Merchant Services-Underwriter/Risk & Chargeback Analyst

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, 2023 and 2024!We are currently searching for aRisk and Underwriting Specialistto complement our team.

As aRisk 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. This is a remote position.

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
  
  

What we offer:

Paid Time Off (PTO) and Holidays

Enjoy a generous 3 weeks of Paid Time Off (PTO) that begins accruing with every pay period from your very first day! Plus, you’ll enjoy ten (10) paid holidays throughout 2025, along with five (5) paid sick days and one (1) personal day—because we believe in taking care of you!

Medical, Dental, And Vision Benefits

Your well-being is a priority! We offer subsidized Medical, Dental, and Vision plans, with coverage kicking in quickly. It's all about making sure you stay healthy, happy, and well-cared for.

Life Insurance

Peace of mind for you and your loved ones! We provide Life Insurance and Accidental Death & Dismemberment (AD&D). What’s even better? Millennium Systems International fully covers the entire cost—100% on us!

Long-Term and Short-Term Disability Insurance

Stay secure no matter what life brings your way. Short-Term and Long-Term Disability insurance. And we’ve got your back—Millennium Systems International covers the full cost of Long-Term Disability at 100%.

401(k) Retirement Plan

Plan for your future with confidence! You’ll be eligible to enroll in our robust 401(k) plan. When you do, you’ll enjoy a 100% match on up to 4% of your contributions, thanks to our Safe Harbor plan. It’s our way of helping you build a brighter tomorrow.

Learning & Development Opportunities

We foster a culture of growth and professional excellence. As part of our benefits, we offer unlimited access to Udemy’s online courses, helping you refine your skills, explore new areas, and advance your career. Whether you're deepening your expertise or learning new technologies, we’re here to support your development every step of the way.

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