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Underwriting

Learn when we require underwriting and how to submit the information we ask for.

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.

Required information Description Notes
Business description A brief description of the business (Required during account creation) string: Up to 100 characters
Past processing statements Processing statements from the last three months or the highest volume months if the business is seasonal (Can be uploaded using the Dashboard or API) Depending on transaction history and business information we may require processing statements
MCC Merchant category code identifying the industry of the business (Required during account creation) string: 4 characters
Average transaction size integer: The average size of a transaction between this business and their customers integer: In USD, rounded to the nearest dollar
Average monthly transaction volume The average monthly volume of sales between this business and their customers integer: In USD, rounded to the nearest dollar
Max transaction size The maximum size of a transaction between this business and their customers integer: In USD, rounded to the nearest dollar
Volume by customer type The percentage of customer volume split between business to business and consumer to business object: Each item is an integer between 0 and 100
Card volume distribution The percentage of card volume split between ecommerce, card present, mail or phone, and debt repayment object: Each item is an integer between 0 and 100
Fulfillment Details related to fulfillment including shipping duration and return policy object: Combination of value types including boolean, integer and string

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,
      "cardPresentPercentage": 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 PUT endpoint.

You can also submit information in the Moov Dashboard. View the Dashboard’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
During underwriting, certain Moov account fields will be locked depending on status. After underwriting, all Moov account fields will be locked. See the updating accounts page for more information.
Summary Beta