Lengthy onboarding processes are a particular headache for merchants, with two-thirds of acquirers reporting that it takes more than a week to get these businesses up and running. Offering faster onboarding than the competition gives acquirers a strong advantage in winning the lucrative business of larger merchants—but this is no easy task.
Onboarding time: Time it typically takes for acquirers to onboard new merchants, by merchant size
Source: PYMNTS
When PSPs don’t use integrated solutions to manage the merchant lifecycle, they're more likely to miss risk signals that lead to fraudulent activity. Non-integrated systems often make information sharing between key operational components more difficult. Disjointed information sources also expose PSPs to reputational and financial risk. G2 Risk Solutions’ Global Onboarding (GO) addresses these challenges by streamlining merchant onboarding through its Compass Score—a robust risk assessment engine that evaluates merchant profiles efficiently, reduces manual intervention, and accelerates onboarding. Available in API and portal versions, GO minimizes onboarding delays, mitigates risk, and ensures compliance—empowering payment providers to grow their merchant portfolio securely.
Onboard merchants seamlessly with Compass Score
Compass Score helps payment providers identify risks early and onboard merchants quickly. Payment providers have the option to use a combination of any of the following configurable components:
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Merchant risk history: Based on G2 Risk Solutions’ Merchant Map®, leverage 20+ years of proprietary data to access past merchant violations and flag bad actors.
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Content compliance: Scan websites to detect potential violations and ensure compliance.
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Operational risk: Assess anomalies in business policies, email addresses, and other suspicious activities.
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Sanctions and watchlists: Identify and flag merchants on global sanctions and compliance lists.
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Consumer reviews and adverse media: Monitor reputation and highlight concerns based on consumer sentiment and media coverage.
Detecting operational risks through initial website scans
Website crawling and content compliance checks are critical in identifying hidden risks, such as policy violations, before adding a merchant to the portfolio. As the industry moves toward stricter compliance standards at time of onboarding, initial merchant website scans are a crucial component to mitigating risk.
In operational risk, GO scans for the following:
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Business policies
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Website traffic analytics
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Fraud risk data
How a leading bank leveraged Compass Score to detect transaction laundering
A client bank of G2 Risk Solutions, leveraging website traffic analytics, onboarded a merchant claiming to operate a legitimate online business. Website traffic analysis, however, revealed almost no traffic to the website. Despite this, the merchant’s account processed half a million dollars’ worth of transactions each month. This discrepancy raised a red flag, suggesting that the merchant’s account was being used for undisclosed activities.
Upon further investigation, the client utilized our client-requested investigation feature in Transaction Laundering, where our analyst team discovered that the merchant was processing payments for an illegal drug website while posing as a different retailer.
By leveraging GO, the bank could flag the merchant—safeguarding their reputation and preventing potential losses.
Build your risk frameworks with GO’s API and portal versions
GO is available in API and portal versions, allowing payment providers to adapt it to their internal workflows.
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API version: Enables seamless automation for internal systems, allowing acquirers to automate high-volume portfolios effortlessly.
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Portal version: Provides an intuitive portal where risk managers can manually review and manage different portfolios based on varying risk levels.
Depending on their operational needs, acquirers can choose between analyst-reviewed or automated workflows. They can automate portions of their workflows through the API while simultaneously using the portal for more complex or high-risk merchant portfolios. This combination of automation and manual oversight ensures that risk management processes are streamlined and adaptable to varying levels of risk.
With GO, payment providers can configure workflows that align with their internal processes, ensuring better efficiency and risk mitigation.
Interested in learning more? Contact us.
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