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Blog Category: Know Your Customer

KYC Automation: Build? Buy? Wait?

Automating KYC due diligence typically requires help from a third-party provider or an in-house team to develop the software for you. As a merchant acquirer, you might not have the time or resources to build the solution yourself, given that most of your time is spent on gaining new clients. So, the question is, when… read more

Post Date: July 23, 2021July 29, 2021 Post Categories: Know Your Customer, Merchant Onboarding

Learn From The Pros:
Build A Winning Merchant Portfolio

At the championship level, winning sports teams are carefully constructed—each athlete hand-selected based on their physical ability, past athletic achievements, and overall reputation. This process of player evaluation has created sports dynasties like Brazil’s national football team, who won back-to-back World Cups in 1958 and 1962, before winning a third in 1970. What if you… read more

Post Date: June 17, 2021June 18, 2021 Post Categories: Know Your Customer, Merchant Underwriting

Manual KYC is Jeopardizing Your New Merchant Accounts

You want to scale your merchant acquiring business, and new merchants want fast underwriting, so why not just stamp “Approved!” on every new application and enjoy a meteoric rise in revenue? We all know the reasons: Conducting Know Your Customer (KYC) due diligence is required. Even if it wasn’t required, you want to do it… read more

Post Date: February 7, 2021 Post Categories: Know Your Customer, Merchant Onboarding

Merchant Boarding: The Secret to Automated KYC

From gaps in healthcare delivery to supply-chain bottlenecks, the pandemic has illuminated shortfalls in many established in-house systems. For payment providers, pivoting to a remote workforce introduces additional risk into the critical Know Your Customer (KYC) component of the merchant boarding and underwriting process. Automated KYC Risk professionals know that manual KYC due… read more

Post Date: April 15, 2020October 26, 2020 Post Categories: Know Your Customer, Merchant Boarding, Merchant Risk, Merchant Underwriting

Allied Wallet Reduces Merchant Risk with G2 Global Boarding Solution

– January 22, 2014 – Allied Wallet, a G2 Web Services client, uses Global Boarding to dig deep into its potential merchants’ histories to uncover hidden risks and make more informed boarding decisions. Due diligence during the boarding process is the first line of defense when it comes to protecting a company’s merchant portfolio from financial loss due to risky merchants. With the increasing demand for a quick turnaround time at boarding, the careful balancing act of thorough due diligence along with the need for speed at boarding is a rising challenge. G2 Web Services developed Global Boarding, a fast flexible due diligence solution precisely to solve this problem.

Post Date: January 22, 2014May 29, 2020 Post Categories: Blog, High-risk Merchants, Know Your Customer, Merchant Boarding, Merchant Risk

Tis’ the Season for Fraudulent Merchants

Fraudulent merchants are abundant during the holiday season, profiting from consumers’ generous spending during the most lucrative shopping days of the year. According to a report by ComScore, online retailers are estimated to bring in over $52.2 billion during November and December in the U.S. alone. The volume of transactions in such a short period of time is the perfect breeding ground for fraud schemes that can hurt acquiring banks and payment providers. Not only do the holidays bring an increase in merchant fraud, but they are also a popular time for merchants to add non-compliant goods to their websites, as these can often be very profitable. Monitoring merchants for compliance and fraud is imperative for acquirers and payment providers during this busy shopping season to prevent possible brand damage and financial loss.

Post Date: December 11, 2013May 29, 2020 Post Categories: Blog, High-risk Merchants, Know Your Customer, Merchant Risk

Cyberlockers and Marketplace Merchants

This week, we sat down with Robert H. Caldwell, Founding Partner of G2 Web Services, to interview him on cyberlockers and marketplace merchants, and the risk they present to the payment system. Read on for Bob’s insights into where cyberlockers and marketplace merchants fit in the payment system, the risks associated with them, and best practices for payment providers to mitigate risk associated with these entities.

Post Date: October 28, 2013May 15, 2020 Post Categories: Blog, High-risk Merchants, Know Your Customer, Merchant Risk, Prohibited Content

5 Products That Can Indicate Potential Violations

As an acquirer, knowing what your merchants are selling is key to minimizing your risk for potential violations, especially since merchants can add products to their websites at any given moment, without your knowledge. New products are constantly put on the market, and unfortunately, illegal and risky products are often hard to detect and monitor. Without being aware of these products, you run the risk of brand damage and potential violations, including regulatory fines and even legal penalties. While the list of goods and services that violate MasterCard’s BRAM program and Visa’s Global Brand Protection program (not to mention the law) is exhaustive, G2 Web Services has compiled a list of five lesser-known products that we have identified on merchant websites that you should be on the lookout for.

Post Date: October 4, 2013June 11, 2021 Post Categories: Blog, High-risk Merchants, Illegal Drugs, Illicit Goods, Know Your Customer, Prohibited Content

Top 5 Areas to Focus on During Merchant Onboarding

As the payment industry continues to undergo significant changes spurred by strong innovation and new payment methods, online merchant risks are on the rise, making it challenging for payment providers to stay one step ahead. With an increase in data compromises and government regulations, as well as new compliance concerns, the importance of performing extensive due diligence before boarding a new merchant could not be greater.

Bringing on the wrong merchant can be detrimental to your portfolio, as you could potentially bear the burden of any fraud, card network compliance violations, chargebacks and data breaches, which can cost you extensive financial damage, not to mention legal and regulatory penalties. Unfortunately, many acquirers do not thoroughly investigate their merchants’ online presence and history of risk. The good news is that many of these potential threats can be avoided by ensuring you follow the right steps and knowing exactly what to look for during the merchant boarding process.

The following are five areas of a merchant’s history to pay extra attention to at boarding:

Post Date: August 16, 2013December 10, 2020 Post Categories: Know Your Customer, Merchant Boarding, Merchant Fraud, Merchant Risk, Merchant Underwriting

Top 5 Merchant Monitoring Tips

We all know how difficult it can be as an acquirer to monitor all of your merchants’ websites effectively. It is a costly and time-consuming process to do in-house, and regulations are constantly changing. However, choosing to not monitor your merchants can open you up to brand damage, legal liability, and card network assessments.

Here are the “Top 5 Tips to Monitor Your Merchants” from G2 Web Services, a leading provider of payment risk management solutions and expert at merchant compliance monitoring, to help you stay better protected.

Post Date: August 6, 2013May 15, 2020 Post Categories: Blog, High-risk Merchants, Know Your Customer, Merchant Risk

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