Application and Underwriting Sample Clauses

Application and Underwriting. The Card Organization Rules and Federal law requires all financial institutions or Acquirers, and by extension all Payment Facilitators, to obtain, verify, and record information that identifies each person who opens, or has a controlling or beneficial relationship with an entity opening a merchant account. The Acquirer and Payment Facilitator must verify that the Sponsored Merchant is a bona fide business, has a verified physical address, and is conducting business appropriately identified by the Merchant Category Code (MCC) authorized by the Acquirer. The Sponsored Merchant will only use the Services to accept payments for sales in the Merchant Categories approved by the Acquirer and as shown on the Sponsored Merchant Application. The Acquirer and the Payment Facilitator must also perform a credit check and if appropriate a background investigation of the Sponsored Merchant, Perform Office of Foreign Assets Control (OFAC) Screening and the Acquirer must perform a Member Alert to Control High-risk (MATCH) inquiry through Mastercard. The Sponsored Merchant authorizes SmartBill and ▇▇▇▇▇▇ to obtain credit reports, including, without limitation, consumer reports and background checks from a credit reporting agency or background checking agency (“Credit Reports”), regarding Sponsored Merchant and the owners of Sponsored Merchant through any credit reporting agency chosen. Sponsored Merchant and the owners of Sponsored Merchant authorize SmartBill and ▇▇▇▇▇▇ to obtain and use such Credit Reports from time to time for the purpose of evaluating the creditworthiness of Sponsored Merchant throughout the term of this Agreement.