Objective:
- What Is Underwriting?
- What does the underwriting mean?
- What is the underwriting process in regards to Online Payments?
Environment:
- Clio Manage
Additional Information:
- N/A
Answer:
Underwriting is a vetting process that happens once a law firm has applied to use Online Payments. It involves merchants (ie. law firms) submitting documentation so they can be reviewed for things such as financial stability, processing history, fraud risks, and regulatory obligations such as KYC/KYB (know your customer / know your business) etc,.
In other words, we need to know if they are who they say they are, if they are careless with their business, if they pay their bills, and if they might be trying to defraud Clio.