Documentation Needed for a High-Risk Merchant Account

Setting up a high-risk merchant account is a simple process. It is important to submit all of the necessary paperwork to avoid delays in the decision-making process. Being prepared ahead of time will help to ensure that the application process is stress-free and successful. While exact requirements may differ depending on your unique situation, below is an essential list of standard items requested during underwriting.

Typical Requested Paperwork When Applying For A High-Risk Merchant Account

1: High-Risk Merchant Account Application Form

This form gathers necessary information about both your business and its’ principals. This includes addresses, tax identification number, phone numbers, email addresses, website address, bank account information, processing volumes, and average sales figures, to name a few. Payment Savvy will provide a prefilled Application for your review and signature after gathering information and creating a custom processing solution for your business.

2: Articles of Incorporation

Business entities are required to provide a valid copy of the organizational paperwork. If you do not have a copy on hand, the Secretary of State’s office in the state you formed your business may be able to provide you a copy for free or with a nominal fee.

3: Voided Check

A voided check is required for the bank account into which the merchant’s funds will be deposited. In most cases, a starter check is not acceptable. The check must be a permanent check that includes a pre-printed version of the business name, account number, and routing number. A letter from the bank can be submitted as a substitute in place of a permanent check. The letter must include the bank account information and be signed by bank management. If you require fees to be withdrawn from a different bank account than deposits are made, it is crucial to provide voided checks for both bank accounts.

4: IRS Form SS-4

The SS-4 Form is sent directly from the IRS and verifies your organization’s Federal Employer Identification Number or EIN.

5: Business Financial Statements

Depending on the requested monthly processing volume, underwriting may request business financials. Typical documentation submitted includes your most recently filed business tax return or complete financial statements (balance sheet & profit and loss statement).

6: Processing Statements

If your business has previously processed credit and debit cards, monthly statements must be submitted. The processing statement should cover the most recent three to six months depending on your unique situation

7: Business Bank Statements

Like the processing statements request, be prepared to provide your most recent three to six months of business bank statements for underwriting review.

The documents listed above are just a sample of the required items needed when applying for a high-risk merchant account. Providing correct and complete paperwork gives underwriters an accurate overview of your business and makes it easy for them to make a swift decision. Payment Savvy will be with you every step of ensuring success and answering any questions or concerns you have.

Payment Savvy specializes in providing high-risk merchants with the ability to accept credit and debit card payments. Please contact us today to review your options and apply for a high-risk merchant account. Our experienced team looks forward to creating a custom payment processing solution for your company.

If you have enjoyed reading this article and found it informative, please share it with all of your contacts on social media. Payment Savvy greatly appreciates your efforts in this manner. Please stay tuned for more exciting articles.