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 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.
| Required information | Description | Notes |
|---|---|---|
| Average transaction size | The average size of a transaction between this business and their customers | In USD, rounded to the nearest dollar |
| Average monthly transaction volume | The average monthly volume of sales between this business and their customers | In USD, rounded to the nearest dollar |
| Max transaction size | The maximum size of a transaction between this business and their customers | In USD, 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 |
| MCC | Merchant category code identifying the industry of the business | 4 character string |
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.
| Status | Description |
|---|---|
notRequested |
Underwriting is not required based on the capabilities being requested |
pending |
Additional information is required before underwriting can start |
pendingReview |
An account is being reviewed by Moov |
rejected |
An account is not approved to transact |
approved |
An account is approved to transact |