Our underwriting team at ZiftPay is required, under US regulations, to verify the underlying owner of any company before an account can be activated. Otherwise fraud would run rampant across the entire payments industry.

Here is why:

A nefarious person who has a stolen ID can form a company today and open a bank account. Then they apply to a BizPayO (or any merchant account), then process money from a stolen card. (this was their grand plan).

Everything would work, their bank account would be funded a few days later. The fraudster then closes the bank account and takes the money. Then the real cardholder looks at their bill next month and disputes the charge. The processor (ZiftPay) attempts to recover the money from the account, but its closed, so they suffer the loss.

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