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 (a)   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.

(a)  

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

If documents provided for proof of ownership are insufficient, check the (a)   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 (a)   companies or CPAs.