Have you been denied or declined for a standard merchant account?
Maybe you are in an industry that processors classify as high risk, such as tech support, peptides, kratom, travel accounts, or online nutraceutical sales.
What Documents Do I Need to Apply for a High Risk Merchant Account?
Applying for high-risk merchant accounts often requires more documentation than applying for a traditional merchant account.
By preparing the necessary documents, you will expedite the application process.
Be ready to verify the identity of any business owners with 25% or more ownership, which may include a scanned passport or government-issued ID and proof of address (e.g., recent utility bill).
You can anticipate that the processor will need the following documents:
- 3 months of processing statements – this is if you are not a new merchant and have already been processing. The processing statements must be attached to the same bank account you are applying with.
- If you are a new business, you can show 3 months of your personal checking instead. Show your savings account as well; more banking history can only help you in the application process.
- A scanned copy of your driver’s license.
- A voided check with your company name on it. You cannot submit a starter check.
- You must submit a bank letter if you do not have a check with your company’s name yet. This is an official letter from your bank (official bank letter heading), which includes your company’s name, routing, and account number.
- Articles of incorporation or a business license.
Processors may also request a Beneficial Ownership form to disclose all individuals who own or control your business.
This is a standard requirement under U.S. and global financial compliance regulations.
What Information Do I Need on My Business Website?
What Additional Documents Might be Requested?
- 2 years’ tax returns – processors will ask for this if you are asking for a large amount of money ($70,000+).
- If you have two merchant accounts with the same bank, the processor will also ask for the statements for the other merchant account.
- Utility bills – occasionally, processors will ask for a utility bill to confirm the location of your business.
Make sure all documents are clearly scanned, easy to read, and under 10MB in size. Files should be in PDF format, properly labeled, and include your business name where possible.
Apply for a High-Risk Merchant Account Today!
Limitless specializes in high-risk merchant accounts. Whether you’re involved in peptide sales, kratom sales, travel merchant accounts, or any other high-risk business, we ask the right questions and can assist you through every step of the process to ensure your payment processing remains operational.
Give us a call today at (800) 971-6221 or use the easy application now, and let’s get your business approved.