When applying for a merchant account, you’re probably keen to start as soon as possible. As an account manager here at Instabill, I want to offer you access to our payment gateway in the timeliest fashion achievable. However, there are things every merchant can do to help me speed up the merchant account application process.
Be Honest
The key to a fast application process is to be as upfront as possible. If you have had any trouble with a prior merchant account or a bankruptcy, I need to know this right away.
Although we check for these details during the underwriting process, letting me know in the beginning could save us both a great deal of time. Knowing about a terminated merchant account or bankruptcy will also help me direct your application to the appropriate underwriter.
Supply All Required Documents
Another important feature in a fast application process is receiving your complete set of underwriting documents. This includes:
- Résumé/CV
- Photo ID or passport
- Business and marketing plan
- Credit card processing history
- Personal bank reference letter
- Personal utility bill
- Certificate of incorporation, or documentation stating you’re a sole proprietor
- Wholesale supplier’s agreement
- Screenshot of your website’s administration page
Each of these documents plays an important role in the merchant account underwriting process to help us determine your business’s risk factor. If we have all of the documents when we start the underwriting process, we won’t need to stop and ask you for more information–alas making for a fast application process.
Tell Us What You Need
I want to do my best to design your merchant account to your business’s specific credit card processing needs. Do you need a virtual terminal? Do you need to accept both Visa and MasterCard? Do you need to accept transactions in particular currencies? Once the application process is complete, I want to be able to offer you the perfect solution.
For more information about our merchant account solutions, call us at 1-800-318-2713 or contact us online today.
