In payment processing, underwriting (also called merchant underwriting) is a risk assessment every merchant undergoes before they can accept electronic payments.
If you want to accept payments online, you’ll need a merchant account. When you complete your merchant account application, that’s when you’ll go through the underwriting process.
1. Send Next Steps Email
Immediately after a contract is signed, make sure to reach out to your POC with a Next Steps email.
Please use the template, Paystand Underwriting Request, and attach a copy of the signed contract.
We're very excited to bring {company name} on as a Paystand partner! Thanks again for all of your time throughout this process. To get a kickoff call scheduled, please complete the following as soon as possible:
Merchant Application (within 5 business days)
Please complete the merchant application in its entirety. Please note that incomplete information will lead to delays and require resubmission of a new merchant application. Given we are requesting sensitive information, Paystand leverages Jotform as a secure form solution.
Pay Implementation Invoice
In order to get a kickoff call scheduled, please submit payment for the implementation invoice as soon as possible.
2. Follow Up on Underwriting Application As Needed
If the new customer has not filled out the underwriting application within 2 days of contract signature, send a follow up email.
If the new customer needs to add information to the application they have already started or submitted, they can use the edit option at the bottom of the automatic email they receive once the application is saved. (Example Below)
3. Once the application has been submitted, please answer the 4 Underwriting Questions.
Remember to take the customer's email off of the reply, but keep sales@paystand.com and underwriting@paystand.com on your email back with the answers to the 4 underwriting questions.
4. Upon Underwriting Approval, Attend Internal Handoff Call
Once the underwriting application has been approved, RevOps will invite you to an internal handoff call with Solutions, CS, and Finance to cover the new customer account in more detail. What will be covered in this call includes:
- The contract details (what modules were purchased, pricing, implementation fee, etc).
- Who the main points of contact are (buyer, user, builder roles)
- Any expectations set by Sales that are critical for Solutions, CS or Finance be aware of.
- If Finance has received payment for the implementation invoice.
- Who the CSM and Solutions Consultant will be taking the account.
You will be cc'd on the Welcome Email sent by CS, which ends the sales process for this deal and officially passes it over to Customer Success.
