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What PayFacs, Mario Andretti And Merchant Onboarding Have In Common

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pymnts
pymnts
 2021-04-19
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The old maxim “slow and steady wins the race” definitely does not apply when it comes to onboarding merchants to their payment processors. If onboarding is about assessing merchant risk — and it certainly is — speed matters. Payment facilitators and other providers strive mightily to reduce underwriting review and streamline merchant approval, which of course benefits their top lines. But with a blur of approvals comes heightened risk.

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