FUW Review Quiz #2

What is the primary purpose of a SF Check?

• To verify if the merchant has applied with us before with another business.

• To confirm executive positions within the company.

• To check the legal name of the business.

• To review bank statements for inconsistencies.

Which of the following is an acceptable document for proof of ownership?

• Unofficial Word documents

• Unnotarized amendments

• Personal letters from the merchant

• IRS EIN letter

What action should be taken if the business status on the SOS document is not listed as "Active"?

• Ignore the status as it doesn't affect the verification process.

• Create a Salesforce Stip highlighting the current state and contact the merchant for clarification.

• Proceed with the verification process without addressing the status.

• Assume the status will be updated later.

What should you do if provided documents for proof of ownership are insufficient?

• Contact another merchant for documents.

• Reject the application immediately.

• Check the CLEAR business background report for proof of ownership.

• Proceed without verifying ownership.

Which type of deposit should be excluded from the verification process?

• Deposits from savings accounts

• Deposits returned on the same day

• Business loan deposits

• All of the above

The _______ tab in Salesforce contains information about deposits excluded during the bank statement review process.

According to the update for Weekly deposits pattern, ___________ and ___________ are considered as ACH deposits.

It is essential to verify the ___________ balance, regardless of pending transactions, as part of operational enhancements.

If documents provided for proof of ownership are insufficient, check the ___________ business background report for additional proof.

Deposits or credits for returns, refunds, or cash backs should be excluded from the verification process, except for those related to ___________ companies or CPAs.