Driving Merchant Success Through Underwriting | Interview with CatalystPay Experts

After a brief pause, our On Focus interview series returns, this time highlighting Eliyana, CatalystPay's Underwriting Manager. She shares her insights on the critical role underwriting plays in balancing compliance, managing risk, and ensuring a smooth onboarding experience for merchants. Dive in to learn how CatalystPay supports merchants and what it takes to thrive in this dynamic field.

Could you introduce yourself and tell us a bit about your role as the Underwriting Account Manager at CatalystPay?

My name is Eliyana, and I joined CatalystPay this past summer. It’s been a great start, even with the challenges of the busy season. As an Underwriting Account Manager, I help with customer onboarding, ensuring due diligence and KYC procedures are handled smoothly. Before this, I worked as an Onboarding Specialist at Tide, guiding SMEs through setting up business accounts, and as a Collections Specialist at Paysafe, where I gained valuable experience in financial risk. These experiences have shaped my approach to making onboarding as seamless as possible for our clients.

From your experience working at companies like Tide and Paysafe, what key learnings have you brought to CatalystPay’s underwriting process?

Working with innovative fintech companies like Tide and Paysafe taught me the value of strong, cross-team communication. The underwriting process isn’t just about ticking boxes; it’s about making sure everyone, whether it’s sales, compliance, or customer support, is aligned. When teams collaborate well, we can make faster, more accurate decisions and ultimately create a better experience for merchants. These principles have been at the core of my work here at CatalystPay, helping us balance efficiency with a thorough approach to compliance.

Having previously worked on onboarding SMEs for business bank accounts at Tide, what are some of the similarities and differences you see in onboarding for merchant accounts versus bank accounts? How has this background prepared you for your role at CatalystPay?

Onboarding for business bank accounts and merchant accounts both involve an understanding of the business’s operations, but the nature of the onboarding process differs. While business bank accounts primarily deal with managing funds, merchant accounts involve enabling businesses to process payments from customers. Merchant account onboarding requires deeper integration with payment gateways and an understanding of transaction flows, which means additional technical checks and more focus on fraud prevention.

At Tide, I worked closely with SMEs to understand their business and financial situation, which taught me how important it is to gather the right data and help them for a smooth onboarding experience. This has helped me transition to my role at CatalystPay, because I now apply similar principles but with an additional focus on payment processing technologies.

In your view, what do you see as the biggest challenges merchants face today, especially regarding onboarding and compliance?

I’d say there are three major pain points:

• Complex Documentation Requirements - Merchants often have to provide a variety of documents - such as business licenses, financial statements, proof of identity for key individuals, etc. This process can be time-consuming and frustrating, especially for small businesses that may not have organized documentation or might not be familiar with the compliance requirements.
• Slow Approval Processes - Due to strict compliance checks, it can take days or even weeks for merchants to get approved for a payment gateway or merchant account. This delay can hurt their ability to start accepting payments quickly and can face cash flow issues or lost opportunities while waiting for approval.
• Fraud Prevention and Risk Management - Payment processors require merchants to implement fraud prevention systems to manage chargeback risks, prevent fraud, and ensure data security (e.g., PCI DSS compliance). For many merchants, especially smaller businesses without dedicated IT or compliance teams, this can be a complex and costly process. Failure to meet these requirements can result in rejected applications.

Given these challenges, underwriters play a key role in making merchant onboarding easier. It’s not just about following rules- it’s about guiding merchants through the process and helping them meet compliance requirements without unnecessary delays. A supportive, hands-on approach can turn onboarding into a smoother, less stressful experience. By understanding potential roadblocks and offering practical solutions, underwriters help merchants get set up quickly and start accepting payments with confidence.

"Underwriting isn’t just about following rules- it’s about guiding merchants through the process, helping them meet compliance requirements, and turning onboarding into a smoother, less stressful experience."

And in a broader view, which are the challenges in underwriting for the payments industry overall?

The payments industry is evolving rapidly, but so are the regulations. Underwriting teams need to navigate varying compliance standards across different regions, and staying on top of these changes can be a full-time job in itself. Non-compliance isn’t just a risk for merchants, it’s a risk for payment providers, too. On top of that, industries deemed high-risk, like gaming or crypto, require extra diligence, which can slow down processes if not managed effectively.

How do you view the role of underwriting in ensuring compliance and managing risk, and what key practices do you believe are essential to achieving this?

Underwriting is at the heart of risk management and compliance. It’s about doing the homework, verifying KYC documents, reviewing financial histories, and understanding a merchant’s business model. High-risk industries demand a deeper dive to ensure both compliance and long-term viability.

Good underwriting isn’t just reactive; it’s proactive. We don’t just flag issues; we work to prevent them. That could mean suggesting fraud prevention tools, advising on PCI DSS compliance, or tailoring our approach to fit the specific risks of a business’s sector. Strong underwriting builds trust, not just between us and the merchant, but within the entire payments ecosystem.

What advice would you offer to someone starting a career in underwriting within the rapidly evolving payments industry, and what skills or mindsets do you believe are essential for success?

Beginning a career in underwriting within the fast-paced and constantly evolving payments industry can be both exciting and challenging. To succeed, there are a few key factors to focus on.

First, gaining practical experience is essential. Entry-level jobs or internships at banks, financial institutions, or fintech companies are great starting points. These roles help you learn the ins and outs of risk assessment, policy analysis, and the underwriting process. This hands-on knowledge forms a solid foundation for more advanced roles in the future.

Staying updated on regulations and compliance is also critical. With standards constantly evolving, it’s important to stay informed about new requirements and understand how they impact underwriting processes. Collaborating closely with compliance teams is a great way to ensure you’re aligned with the latest rules and best practices.

Time management and organizational skills are vital in underwriting, as you’ll often juggle multiple applications and deadlines. Being able to prioritize tasks and manage workflows efficiently helps reduce errors, meet deadlines, and keep processes running smoothly.

Lastly, strong communication skills are key. Whether you’re explaining decisions to merchants, coordinating with internal teams, or discussing requirements with compliance, clear and effective communication ensures that everyone stays aligned and the process moves forward seamlessly.