You'll recall at the beginning of your journey, inscribed in the Boarding Overview, you were advised that parallel work-streams had to unite in order to issue your production credentials. While engineers have been certifying to TabaPay's API integration, you have to have also...
1. Completed the merchant review process and received sponsor bank and network approval
2. Signed all required agreements
Here are the final pieces we cover in Milestone 4:
Your KYC obligations
No matter your industry, you are responsible for Know-Your-Customer ("KYC") and monitoring your users. This means 1) ensuring that your users do not present a threat to your payment platform and broader payments ecosystem and 2) authenticating that individuals presenting themselves as the owner of a payment instrument are the true account owners. Don't let fraudsters take over like the One Ring did to Isildur
Consult with our Fraud team on best practices for pull transactions or push transactions. We want to help you avoid large financial liabilities and to be as prepared as possible to redress any fraud events should they occur.
Complete the Merchant Risk Profile Checklist to capture the the tools you will be implementing. Merchants are responsible for monitoring transactions on their platforms in real time and setting appropriate limits for their users. This checklist must be completed by the Merchant to document that its program with TabaPay has robust risk controls in place and to confirm that it meets the applicable network requirements for card acceptance. In case there should be fraud event, this will also help us immediately respond to any investigative inquiries from banks or networks.
We will deliver to you daily AML Transaction reports along with your regular settlement reports so that you can monitor activity on your platform. They consist of the following thresholds that can be set at the PAN level for both pull and push transactions separately
AML Transaction Thresholds
- Name change on card used detection
- 1-Day User Limit ($)
- 1-Day User Limit (#)
- 7-Day User Limit ($)
- 7-Day User Limit (#)
- 30-Day User Limit ($)
- 30-Day User Limit (#)
In the mad rush to get you live, let's make sure to cover the most obvious piece of enabling money movement - configuring the account information where money should be deposited or debited from. Here's what we'll need on file:
Type of Account
Operating Account for Settling Pulls
Account where TabaPay will deposit proceeds of purchase/pull activity
Merchant Account for Disbursements (push)
Account that merchant will use to fund disbursement payments to cardholders
Account that merchant will use to pay network and TabaPay fees
Adjustment of Exceptions Account
Account to fund Chargebacks, returns, reversals, receive representments, and fund other adjustments. Can be same as settlement account or fee account.
Pushing funds to Cardholders?
Any merchant doing disbursements (push) will need an account at the Sponsor Bank opened as part of the bank's approval in Milestone 2. The process to open one varies by Sponsor Bank, but a Sponsor Bank will not open an account until it has approved your program.
Our Finance team will hold a settlement call with you to walk through daily settlement and reporting and answer any questions you may have. They'll want to know:
- Your preferred method to pay monthly TabaPay processing fee?
- TabaPay wil debit fee account
- Merchant will wire fees
- Check payment
- ACH Payments
- Whether you would like to receive gross or net settlement?
- on purchase credits
- on disbursement debits
- on exception debits
- on fee debits
- Whether you would like to receive reports at the Parent (Client ID) or Child (Sub-client ID) level?
- Your preferred method to receive reports?
- SFTP push
- Encrypted Email
- AWS S3
- Whether you would like Amex settlement separate or bundled?
You can always read more about how settlement works in our Merchant Support Guide but for now, here's a general flow:
Credits or debits will hit your account(s) at 6am PT/3am ET to settle either pull or push activity.
All required agreements must be finalized and signed to receive production credentials.
Updated 12 days ago