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Merchant Account Underwriting

Merchant Account Underwriting Requirements

What are the underwriting requirements to open a merchant account?

Well, while we don't disclose our requirements, we do provide the following guidelines which are industry standards:

1) We don't open accounts for sex businesses, on-line adult content, roving merchants (door-to-door sales), drug paraphernalia, and similar businesses.

2) We'll require a copy of your business license, fictitious business name filing (DBA), seller's permit, articles of incorporation, tax privilege license or vendor's license and whatever is applicable.

Once your completed merchant account application is received, you MUST provide:

  1. Copy of signor's driver's license
  2. Copy of voided check with business name on check OR copy of letter from merchants business bank on bank letterhead:
  1. a) Account name
  2. b) Account number
  3. c) Routing number
  4. d) Signed by bank staff member
  1. If currently processing credit cards, merchant will be required to submit 1-3 months processing statements.
  2. If customer is asking for more than $10,000 in monthly processing volume OR risk is considered high, the merchant may be required to submit the following:
  1. a) Copy of Checking Account Statements
Copy of business license OR articles of incorporation

Merchant Account Questions

Below are some of the most important questions and answers on how to prepare
yourself for the world of merchant accounts and credit card processing.

What are some important questions to ask before signing up for a merchant account?
What is an explanation of a merchant account?
How much do I have to pay for a merchant account cost?
Why should I consider Fasttransact for my merchant account?
How many merchant accounts can someone have?
Is having a merchant account the best way to accept online transactions or should I use a PC?
How long does the merchant account approval process take?
Do you accept non-U.S. merchants?
Do you have any hidden fees for merchant accounts?
How fast can you set up my merchant account to accept credit cards?
Do you decline any merchant account applications or online processing applications?
Can I process for more than one business with my merchant account?
Do I have to be a U.S. citizen to open a merchant account?
What if I want to open a Canadian merchant account?
What are your fees and costs for merchant account processing?
What are the underwriting requirements to open a merchant account?
What kinds of typical startup costs can I expect in obtaining a merchant account?
I already have a retail merchant account, can I use this for internet processing?
Are there merchant application fees involved?
How do I apply for a merchant account?
How long will it take for my merchant application to be processed?
What if my merchant application is not approved?
Can you describe the merchant application process?
Does Fasttransact require a contract or is it month to month?
Will you charge me for a second merchant account?

 

Merchant Account Questions

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