Merchant Services Underwriter Risk Chargeback Analyst (Remote)

Merchant Services Underwriter Risk Chargeback Analyst |Millennium Systems International | United States

Merchant Services Underwriter Risk Chargeback Analyst | Millennium Systems International | United States

Millennium Systems International is an exciting and dynamic software company based in Parsippany, NJ and was founded in 1987 to provide the beauty and wellness industry with forward-thinking, powerful management software and vital tools. We’ve built a company based on revolutionary technology, outstanding support, and more importantly, a strong passion to educate salon and spa owners on how to sustain success. Our software is utilized in thousands of salons and spas in over 36 countries, processes billions of dollars in transactions per year and is used by hundreds of thousands of users.Millennium Systems International is honored to have been named one of New Jersey’s Top Workplaces for 2022-2024!We are currently searching for aRisk and Underwriting Specialistto complement our team.

As anRisk and Underwriting Specialist, you will be primarily responsible for reviewing incoming merchant applications, verifying legitimacy of documentation, ensuring that processing limits requested make sense and that supporting financials are requested prior to approving anything that seems “high risk” or that could result in losses. You will utilize the in-house proprietary software to thoroughly analyze all aspects of the merchant portfolio, analyzing and calculating financial risk, financial exposure, merchant reserves, and merchant payout delays – including evaluating ongoing company financial positions, exposure thresholds, and predicting risk exposures for prospective and existing merchants processing payments.

The candidate must have knowledge in Risk Mitigation, Underwriting, Chargebacks, and Compliance in the Merchant Services industry to be considered.

Primary Objectives:

Review and underwrite merchant accounts
Order necessary searches to complete the underwriting process
Assess risk based on business type and expected volumes
Review supporting documents for completeness and accuracy
Review credit profiles and additional financials to support risk
Analyze previous processing statements to determine true parameters and potential exposure
Make reserve recommendations as needed
Review accounts while adhering to bank, federal, and card brand policies
Provide secondary analysis on escalated accounts
Communicate with Manager on decisions, escalating as needed
Perform periodic reviews of existing accounts for limit increases or changes to approved parameters
Create and maintain risk-related policies and procedures
Monitor transactional, batch, and authorization volume for merchant portfolio(s) and examine for anomalies
Perform financial risk analysis and possible exposure calculations, evaluating business financial positions, liabilities, payout delays, and reserve estimates for prospective and existing merchant accounts
Maintain and review current financial risk information on existing accounts
Investigate the credit card processing, monitor for chargebacks, flag suspicious refunds, and any suspicious/potential fraud on merchant accounts
Investigate accounts that have exceeded the parameters set by our risk management team and make real-time decisions on increasing or decreasing exposures and reserves
Utilize research and analytical tools to make sound funding decisions within a required timeframe as determined by management

Responsibilities:

Perform investigations and analysis of cardholder disputed transactions as per card regulation
Review daily processing system chargeback and retrieval reports
Identify fraud related patterns and resolve escalated issues from the team
Maintain updated knowledge for card program rules and regulations
Represent the risk team in various initiatives and ad hoc projects as required
Work individually and with peers to help achieve the overall goals of the team
Perform risk assessments of transactional data to identify signs of heightened risk exposure and symptoms of process control breakdowns
Liaise with Underwriters concerning merchant accounts and provide risk-related support to other departments by providing analytical insight surrounding transactions and best practices for card acceptance
Utilize proven risk management call handling techniques in the identification of high-risk transactions when responding to customers
Analyze advanced digital identity inconsistencies and information to assess potential risk of newly boarded accounts
Perform extensive reviews of documentation in response to audit requests
Coordinate site survey assessments for business validity and examine and interpret statistical reports
Perform data manipulation and spreadsheet capabilities to assist in identifying high risk transactions and trending merchant behavior
Determine solutions to minimize financial risk related to card acceptance and identify trends from current loss developments and make recommendations to management as needed
Monitor and assess post transaction implementation of risk mitigation strategies
Calculate chargeback ratios in conjunction with card brand monitoring requirements

Job Requirements:

3-5 years of experience in Banking and Payments
Bachelor’s degree in a related field
Prior knowledge about Chargebacks, Financial Payments, and Banking Statement Financials
Excellent verbal and written ability
Intermediate Microsoft Excel skills
Strong analytical skills
Detail oriented, able to multitask and prioritize projects
Experience in communicating with clients about sensitive information
Customer service oriented, ability to escalate & de-escalate situations accordingly
Must be able to comply with applicable laws, rules and regulations impacting Cash Management service
Must maintain knowledge of and ensure compliance with the Bank Secrecy Act and all other regulatory, security and bank policies
Experience with Infinicept is a PLUS

We offer: