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 or online nutraceutical sales. If so, you most likely need to apply for a high risk merchant account. There is no reason to be distressed by this, there are many benefits to having a high risk merchant account and I am here to help you through the process.
Applying for high risk merchant accounts often require more documentation than when applying for a traditional merchant account. Be prepared! By having the required documents ready, you will speed up the application process. The following documents are what you can expect to be required by the processor.
Required 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.
•Optional: 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.
• If you do not have a check with your company’s name on it yet, you will need to submit a bank letter. 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.
• Your company website, which must have the following:
• Terms and conditions
• Refund policy
• Privacy policy
• Pricing on everything
• Contact information
May Be Required:
• 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 ask for the statements for the other merchant account as well.
• Utility bills – occasionally processors will ask for a utility bill to confirm the location of your business.
*All documents should be in pdf format and labeled correctly
Limitless specializes in high-risk merchant accounts. We ask the right questions and can help you through every step of the process. It is our goal to get your business up and running as quick as possible. Give us a call today at (800) 971 – 6221 or use the easy apply now and let’s get your business approved!