Underwriting

Learn when we require underwriting and what 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 if they are:

  • Requesting the collect-funds capability
    • Wanting to accept card payments
    • Wanting to pull funds from verified bank accounts

Requirements

If a facilitator or merchant would like to collect funds, we’ll need the following information before this capability is enabled. Processing statements may be required depending on the transaction history and business information you submit.

Required information Description Notes
Average transaction size The average size of a transaction between this business and their customers In USDs, rounded to the nearest dollar
Average monthly transaction volume The average monthly volume of sales between this business and their customers In USDs, rounded to the nearest dollar
Max transaction size The maximum size of a transaction between this business and their customers In USDs, 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

Submitting information via API

To submit the required underwriting information via API use either of the following endpoints, depending on whether or not you’ve set up the account yet:

The underwriting field is nested under profile > business.

Submitting information via the Dashboard

When creating a new account in the Dashboard, you can submit the required underwriting information as a part of the process.

Underwriting form in Moov Dashboard

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 Moov support.

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
tip
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.