Merchant onboarding

Last updated 1 month ago

Businesses accepting, sending, or storing money through Moov’s platform are required to go through verification and underwriting. Additionally, processing payments of any kind requires a review and acceptance of a pricing plan and Moov's platform terms of service agreement.

At the end of this article is a video walkthrough of what to expect during the onboarding process.

Verification

To complete verification, you’ll be required to provide specific business information, including information about certain high-level business representatives (control officers and beneficial owners).

Note - US state, federally regulated financial institutions, and most publicly traded companies are exempt from beneficial ownership requirements.

Beneficial owners are individuals who own 25% or more of the business. Control officers are decision makers with significant management responsibilities.

Verification is required for all beneficial owners and one control officer. A control officer can be one of the following (though not limited to):

• CEO, COO, CFO, or other C-suite executives
• President or Vice President
• Treasurer or Secretary
• Managing Partner or General Partner

Note - If any business or representative information cannot be verified, you will be asked to provide supporting documentation.

Business information

The following information is required about your business:

• Legal business name, as it appears on your IRS or state registration documents, including suffixes such as LLC or Inc, etc
• Address, which must be a physical location, it cannot be a PO box, commercial mailing receiving agency, virtual office, or registered agent
• Phone number
• One of either website or business description
• Business type
• One of either industry or MCC code (industry is preferred)
• EIN (SSN can be used if the business is a sole proprietorship)
• Terms of service acceptance
• Optionally, you can include your business’s support contact information

The following information may be requested, depending on business type:

• Beneficial owners (see below - required for corporations, partnerships, and LLCs)
• Doing business as (DBA) name

Beneficial owner information

For each beneficial owner, the following information is required:

• Legal first and last name
• Personal address, which cannot be a PO box, commercial mailing receiving agency, or registered agent
• Email or phone number
• Date of birth
• Full social security number
• % of business owned

Control officer information

For a control officer, the following information is required:

• Legal first and last name
• Personal address
• Email or phone number
• Date of birth
• Full social security number
• Job title

Underwriting

Underwriting is required to understand your business model, transaction patterns, and risk profile. High-volume or high-risk businesses may take longer to be approved.

Underwriting requirements are tiered based on your business profile. Low-volume, US-only businesses have minimal requirements, while higher-volume, or international businesses need to provide more detail.

Minimum requirements

The following is required for all accounts:

• Geographic reach - Where are your customers located?
  • US Only
  • International Only
  • US and International
• Monthly volume range - What is your estimated monthly transaction volume?
  • Less than $10,000
  • $10,000 – $50,000
  • $50,000 – $100,000
  • $100,000 – $250,000
  • $250,000 – $500,000
  • $500,000 – $1,000,000
  • $1,000,000 – $5,000,000
  • Over $5,000,000

Extended requirements

You may also be asked to provide the following data.

• Business presence - How does your business operate?
  • Traditional office space
  • Physical retail location
  • Operated from residential address
  • No physical customer interaction
  • Service provider that travels to customers
  • Combination of physical and online
• Volume share by customer type - Percentage of transactions that are (must add up to 100):
  • Business to business vs
  • Business to consumer vs
  • Person to person
• Pending litigation - What is your current or pending legal matter situation?
  • No current or pending litigation
  • Government enforcement or investigation
  • Fraud or financial crime
  • Consumer protection or class action
  • Data breach or privacy
  • Bankruptcy or insolvency
  • Employment or workplace disputes
  • Personal injury or medical
  • Intellectual property
  • Other (please explain)
• Average transaction amount - Average transaction size in USD
• Maximum transaction amount - Maximum transaction size in USD
• The last three historical bank statements
• The last three historical processing statements

Accept card payments

If you accept card payments you will be required to provide the following:

• Card acceptance methods - must add up to 100. Note - if in person percentage is less than 80%, you’ll be required to provide additional information (see card-not-present details below).
  • Percentage of transactions where the card is present (POS, tap-to-pay)
  • Percentage of transactions from online/ecommerce channels
  • Percentage of transactions via mail order or phone order (MOTO)
  • The last three historical bank statements (if not already provided in extended requirements)
  • The last three historical processing statements (if not already provided in extended requirements)

If you are a card-not-present business (in person payments are less than 80%), you will be required to provide the additional following information:

• Method - How do customers receive their purchase?
  • Shipped physical goods
  • Local pickup or delivery
  • Digital content
  • In person service
  • Remote service
  • Donation
  • Bill or debt payment
  • Subscription or membership
  • Other (please explain)
• Timeframe - When do customers typically receive their purchase?
  • Immediate
  • Within 7 days
  • Within 30 days
  • Over 30 days
  • Scheduled event
  • Recurring schedule
  • Pre-order
  • Other (please explain)
• Refund policy - What best describes your refund policy?
  • No refunds - all sales final
  • Full refund within 30 days - standard 30-day return window
  • Full refund extended window - returns accepted beyond 30 days
  • Partial refund - reduced refund amount (restocking fees, etc.)
  • Store credit - refunds as store credit/gift cards only
  • Prorated refund - refund amount based on usage/time
  • Conditional refund - refunds under specific conditions only
  • Event based refund - refunds tied to event cancellation/rescheduling
  • Custom refund policy - unique refund terms (please explain)

Disclosures & terms of service

You’ll be required to review and accept your pricing disclosure and Moov’s platform terms of service agreement during your onboarding process.

The pricing disclosure will show you fees associated with the following:

• ACH
• Instant payments (AFT, OCT, RTP)
• Card acquiring
• Transaction management fees
• Platform fees
• Network fees

Additionally, you'll be shown platform scopes you've been granted. Scopes are shared with you through your Moov platform partner and allow you to take (or not take) certain actions on Moov's platform. Shared scopes also create a direct connection to your customers/end-users. Below are some examples of what shared scopes will allow you to do on Moov's platform:

• View account balances and details
• Add and manage bank accounts
• Request and manage capabilities (collect funds, send funds, etc)
• Initiate transfers

Onboarding demo

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