1. Overview
2. Moov accounts
3. Account requirements

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 to access the collect-funds capability.

Underwriting can be instant, but in some cases make take around 2 business days before approval.

Requirements

You’ll need to provide the information listed in the table below for a merchant to be approved for capabilities that require underwriting.

Note, some requirements should be sent during account creation, and others will be added after an account has been created using the underwriting PUT endpoint.

Example PUT request to update an account’s underwriting requirements:

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curl -X PUT "https://api.moov.io/underwriting" \
  -H "Authorization: Bearer {token}" \
  --data-raw '{
    "averageTransactionSize": 10000,
    "averageMonthlyTransactionVolume": 250000,
    "maxTransactionSize": 50000,
    "volumeByCustomerType": {
      "businessToBusinessPercentage": 50,
      "consumerToBusinessPercentage": 50
    },
    "cardVolumeDistribution": {
      "ecommercePercentage": 10,
      "cardPresentPercentagePercentage": 20,
      "mailOrPhonePercentage": 30,
      "debtRepaymentPercentage": 40
    },
    "fulfillment": {
      "hasPhysicalGoods": true,
      "isShippingProduct": true,
      "shipmentDurationDays": 7,
      "returnPolicy": "withinThirtyDays"
    }
  }'\

Submit information

With the Moov API, you can submit the business description and MCC code when creating an account. If you already have an account and need to add this information, use the account PATCH endpoint.

To submit the required transaction data via the API, use the underwriting POST endpoint.

You can also submit information in the Moov Dashboard. View the Dasbhoard’s account guide for more information.

Underwriting statuses

Below, we summarize the possible underwriting statuses for a Moov account and the implications of each status. If you’re experiencing issues with your account possibly related to its account underwriting status, contact support and select submit a support ticket for technical issues.