Reactivation Process for Dormant Merchants (6+ Months Inactivity)

Objective: To engage with and re-evaluate merchants who have been inactive for 12 months, ensuring their records are up-to-date and meet current compliance and risk standards.

1. Initial Engagement and Documentation Request

  • Onboarding/Sales Team Action:

    • Engage with the merchant to confirm reactivation interest.

    • Make sure the merchant is aware of the reactivation process and expected timelines.

    • Request updated FICA documentation.

    • Confirm if the URL remains the same and is currently active.

    • Inquire about any changes to banking details since their last transaction.

    • SLA Document for reference can be found here

2. Document Review and Add-On Card Creation

  • Onboarding/Sales Team Action:

    • Conduct a preliminary review of the FICA documentation for accuracy and completeness.

    • Create an Add-On Card for the merchant to allow for a re-evaluation by the Risk Team.

    • Document any changes noted, such as updated URL or banking details, in the merchant’s profile.

3. Risk Team Re-Evaluation

  • Risk Team Action:

    • Website Review: Verify that the merchant’s URL is live and reflects previously approved business activities.

    • AML and Adverse Media Screening: Conduct updated screenings on the merchant, directors, and beneficial owners for any sanctions, adverse media, or other compliance risks.

    • Risk Assessment Update: Reassess the merchant’s risk profile based on updated findings, ensuring it aligns with current risk thresholds.

4. Updating Banking and Internal Records

  • Banking Details:

    • If the merchant has provided new banking details, ensure these updates are processed accurately across internal records.

  • Documentation: Attach all updated FICA documents and any new findings to the merchant’s card as well as their folder for transparency and audit purposes.

5. Final Approval and Merchant Notification

  • Risk Team Approval:

    • Provide final reactivation approval based on the re-evaluation.

  • Onboarding/Sales Team Notification:

    • Notify the Onboarding/Sales Team once reactivation has been cleared.

    • Once the Add-On Card is complete, update the original card’s phase: move it from its prior status (e.g., “Lost”) to the correct active phase, such as “Ready to Trade,” as appropriate.

  • Merchant Communication:

    • Confirm reactivation with the merchant, outlining any specific conditions or next steps if necessary.