The application, and the details that hold it up.
Underwriting is usually a few business days with complete paperwork. Almost every delay beyond that comes from one of about six things, and all six are avoidable before you submit.
What this page settles.
Three questions, in the order most people ask them.
The documents
Five things, and having all five ready is most of the battle.
Business formation documents. Articles of incorporation or organisation, or the equivalent for your structure. A sole proprietor may be asked for a business licence or a trade name registration instead.
Government identification for owners at 25% or more. Beneficial ownership rules require this, and it is not negotiable. If three people each own a third, all three.
A voided check or a bank letter for the account where funds will be deposited. In the business’s name, matching the application.
Your EIN confirmation, or the equivalent if you are a sole proprietor using a social security number.
Recent processing statements, if you have any. Not strictly required, but they speed everything up and they let a provider quote you properly rather than guessing.
The information
Alongside the documents, be ready to describe the business properly. Underwriters are not being nosy; each of these maps onto a specific risk.
What you sell, specifically. “Retail” is not an answer; it is a category that could mean anything.
How you take payment — in person, online, over the phone, on invoice — and roughly what proportion of each.
How long after payment the customer receives the goods or service. This is the question people underestimate. A long gap is the single most common reason an otherwise ordinary business is treated as higher risk.
Your expected monthly volume and average ticket. Be realistic. A projection far above what your history supports invites questions, and a volume cap you then have to apply to raise.
Your refund and cancellation policy.
Your website, if you sell online — with terms, refund policy, delivery times, contact details and clear pricing all actually present. Underwriters do look.
The six things that cause delays
Almost every application that takes weeks rather than days is held up by one of these, and every one is avoidable.
- The business name does not match across documents. Legal name, trading name, bank account name and formation documents should all agree, or the differences should be explained and evidenced.
- The address does not match. Registered, trading and bank addresses, against the public record.
- The bank account is personal, or in a different name.
- Ownership is incomplete. Everyone at 25% or more, with identification.
- The business description is too vague to assign a category confidently.
- The website is missing something — most often a refund policy or contact details.
Twenty minutes checking those six before you submit is worth more than any amount of chasing afterwards.
What underwriters are actually looking for
It helps to know, because it changes how you fill the form in.
They are assessing how much the acquirer could lose if your business stops trading with orders outstanding, or if your customers dispute in volume. That is it. Not whether you will succeed, not whether they like the idea.
Which means the information that reassures them is specific and mundane: a short delivery cycle, a clear refund policy, trading history, a modest average ticket, a category with ordinary dispute rates, and an owner who answers questions straightforwardly.
And the things that prompt more questions are equally mundane: long lead times, large tickets, a brand new business projecting large volume, a category with elevated disputes, or anything inconsistent across the paperwork.
None of that is personal. The fuller explanation of how risk is assessed is here.
If you are brand new
No trading history is normal and is not a barrier on its own. Expect three things:
More questions about delivery timing, because there is no history to reassure anybody.
Possibly a volume cap at the start, raised as you establish a pattern. Ask how and when it gets reviewed.
Possibly a reserve, particularly if you take payment well before delivery. Ask for the release conditions in writing at the point it is proposed, not later.
It is also worth asking honestly whether you need a merchant account yet at all. For a brand new business with uncertain volume, starting under a payment facilitator and moving later is frequently the better sequence — you build history, you start immediately, and the pricing difference at low volume is small.
What we charge
Interchange + 0.50% + 10¢ in person, interchange + 0.75% + 25¢ keyed, with no contract, no monthly fee and no application fee.
Send us what you have before you submit anything and we will check it for the six things above. We would rather spend twenty minutes now than have you wait a fortnight for an underwriter to ask for a document you already had.
While we are on the subject
How long does approval take?
Typically a few business days with complete, consistent paperwork. Longer if your category is unusual, your volume projection is large relative to your history, or ownership is complicated.
Do I need a business bank account?
You need an account that funds can be deposited into, and it needs to match the business on the application. A personal account in a different name is one of the most common reasons an application stalls.
Is there a credit check?
Often, on the owner, where the agreement carries a personal guarantee. Ask before you apply if that matters to you.
What if I have no processing history?
That is normal for a new business and not a barrier on its own. Expect more questions about delivery timing and possibly a reserve or a volume cap at the start.