Merchant Account Paperwork

Wondering what you need for your merchant account paperwork?

Note: please don’t send us your merchant account paperwork until we have had a chance to talk. This is just a list meant to educate yourself with, plus something you can start preparing.

When we talk, we will need

1. The address to your website (URL)
2. Three months of prior processing, or if you are a startup, 1-3 months of your commercial bank account. Make sure you have a healthy amount of capital in there so you impress the bank. Anywhere from $5-30,000 is preferred, the more the better.

This is paperwork the bank needs to see when we submit your package. If you are a startup, or this is a new company and you haven’t had a merchant account before, you will skip merchant account statements that obviously you don’t have.

Note: You can’t provide merchant account statements from another business you may own.

1. First, it’s best to always have this merchant account paperwork sitting in a folder ready to go so it’s very easy for you to just attach them in an e-mail. If you have a lot of files, it’s also a good idea to zip them so they send faster and don’t get caught up in spam filters.
2. Second, name each of your merchant account paperwork file by telling us what it is so it’s very easy for us and underwriting to see what’s in the file before even opening it. Doing this makes things smoother and faster. You want your high risk merchant account faster, right?
3. For bank and processing statements, name the file with your company name and the date of the statement with dashes like this – Rapid Financial Solutions-08-28-19. If you are a new business, you will need to provide personal bank statements with your name and the date of the statement, although many startups already have a commercial bank account set up with some capital inside.
4. All paperwork has to be under one company or personal name. For example, you can’t mix your company A with paperwork for company B.
5. If you have partners, the only merchant account paperwork we will need from them, is their ID (driver’s license or passport) and a utility bill, so please send us that too. Please make sure if you provide different forms of their ID that their DOB is the same on all of them.

Here is the merchant account paperwork list we give our clients

• 3 months previous processing statements for all products you intend on processing through this merchant account. We need ALL banks you have processed with, not just the most recent ones. This helps us to get less expensive rates for you.
• 3 months recent bank statements. (Remember, if you are a new business, you should be able to provide commercial or personal bank statements showing funds supporting the startup/operation of the business or personal bank statements.)
• If the product/service being sold is not owned by you, we need a reseller agreement.
• Business license or business tax registration – Certificate (EIN).
• Articles of incorporation/articles of the organization showing the ownership of the entity associated with the merchant account.
• Appropriate licenses/certifications for your product type (if applicable)
• Valid driver’s license or passport.
• A copy of a voided check for the commercial bank account or a letter from the bank stating the business name, dba or aba, plus your transit number, routing number, and account number. This needs to be on bank letterhead and signed by the bank. This is how you get paid. We don’t need both, just one or the other.
• Your domain registration. If your domain is privatized, we also need proof that you purchased the domain. You can provide the receipt.
• A personal utility bill from owners of incorporation.

Merchant Account Paperwork On Standby

Please don’t wait to get this paperwork because if you do, once you try to get it, there may be delays that will hold everything up.

• • We ask you for 3 months of merchant account statements, but it’s always good to have an extra 3 months just in case.
  • If you use a fulfillment center, we need your signed agreement with them.
  • If you use a call center, we need your signed agreement with them.
  • You can leave this part of the merchant account paperwork on the side, but be prepared to provide it if the bank asks for it, so we suggest you talk to your accountant now.  If you aren’t a startup, prior year and/or year-to-date business financials (audited if available) – and it should be printed on their letterhead.

So we hope this helped clarify what will be needed from you for your merchant account paperwork to get a high risk merchant account.

Please let us know if you have any questions by contacting us here or arrange a meeting here.

We look forward to helping your business grow and thrive.

Rapid Financial Solutions

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