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Trulioo — Industry Sheet
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Here are five
best practices
to help PSPs
reach that goal
Run Continual Merchant Monitoring
PSP visibility into merchant activity after onboarding
can help mitigate risks. That monitoring includes:
• Spikes in activity
• Exceeding thresholds
• Out-of-area or unusual cross-border activity
• Changing website products or links
• Inclusion of people on sanction lists
• Adverse media mentions
Perform Regular Merchant Risk Management
Assessments
Many regulatory officials recommend adopting risk
management according to the merchant’s risk profile.
Some key questions when assessing a merchant’s
profile include:
• What is the merchant’s transaction frequency?
• What industry does it do business in?
• What are the transaction amounts and ranges?
• What channels will it use?
• Where does it operate?
• What resources are necessary to properly vet and
monitor the merchant?
Funnel Operations Through a Single Platform
Working with multiple security programs can
decrease efficiency and increase the possibility of
bad actors falling through the cracks. Centralized
account creation, onboarding and merchant
management through a single platform can create
a smoother, more secure experience.
Partner With a Trustworthy Verification Platform
The payments industry is fickle and fast-moving. It
can be challenging to master smooth onboarding,
fraud and risk management, and regulatory
compliance. By partnering with a trustworthy identity
and business verification provider, PSPs can focus
on other mission-critical tasks.
Apply Stringent but Smooth Screening
The merchant experience and PSP security go
hand in hand. The right balance of onboarding
speed and security maintains the experience while
building merchant trust.