How to apply
Learn more about the application process and common questions frequently asked…
How do I apply for a merchant account?
Step 1: Complete the online application.
Step 2: Provide the supporting documents required for your industry.
Step 3: Review the full proposal (including pricing).
Step4: Integrate your payment page and complete compliance checks.
Step 5: Await underwriting approval; once approved, you can begin processing payments.
Is a credit check required?
Yes, the application process involves credit check for the business owner on file, this helps underwriting determine the risk associated with providing a merchant account to your business, and is a required part of the application process…
What additional documents are needed for my application?
You will need to upload or email the following documents to finalise your merchant account application:
(1.) Voided Business Cheque: The voided cheque should match the business bank account where you want your customer’s credit card payments deposited. As an alternative to a voided check, underwriting will accept a letter signed or stamped by a bank representative, which lists your full or complete bank account and routing number, as well as the name on the account.
(2.) Driver’s Driver’s License, Passport, Or Government ID: This ID must be for the listed owner of the business.
(3.) Previous Business Or Personal Bank Statements: If your business has began trading, please include your last 3 months of business bank statements. If it is a new business then instead include 3 months of the owner’s personal bank statements.
(4.) 3 Months Previous Credit Card Processing Statements (If Applicable): These need to be downloaded or scanned copies of the full monthly statement, not merely screenshots. These are available through your old merchant account provider’s online login, or by calling your old credit card processor. For new businesses, or if you haven’t accepted credit cards in the past, omit this requirement. If, however, your bank statements indicate you’ve accepted credit cards in the past, you cannot be approved without providing those documents
Why are bank statements required?
Bank statements help underwriting review a prospective merchant’s application and finances. Bank statements help to show if the business has prior credit card processing and what a business’ finances look like, both of which help substantiate the monthly processing volume requested on your application.
(4.) 3 Months Previous Credit Card Processing Statements (If Applicable): These need to be downloaded or scanned copies of the full monthly statement, not merely screenshots. These are available through your old merchant account provider’s online login, or by calling your old credit card processor. For new businesses, or if you haven’t accepted credit cards in the past, omit this requirement. If, however, your bank statements indicate you’ve accepted credit cards in the past, you cannot be approved without providing those documents
Why are previous merchant account statements required?
If your business has accepted credit cards in the past, you are required to submit a copy of recent merchant account statements from your previous credit card processor.
Like bank statements, previous merchant account statements help underwriting review an application from a risk perspective. Previous merchant account statements will provide underwriting with insights as to your business’ transactional history and analyse your refund and chargeback ratios.
How long until I get approved?
You’ll be pre-approved within 24 hours.
Next, you will usually be fully approved (that is, through underwriting) within 3 to 5 business days. Unfortunately, same-day approvals do not exist for medium and high risk businesses, due to the requirement for enhance due diligence. In certain highly regulated industries, the underwriting process may take a few additional days.
Rest assured, however, that we will work as fast as possible to get you approved in a timely manner (typically 3-5 business days). Our priority is to get your merchant account up and running quickly.
Setting up your processing facility
If you’re applying for a merchant account to sell products or services via a website. If your business is selling a tangible product, your website will need to show the pricing and products available for purchase. If you are only providing a service, a website or social media page with your business contact information will suffice. We will set you up with a payment gateway if you have been approved for processing via MOTO or eCommerce. You will be able to process email linked payments and also generate ‘pay now’ buttons.
If your merchant account application is approved for retail processing, we will ship out your credit card processing equipment. Please request further information from our Business Support team for the full range of machine devices.