What is meant by 'boarding' in the context of account processing?

In the context of account processing, 'boarding' refers to the procedure of adding new accounts and merchant relationships to the system. This is a critical step in the onboarding process for businesses that accept electronic payments, as it involves entering all relevant information about the new merchant, including their business details, payment preferences, and compliance documentation.

Boarding ensures that new merchants are properly integrated into the payment processing system, equipped to handle transactions effectively and in compliance with industry standards. This process typically includes setting up the merchant's account within the payment processing platform and ensuring that all necessary parameters are in place for successful transaction processing.

The other choices, while related to account management, do not accurately describe 'boarding.' For instance, closing old merchant accounts, combining services into one account, or merely verifying transactions focus on different aspects of account handling rather than the initial setup and integration of new merchants into the payment processing ecosystem.