's actions will reflect on the other.
also an important factor when it comes to mer-
chants and payment gateways. To ensure that merchants are meeting certain qual-
ity standards, payment gateways must outline legal and
Credit checks can help show just how reliable business standards completely and make a clear process
a merchant is. With this information, payment that allows merchants to demonstrate their qualifications.
companies can show that they do not have a When companies are thorough, this process should be
history of poor decisions when it comes to money seamless.
management. For payment companies, this is a
smart way to assess risk.
Nicholas Cucci is the co-founder and COO of Fluid Pay LLC. Cucci is also
• Legal documents and credentials: Although any- a graduate of Benedictine University and a member of the Advisory
one can open a business, most places require that Board and Anti-Fraud Technology Committee for the Association of
businesses submit specific, detailed documenta- Certified Fraud Examiners, as a CFE himself. Fluid Pay is the ONLY 100
tion that proves they are legitimate. These require- percent cloud-based Level 1 PCI Payment Gateway processing trans-
ments are meant to deter people from participating actions anywhere in the world. Contact Nick at Nick@FluidPay.com.
in money laundering—but they can also be a good Benefits of crypto for the underbanked
way to determine risk and legitimacy for payment
companies. Companies can request tax informa-
tion, legal information and more to ensure that Call me today!
merchants are doing what they claim to be doing. Let me help you
with your
• Looking out for problem parties: Payment com-
panies and merchants have a mutually beneficial advertising
relationship, but that balance can easily shift. For success.
payment companies, part of doing their due dili-
gence is to make sure they avoid doing business 707-284-1693
with problem parties. To do this, they can examine
business interactions in addition to legal documen-
tation, credit history and more.
• Expediting merchant adoption: It is essential for
payment companies to be thorough when onboard-
ing merchants, but that doesn’t mean that the time-
line has to be long. Payment companies should R R ick Aston
make it easy for merchants to verify themselves and Senior Media Partnership Specialist
start working with them when it is possible. Rick@greensheet.com
29