Payment providers need comprehensive information about each merchant to make informed decisions. And since not all merchants were created equal, evaluating which merchants go onto your payment platform requires careful consideration.
Currently, there’s estimated to be over 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 it takes a lot of dedicated time and resources for payment providers to evaluate each online store using their services, 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, G2RS launched a Global Onboarding (GO) solution to help vet risk profiles prior to merchant boarding. 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® enables payment providers to efficiently 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 & 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 G2RS’ GO apart
Merchant Map
With 20+ years of working with global acquiring banks and processors, G2RS has amassed the largest amount of merchant risk information. It’s with this that we’re able to 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 have the opportunity to select our GO solution with or without analyst review. However, having access to G2RS analysts is what helps take merchants’ Compass Scores to the next level.
G2RS expert analysts review results and investigate questionable applications. If there’s illegal or brand-damaging content regarding your terms of service or card network compliance program violation, our expert analysts will review and guide you with next steps.
G2RS risk analysts also leverage the GO results to further review the merchant’s policies to validate the provided business contact and address information versus what’s on their website and evaluate any possible risks with the merchant website’s content.
Unified workflow
Throughout the entire merchant lifecycle, from onboarding to ongoing monitoring, G2RS has end-to-end coverage to manage payment providers’ risks. Because of this, there’s no need to track activity in multiple systems thus providing a more cohesive overview of each merchant’s risk level.
Interested in learning more about G2RS GO? Contact us today.
_________________________________________________________________________________________
Source: