Underwriting and Risk processes, procedures and documentation is an area where Vantiv can provide assistance to a service provider implementing a PayFac model.
PayFacs must demonstrate compliance with all applicable network rules, local, country and regional laws and regulations, applicable anti-money laundering (AML) laws and other regulatory requirements. Vantiv has experience and expertise in a number of these areas.
Vantiv can assist PayFacs by:
- Helping them understand regulatory requirements
- Assisting with documentation and screening processes for sub-merchants and helping PayFacs collect required information
- Helping with documentation related to AML policies
- Assistance with documenting how sub-merchant activities are monitored to ensure that they are not engaged in illegal activities and that they have refund policies in place
- Document and provide information related to fraud related tools or services to help minimize fraud and /or risk
Learn about managing sub-merchants