Payments Analyst (High-Risk Underwriting)

Where We Are Today

8-figure ARR growing 100%+ YoY

Strong unit economics and efficient growth

Rapid merchant adoption and expanding market presence

Backed by experienced operators and investors with a history of building and scaling successful businesses

Why Now

This is a rare opportunity for a technical leader to step into a company with proven revenue, product-market fit, an established team, and a large market opportunity.

Three things make this an inflection point:

1. Product-market fit is established. Demand continues to grow, merchant adoption is accelerating, and Phoenix is outperforming expectations.

2. There is an opportunity to define a category. While many companies are building AI tools for commerce, few are focused on helping sophisticated DTC operators automate revenue-generating decisions at scale.

3. Our customers are AI-ready. They adopt technology quickly when it drives measurable business outcomes, creating an ideal environment for agentic products.

The Role

We are hiring a Payments Analyst – High-Risk Underwriting to evaluate and underwrite merchant and ISV applications before submission to acquiring banks and processing partners.

You will evaluate financial, operational, regulatory, fraud, and reputational risk across high-risk ecommerce merchants while working closely with merchants, processors, acquiring partners, and internal teams.

This is not a traditional back-office underwriting role. You will be expected to think critically, navigate complex or ambiguous merchant profiles, and find responsible ways to structure approvable business rather than simply follow an SOP.

You will work closely across:

Merchant underwriting

High-risk ecommerce

Merchant acquiring

Fraud and chargeback risk

KYC/AML and compliance

Processor and acquiring bank relationships

Merchant onboarding and payment operations

This role requires someone who is analytical, commercially minded, highly communicative, and comfortable making independent risk decisions in a fast-moving payments environment.

What You'll Own

Merchant Underwriting 

Review and make underwriting decisions on merchant and ISV applications prior to submission to processors, acquiring banks, and sponsor banks.

Evaluate:

• Business models and transaction flows

• Financial and bank statements

• Processing history

• Credit data

• Chargeback exposure

• Fraud risk

• Overall financial and operational stability

Underwrite merchants across high-risk ecommerce, embedded payments, SaaS, subscription, and digital commerce business models.

Risk & Compliance 

Evaluate merchant compliance with:

• Visa and Mastercard requirements

• Card network rules

• KYC/AML requirements

• PCI DSS

• Processor and acquiring bank requirements

• Internal risk policies

Identify emerging risks and recommend appropriate controls while maintaining accurate, audit-ready underwriting documentation.

Risk Mitigation 

Develop and recommend strategies that appropriately balance merchant growth with risk.

This may include:

• Reserves and rolling holds

• Processing limits

• Transaction monitoring

• Fraud controls

• Additional documentation requirements

• Other operational safeguards

Prepare clear underwriting summaries, risk assessments, and approval recommendations for processors, sponsor banks, and acquiring partners.

Merchant & Partner Relationships 

Build trusted relationships with merchants, processors, acquiring banks, sponsor banks, ISVs, and compliance partners.

Develop a strong understanding of each merchant's:

• Business model

• Payment flows

• Growth objectives

• Processing challenges

• Fraud and chargeback exposure

• Operational risk

Serve as a strategic partner throughout the underwriting and merchant lifecycle.

Payment Performance & Merchant Growth 

Help identify payment strategies that support merchant growth while maintaining responsible risk management.

Provide recommendations around:

• Authorization performance

• Fraud prevention

• Chargeback reduction

• Payment processing efficiency

• Processing costs

• Overall payment performance

Identify opportunities to strengthen and expand existing merchant relationships where appropriate.

Cross-Functional Collaboration

Partner closely with:

• Sales

• Partnerships

• Client Success

• Product

• Operations

• Leadership

• Implementation teams

Help structure approvable merchant submissions, resolve underwriting challenges, support seamless onboarding, and communicate merchant feedback that can improve Phoenix's products and processes.

What We're Looking For

Required

• 2+ years of underwriting experience within high-risk payments, merchant acquiring, fintech, or merchant services

• 3+ years of experience across payments, fintech, merchant acquiring, risk management, or financial services

• Strong understanding of high-risk ecommerce and merchant risk

• Experience underwriting merchants for ISVs, Payment Facilitators (PayFacs), payment gateways, embedded payment platforms, processors, or similar payments environments

• Experience evaluating financial statements, bank statements, processing history, fraud exposure, and chargeback trends

• Knowledge of KYC/AML requirements and acquiring bank requirements

• Familiarity with Visa, Mastercard, NACHA, and PCI DSS requirements

• Ability to make independent, data-driven underwriting decisions while balancing risk with business growth

• Strong analytical, written, verbal, and interpersonal communication skills

• Ability to operate effectively in a fast-paced, high-growth environment

Preferred

• Experience underwriting high-risk DTC, subscription, digital goods, or ecommerce merchants

• Experience working directly with ISOs, PayFacs, processors, acquiring banks, or sponsor banks

• Experience establishing reserves, rolling holds, processing limits, or other merchant risk controls

• Experience with merchant portfolio monitoring and ongoing risk reviews

• Experience improving or building underwriting processes rather than solely operating within established procedures

• Experience working in fast-paced startup or high-growth payments environments

• Strong merchant-facing or partner relationship experience

Leadership Traits We Value

High ownership

Decisiveness

Strong recruiting and talent development capabilities

Accountability

Product judgment

Calm under pressure

Builder mentality

Culture

These are the values that guide how we operate:

• All In to Win — Operate with urgency, intensity, and a relentless bar for excellence. 

• A Players Only — Only hire, develop, and keep A players. Protect talent density. 

• Merchant First — Merchants are why we exist. Every decision measured by merchant impact. 

• Entrepreneurial Spirit — Move like a Day One company. Fast, scrappy, hungry. Everyone owns. 

• Execution Over Ego — Best ideas win regardless of source. Status and titles do not matter.