Frequently Asked Questions


Common answers to your questions

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What documents do you ask for?

We will need proof of legal business, a voided check, and either credit card statements or bank statements.

I don’t use checks, what can I use instead?

Instead of a voided check please reach out to your local banker and ask for a bank letter with the following:

  • Letter should be on bank letterhead or form
  • Full name on account (company name if it’s a business account)
  • Full routing number
  • Full account number
  • Signed and stamped by banker (include the banker’s business card if unstamped)

Why do you need bank statements?

Banks require prospective merchants to provide bank statements for underwriting. Bank statements reveal important information to banks. Firstly, banks check if the account has any prior processing, which can be seen as deposits on the account. Prior processing is acceptable, but banks may analyze refunds or chargebacks on all statements to evaluate the risks involved. Secondly, banks examine the average ending balance to ensure that the merchant can afford to pay all the monthly fees. This information also helps banks verify the requested monthly volume.

How long does it take for deposits to hit my bank account?

It typically takes 2-3 business days for deposits to hit your bank account. We do offer next day funding for most qualifying businesses.

What is an acceptable chargeback ratio?

When applying for a merchant account, banks typically require that your chargeback ratio be under 3%. If you already have a history of processing payments with the bank, they may be more lenient. However, if you exceed the chargeback limit in any given month, your account may be at risk of termination.

I’m a new business, how do I know what to put for my monthly volume?

We suggest starting with either $5,000 or $20,000 per month. It’s not necessary to reach the full processing limit, but make sure not to exceed it.

Will having a current processor, hinder my chances of getting approved?

Having current processing statements with another business will not affect your chances of approval for a new account, unless your chargeback rate is significantly high.

Why am I high risk?

The term “high risk” might sound intimidating, but it simply means that your product or service doesn’t meet the credit policy of the bank that sponsored your previous processor. Most processors work with conventional banks, which primarily focus on retail card-present transactions. However, anything that is outside of this type of transaction is considered high risk. It’s important to note that each bank has slightly different policies regarding which industries they allow.

What happens if I go over my processing limit?

Think of it like a speeding ticket; you can exceed the speed limit slightly, but if you go too fast, there will be consequences. Similarly, when you make a payment, the exact amount may not always go through, and there may be a hold on the excess funds for a short period of time. Therefore, it’s essential to add a little buffer when requesting the monthly volume from the beginning.

If you have processing statements for another business, you may wonder if having those accounts will hurt your chances of getting approved.

The answer is no. Having other processing accounts won’t typically affect your approval chances, unless you have an extremely high chargeback rate.