| | Faster bank verification.
Smoother onboarding. Fewer pends.
| If we are unable to validate a merchant's banking information during the enrollment process, we can now do so with our new Micro-Deposits feature!
Micro-deposits make verifying a merchant's bank information during boarding to EPX, and post-enrollment updates, as easy as 1, 2, 3! | | 1 | | Underwriting will review the merchant application and if Bank Validation is the only outstanding item preventing approval, the merchant will be approved instead of pended. | | 2 | | We will then deposit and withdraw a random amount of less than $2 into/from the merchant's bank account (appears as EPX MICRODEPOSIT). | | 3 | | We send an SMS text from Payments Hub asking them to verify their banking info within seven days.* |
| | It's a faster and smoother onboarding process that prevents funding issues and reduces pends! If the micro-deposit fails, the account moves to 100% reserve and we'll need to request bank validation from the merchant. | | Questions about micro-deposits? Contact your Relationship Manager at 844-334-9625. |
*Merchants not approved within that timeframe will be placed on 100% hold.
© 2021 PayProTec, LLC. All rights reserved. PayProTec, LLC is a registered ISO of Wells Fargo Bank, N.A., Concord, CA., The Bancorp Bank, Philadelphia, PA, BMO Harris N.A., Chicago, IL and Citizens Bank N.A., Providence, RI. |
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