Application Checklist For Credit Card Merchant Account Approval: What will I need?
- by iMerchantNetwork.com

Low-Risk (under $10k volume per month) - Items a bank / processor will look for in addition to your submitted application:

• Your web site must be done or nearing completion for banks & processors to approve you for a merchant account. They MUST review your web site before saying “yes” or “no”. If you operate a mail-order or telephone order business, you MUST submit your marketing and promotional materials.
• A copy of your DBA, LLC or INC certificate or license.
• A voided check from your business checking account with your company name on it.
• Return/Refund policy must be posted on your web site / in writing for banks to review.
• Shipping policy must be posted / in writing for banks to review (if physical products are sold).
• Your company name, DBA name (if different), address, phone, fax (if applicable) and email address must be posted on your web site.

    
High-Risk Merchants / High-Volume Merchants / Low-Risk (over $10k per month) - If you are a high-risk or high-volume business (or a low-risk business requiring over $10,000 per month in transaction volume), more information will probably be required in addition to the above list. If a bank / processor is going to accept you for these types of accounts, they expect a background on you and your business.

• Past processing statements (6 – 12 months) with chargeback %’s.
• Photo copies of your driver’s license & passport
• Past business financials (1 or 2 years)
• Past tax filings (1 or 2 years)
• Current business financials
• Management backgrounds & biographies
• Business plan and/or financial projections
• Misc. information based on your particular business

NOTE: All processors will make it a point to examine your chargeback percentages and figures. Depending on whether you are low-risk, high-risk or high-volume, 2% is usually pushing the limits. If you can keep your chargebacks under 1%, you are fine and well-below the acceptable limits.

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