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Originally Posted by BoyAlley
Greetings:
So what's exactly involved in the approval process if you apply?
Do you do a credit check?
Ask for certified copies of the company's financials?
Pull a D&B report?
Ask for a business plan?
Want to see bank statements?
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Hi BoyAlley
The process is fairly simple but does take a bit of work .. luckily the savings make it very worth while ;)
A good portion of what is needed is listed on our signup form and covers this:
Corp/Business name, address, phone, email
Type of company (LLC, partnership, sole prop)
If partnership the percentage of ownership (50/50 requires both owners sig etc)
Personal info, name, address, phone, email, SSN etc
Monthly sales volume
Average transaction amount
Type of product (in most adult cases its recurring memberships)
Giving a couple of business references is always best .. even if its just a local grocer that you do biz with on a regular basis lol
We do not run a credit check but the bank can/does. It does not take stellar credit ratings but does take decent credit to be approved provided everything else is well and good.
certified copies - no, but if you have been processing in the past - giving 3-6 months of transaction history is HIGHLY recommended. They look to verify per transaction amounts, average monthly volume and of course charge back ratios.
D & B - no
Business plan - a short synopsis
Bank Statements - no, not really.
Of course there are signatures required, copies of ID etc. The initial signatures can be done via fax, however the hard copies must be received within a reasonable timeframe.
Its all pretty standard stuff - the same as getting any type of processing.
The time to get approved is approx 1-3 business days and to get fully setup and running is about 1-2 weeks depending on particulars.
I hope this helps?
