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A survey by Accenture on underwriting employees found that up to 40% of underwriters’ time is spent on non-core and administrative activities. This includes addressing areas lacking expertise and implementing strategies to mitigate potential challenges. #6:
PayFacs handle risk assessment, underwriting, settling of funds, compliance, and chargebacks which exposes them to greater potential risks. PayFacs also handle risk assessment, underwriting, settling of funds, compliance, and chargebacks. Think of them as service providers that rent their master merchant accounts to their clients.
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