Understanding Risk Management Strategies as a PayFac
Stax
JANUARY 8, 2024
Several US legislations (like the Patriot Act, anti money laundering laws , or FinCEN regulations) require PayFacs to know the identities of the business owner(s) they plan to facilitate payments for, during the underwriting stage. Monthly sales amount (volume), average transaction amount, sales-to-purchase return ratio, etc.
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