Payment providers need comprehensive information about each merchant to make informed decisions. And since not all merchants are created equal, deciding which merchants join your payment platform requires careful consideration.
Currently, there are an estimated 30.7 million eCommerce websites globally* and no signs of this growth slowing down. Every time a new merchant wants to sell their goods or services, payment providers take on significant risks including:
-
Fraud
-
Non-compliant content
-
Any negative associations (i.e., sanctions, watchlists, adverse media)
Although evaluating each online store takes significant time and resources, it’s a vital survival component. Without evaluating each merchant, payment providers could face business impacts like:
-
Fines
-
Revenue losses
-
Negative partnership or reputational impacts
-
Possible legal action.
Luckily, G2 Risk Solutions launched a Global Onboarding (GO) solution to help vet risk profiles before merchant onboarding. As soon as a merchant applies to use a payment provider’s services, we detect any irregularities by placing them into our rigorous GO process, which includes our Compass Score® and deep analyst insights.
How we vet merchants via Compass Score
The Compass Score helps payment providers identify risks early and onboard merchants quickly. To fully determine a Compass Score, payment providers have the option to use a combination of any of the following configurable components:
-
Merchant Risk History
-
Content Compliance
-
Operational Risk
-
Sanctions and Watchlists
-
Consumer Reviews and Adverse Media
Payment providers typically use many onboarding components to determine each merchant’s risk. We utilize a variety of data sources and artificial intelligence (AI) algorithms to identify patterns throughout the onboarding process. We also work with external partners to ensure we have a complete merchant overview during onboarding.
What sets GO apart
Merchant Map
With 20+ years of experience working with global acquiring banks and processors, G2 Risk Solutions has amassed the largest merchant risk database. This lets us track and cross-reference bad actors across payment providers. By utilizing GO’s Merchant Map history component, payment providers access past merchant violations, such as content issues or known transaction launderers.
Expert analysts
Payment providers can select our GO solution with or without analyst review. However, access to our analysts helps take merchants’ Compass Scores to the next level.
G2 Risk Solutions expert analysts review results and investigate questionable applications. If your terms of service or card network compliance program violates policy, our expert analysts will review it and guide you on next steps. Our risk analysts also use the GO results to further review the merchant’s policies, validate the provided business contact and address information against what’s on their website, and evaluate any possible risks in the merchant website’s content.
Unified workflow
Throughout the merchant lifecycle, from onboarding to ongoing monitoring, G2 Risk Solutions provides end-to-end coverage to manage payment provider risk. As a result, you don’t need to track activity across multiple systems, giving you a more cohesive view of each merchant’s risk level.
Interested in learning more about GO? Contact us.
.svg){kind=icon}
.svg){kind=icon}
