ProcessingPoint.com >> Restaurant Merchant Accounts >> Merchant Approval Requirements

Merchant Approval Requirements

Every merchant account provider has certain criteria for approval based on the given account type and business volume. Approval requirements are standard in the industry, however good communication to the merchant is not always standard. ProcessingPoint believes in creating all expectations for the merchant and walking them through the process based on their individual business needs.

Retail Accounts

Applying for a retail account can be the quickest and easiest account to setup. Face to face transactions are lower risk therefore requiring less documentation for approval. All documents and materials will need to be faxed into ProcessingPoint's Corporate office to process the application for approval. Fax: 800 999 9999.

Retail Requirements

*Merchants Processing Less than $70,000 in monthly volume
*Future-Delivery Merchants processing $25,000 or less monthly
  • Signed and Completed Merchant Application - The merchant will be supplied a merchant application with rates and program details. This application will not be considered for approval until every field is complete. A personal account consultant will be available for any questions on the application.
  • Previous Merchant Statement (if applicable) - If a merchant has a previous merchant account, they will need to submit for approval. Three months statements are recommended but not mandatory for merchant less than 70k a month. Three months statements will be speed the approval process.
  • Voided Check - The voided check needs to match the legal name of the business. STARTER checks will NOT be accepted. In the case of a starter check, the merchant can submit a bank letter. ProcessingPoint will supply examples upon request.
  • 501C for NONPROFITS
    *Merchants Processing above previous thresholds, the following additional information is required.
  • Two Consecutive month's processing statements dated within the last 90 days.
  • Copies of two months of bank statements or a bank deposit account reference
  • Copies of two years of financial statements and/or tax returns for the merchant

Phone or Mail Order Requirements (card not present)

*For all Merchants Processing $50,000 or less monthly
  • Signed and Completed Merchant Application - The merchant will be supplied a merchant application with rates and program details. This application will not be considered for approval until every field is complete. A personal account consultant will be available for any questions on the application.
  • Previous Merchant Statement (if applicable) - If a merchant has a previous merchant account, they will need to submit for approval. Three months statements are recommended but not mandatory for merchant less than 70k a month. Three months statements will be speed the approval process.
  • Voided Check - The voided check needs to match the legal name of the business. STARTER checks will NOT be accepted. In the case of a starter check, the merchant can submit a bank letter. ProcessingPoint will supply examples upon request
    *For Merchants Processing Over $50,000 a month.
  • Marketing Materials - The marketing materials needs to be one of the follow but can consist of all of the listed items. More marketing materials supplied will increase the turnaround time for approval. The list includes brochures, company website urls, ads, catalogs, advertising campaigns, business cards, etc. These materials need to be consist with the type of business and products offered.
  • Three Consecutive Processing Statements within last 90 days
  • Three Consecutive Bank Statements within 90 days
  • Two Years of Financials - If applicable, ProcessingPoint will work with merchant if materials are not available to find solution for approval.
  • Two Years of Tax Returns - If applicable, ProcessingPoint will work with merchant if materials are not available to find solution for approval.

Internet Requirements

*For all merchants Processing $50,000 or less monthly
  • Signed and Completed Merchant Application - The merchant will be supplied a merchant application with rates and program details. This application will not be considered for approval until every field is complete. A personal account consultant will be available for any questions on the application.
  • Previous Merchant Statement (if applicable) - If a merchant has a previous merchant account, they will need to submit for approval. Three months statements are recommended but not mandatory for merchant less than 70k a month. Three months statements will be speed the approval process.
  • Voided Check - The voided check needs to match the legal name of the business. STARTER checks will NOT be accepted. In the case of a starter check, the merchant can submit a bank letter. ProcessingPoint will supply examples upon request.
    *For Merchants Processing Over $50,000 a month.
  • Marketing Materials - The marketing materials needs to be one of the follow but can consist of all of the listed items. More marketing materials supplied will increase the turnaround time for approval. The list includes brochures, company website urls, ads, catalogs, advertising campaigns, business cards, etc. These materials need to be consist with the type of business and products offered.
  • Three Consecutive Processing Statements within last 90 days
  • Three Consecutive Bank Statements within 90 days
  • Two Years of Financials - If applicable, ProcessingPoint will work with merchant if materials are not available to find solution for approval.
  • Two Years of Tax Returns - If applicable, ProcessingPoint will work with merchant if materials are not available to find solution for approval.

Additional Internet Requirements

Below you will see a few requirements that need to be on your site that need to be finished before final approval. The underwriting department will need to see these requirements on the site before issuing the merchant ID number. Your account can still be approved without these requirements on the site. However, you will not be issued account numbers until these pieces are in place. You can also create a viewable only link for our underwriting department can review. We understand that you might not want these pieces live until you have the merchant ID. We are here to work with you, therefore allowing this procedure from a non-live URL.

Requirements:
  • Complete Description of Products/Services
  • Return Policy
  • Customer Service Contact (phone, email, address)
  • Privacy Policy
  • Terms and Conditions (if applicable)
  • SSL Secured Checkout Page
  • Working Shopping Cart or Ordering Page