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This payment facilitation platform, the Softrip Payments partner, maintains and meets legal and regulatory requirements for all users and business types to ensure a safe and secure environment for Merchants to process transactions and fund their accounts.
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In payment processing, merchant underwriting is a risk assessment every merchant undergoes before they can accept electronic payments. Underwriters use documents to verify identity, and credit history, and assess an applicant’s financial status while ensuring the info provided is accurate.
When Payrix the Softrip Payments partner processes transactions on behalf of a merchant, we they are taking on a certain amount of risk. Processing a payment is like providing a business with credit, like a line of credit. Payrix Our partner will do its due diligence and assess a business’ merchant risk level before going ahead and providing it with a merchant account. This process is called underwriting.
Payrix Our partner uses a combination of automated tools and manual reviews to assess these factors and determine the risk level associated with a merchant. Depending on the outcome of the underwriting process, a merchant might be approved, approved with conditions, or denied payment processing services.
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A new Merchant entity is created within the Payrix API and Softrip Payments Portal
The Merchant’s application is submitted to the Payrix Underwriting team for review and approval.
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