The Standard Merchant Application Package requires documents that are referred to as “Know Your Customer documents”. These documents are used within the application process and are crucial for a business to receive a merchant account.
Here are all the documents needed to get starting submitting for a payment processing account. for a functional checklist and printable PDF click Here
- SS-4 form from the IRS that displays the company’s EIN.
- The Articles of Organization
-
Bank Letter or Voided Check for the account receiving
deposits. - Current Government Issued Photo ID
- Signed W9
- Proof of Where you will be selling your goods/services.
- 3 consecutive months of most recent business bank statements
- 3 consecutive months of the most recent processing statements
For Brick and Mortar Shops, or if you work out of a Van or Trailer, especially if you don’t have a website you will need:
-
3 “Site inspection” pictures showing the outside of the building and it’s address, and appropriate
signage if the business isn’t located in a standalone building.
If you use any 3rd parties for Customer Service, Dropshipping service or manufacturing, you will also need to provide:
- Fully Executed Fulfillment agreement with dropshipping company.
- Fully Executed Customer Service agreement Manufacturer’s Current GMP certificate
For Telemarketing or Phone sales:
- Phone scripts
- Compliance call scripts
- Proof of Purchase
- Electronic agreement
If you are requesting merchant processing for the first time, if you have an expensive “high-ticket.” or you are applying for over $10,000.00 in processing per month, Most acquiring banks will ask to see personal bank statements and 2 years of personal tax returns.
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