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Merchant Account Support Documents – What’s Needed

Posted by Alex Neir on Thu, June 23, 2011 @ 07:43 AM
Merchant Account Support Documents

Merchant Account Support Documents – What’s Needed

When applying for a merchant account your business will be required to fill out a merchant account application. The application is typically standard across most merchant service providers with regard to the information collected on the application. Please NOTE: the terms can very greatly from provider to provider so be sure to read the service agreement that outlines the terms of service.

In addition to the application your business will be required to provide support materials as they relate to the business and owners. Required merchant account support documents are as follows:

  • Business organization documentation
    • Business articles of incorporation
    • Or Non-Profit documentation 
    • Or Sole Proprietor documentation 
  • Applicant(s) driver’s license
  • Voided business check
  • Business or applicant financial documentation
    • Previous processing statements
    • Or business banking statements
    • Or owner(s) personal banking statements

Business organization documentation

Organizational documentation is needed to ensure the business is organized in the US and is in good standing.

Applicant(s) driver’s license

A copy of the applicant(s) driver’s license in necessary to verify the information on the application has been recorded accurately and will be used to perform a credit check on all listed applicants. 

Voided business check

A copy of a voided business check is required to prove that the account associated to the merchant account has been established. This is the account that the funds received from credit card sales will be deposited into.

Business or Owner financial documentation

Financials are needed to illustrate the financial strength of the business and or applicants. Typically if the business has had a merchant account in the past all that needs to be provided are 3 of the most recent processing statements from the previous provider. If no previous merchant account is available, the next requirement would be the 3 most recent business bank statements. If the business is new and there is no banking history associated with the business then 3 of the most recent personal bank statements for the applicants will be required.

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Tags: Merchant Account Education, Applying For a Merchant Account, Support Documentation