# 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](https://support.moov.io/articles/2845506014-merchant-onboarding#onboarding-demo) 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](/content/legal/platform-agreement/index.html) 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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