Underwriting
Payment processing involves an inevitable degree of risk. To ensure a safe and legitimate payments ecosystem, payment processors like Moov must perform due diligence when working with different merchants. Underwriting is a tool Moov uses to understand a business’s profile before allowing them to collect funds on our platform. This profile includes information like a description of the company, the merchant’s business model, and their transaction volume. Through underwriting, we can understand and prevent unnecessary financial risk for Moov and those transacting on our platform.
When we require underwriting
We require businesses to go through the underwriting process if they are:
- Requesting the
collect-fundscapability- Wanting to accept card payments
- Wanting to pull funds from verified bank accounts
Requirements
If a facilitator or merchant would like to collect funds, we’ll need the following information before this capability is enabled. Processing statements may be required depending on the transaction history and business information you submit.
| Required information | Description | Notes |
|---|---|---|
| Average transaction size | The average size of a transaction between this business and their customers | In USDs, rounded to the nearest dollar |
| Max transaction size | The maximum size of a transaction between this business and their customers | In USDs, rounded to the nearest dollar |
| Business description | A brief description of the business | Up to 100 characters |
| Past processing statements | Processing statements from the last three months or the highest volume months if the business is seasonal. | Depending on transaction history and business information we may require processing statements |
Submitting information via API
To submit the required underwriting information via API use either of the following endpoints, depending on whether or not you’ve set up the account yet:
The underwriting field is nested under profile > business.