Security

Table of Contents

How Mcardit Verification Works

Mcardit is a privacy protection, fraud prevention and pay-by-bank payment platform that verifies each user’s identity to insure they are who they say they are. 

This significantly reduces fraud.

If you have any concerns our highly trained, responsive and friendly support team is standing by ready to assist you. 

Merchants can reach our support team at: merchantsupport@mcardit.com

Customers and Payees can reach our support team at: customersupport@mcardit.com

Mcardit Platform-Wide Status

These statuses refer to the customer or payee’s status within the Mcardit platform ecosystem and are NOT merchant specific.

Verification Benefits All

A verified customer can pay any Mcardit merchant in 1-Click. A verified payee can receive funds without any interaction. Verification significantly reduces fraud, protecting merchant, customers and payees from unauthorized transactions.

Release Authorization

Release Authorization

Mcardit verifies the identity of every registered customer and payee and restricts merchants from viewing their address and phone until (1) a financial transaction between the merchant and customer / payee has been successfully completed or (2) the customer / payee authorizes the release to a specific merchant's request.

Verified B2C

Verified Consumer (B2C)

A consumer's Identity and Know Your Customer (KYC) information has been successfully verified.

Verified B2B

Verified Business (B2B)

A business' Identity and Know Your Business (KYB) information has been successfully verified.

Pending Verification icon

Pending Verification

Merchants can add their customers and payees via the merchant dashboard but their address and phone number visibility is restricted until (1) the release is authorized by the customer / payee or (2) a financial transaction between the merchant and customer / payee has been successfully completed.

Failed Verification icon

Failed Verification

The customer / payee has attempted to register with Mcardit, but Mcardit was unable to verify the customer / payee's identity and KYC (consumer) or KYB (business). Failed verification prevents any financial transactions between a merchant and customer / payee.

Bank Connectivity

Mcardit uses MX to connect customer / payee bank accounts to the platform without disclosing their account number or their online banking login. Mcardit initiates financial transactions between the merchant and customer / payee through a notification process that instructs one of it’s ACH processors to debit or credit this connected account.

Bank Connected

Connected

The customer / payee has connected one or more financial institutions

Bank Not Connected

Unconnected

The customer / payee has no connected financial institutions

Merchant Specific Status

These statuses refer to the customer or payee’s connection to a merchant specific.

Financial Transaction Status

These statuses refer to the financial connection between a specific merchant and their customer / payee.

Paid Icon revised

Paid

At least one payment has been made between the merchant and the customer / payee.

Unpaid Icon revised

Unpaid

No payments have been made between the merchant and customer / payee.

Address Release Authroization Status

These statuses refer to the release of a customer / payee’s address to a specific merchant. Merchant’s can invoice to a customer or send a payment remittance to a payee without authorized release of the address and phone, but only customer’s and payees can update their address and phone once verified.

Authorized

Authorized

The customer / payee has authorized the release of their address and phone to a merchant or a financial transaction has been successfully completed between the two

Pending

Pending

A merchant has requested the release of a customer / payee's address and phone, but the customer / payee has not yet authorized it's release.

NA

Not Requested / Not Accessible

A merchant has not requested the release of a customer / payee's address and phone or this information is not accessible to a specific merchant.

Added

Added (Non Confirmed)

A merchant has added a customer / payee via the merchant dashboard, but the customer / payee has not yet authorized it's release and has not yet been verified

Declined

Declined

A merchant has requested the release of a customer's address and phone but the customer / payee has declined it's release to the specific merchant that requested it.

Consumer (B2C) Verification Process

Upon registration each consumer is required to provide their legal name, billing address, mobile phone number, valid email, the last 4 digits of their Social Security Number and their Date of Birth. Mcardit utilitizes a suite of verification tools that include Socure to compare the the information provided to the Identity and Know Your Customer (KYC) databases. 

The Verification process occurs in under 0.9 seconds and is entirely electronic. 

A consumer either passes verification or fails verification.

Verification remains in place until two or more identifying fields are updated. 

Only the consumer can update their contact information, once verified. Only merchants authorized by the consumer are able to view a consumer’s contact information until a financial transaction between the consumer and merchant has been successfully completed.

Bank accounts are not shared with Mcardit nor merchants. The connection of a bank account to the Mcardit platform establishes an authorization for transactions submitted to an Mcardit 3rd party ACH processor.

Business (B2B) Verification Process

Upon registration each business is required to provide a beneficial owner’s name, the business legal name, billing address, phone number, valid email and the business’ Employer Identification Number (EIN) also referred to as the Tax Identification Number (TIN). Mcardit utilizes verification tools that include TINCheck to compare the the information provided to the Identity, OFAC and Know Your Business (KYB) databases. 

The Verification process occurs in under 0.9 seconds and is entirely electronic. 

A business either passes verification or fails verification.

Verification remains in place until two or more identifying fields are updated. 

Only the business can update their contact information, once verified. Only merchants authorized by the business are able to view a business’ contact information until a financial transaction between the business and merchant has been successfully completed.

Bank accounts are not shared with Mcardi nor merchants. The connection of a bank account to the Mcardit platform establishes an authorization for transactions submitted to an Mcardit 3rd party ACH processor.

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