New review reasons in merchant onboarding verification

We've added three new review reasons to the additional verification for merchant onboarding flow. Merchants can now self-service provide documents for business verification and financial review.

When a merchant application moves to the Needs Information status, the underwriting review reasons now includes the following:

• Business Verification - We were unable to verify that the merchant's business is actively registered. The merchant must provide a recent business license or Secretary of State filing. Multiple files may be uploaded, allowing the merchant to provide as much information as possible to verify the merchant's business.
• Financial 1 - We need additional information to complete a financial review of the merchant. The merchant must provide the most recent 3 months or processing statements OR bank statements. Multiple files may be uploaded, allowing the merchant to provide both processing statements and bank statements.
• Financial 2 - We need additional information to complete a financial review of the merchant. The merchant must provide three types of documents - most recent 3 months of processing statements, most recent 3 months of bank statements, AND 2 years plus current year-to-date financial statements. Multiple files may be uploaded to provide all the required documents.

Financial 1 and Financial 2 underwriting review reasons are mutually exclusive. A merchant will only be presented with one of the Financial Review steps depending on the information Rainforest requires to approve the merchant for processing.

Merchant Onboarding Component

If you are integrating the Merchant Onboarding Component and notifying your merchant of the additional verification required, there are no integration changes required. Rainforest will automatically present the new underwriting review reasons to your merchant in the Merchant Onboarding Component.

API

In the get merchant application endpoint and merchant application webhook for the merchant_application.needs_information event, the underwriting_reviews field can return 3 new objects.

{
    "merchant_application_id": "",
    // ...
    "underwriting_reviews": {
        "business_verification": {
            "updated_at": null,
            "file_upload_ids": []
        },
         "financial_1": { // or financial_2
            "updated_at": null,
            "file_upload_ids": []
        }
    }
}

Platform Portal

In the Platform Portal, the new underwriting review reasons will display in the Merchant Details Underwriting Review Reasons section and your support staff can provide the documents on behalf of your merchants.

Please contact support if you have any questions.