As you work your way through the merchant account application, the following is a list of required fields for each section. We recommend using this as a checklist to expedite the process. If any information is missing or entered incorrectly, you will need to correct the application and sign again.
Please do not hesitate to reach out to our team with any questions, we are here to help!
Section 1: Merchant Business Information
- Business Legal Name (must match the legal entity name on your business tax returns)
- Business Name (DBA)
- Business Location Address
- Business Billing Address (if different)
- Location Phone Number
- Billing Phone Number (if different)
- Federal Tax ID Number (EIN)
Section 2: Beneficial/Control Ownership Information
- Type of Legal Entity that best fits how you registered your business (must select one)
- Are you a government entity or at least 50% owned by a government entity?
- The Control Owner's personal information - full legal name, title, DOB, SSN, ownership percentage, home address, and home phone number.
A Control Owner is an individual with significant responsibility to control, manage, or direct a legal entity customer, such as an executive officer or senior manager (e.g., a Chief Executive Officer, Chief Financial Officer, Chief Operating Officer, Managing Member, General Partner, President, Vice President, or Treasurer) or any individual who regularly performs similar functions.
- Each Beneficial Owner's personal information (in applicable) - full legal name, title, DOB, SSN, ownership percentage, home address, and home phone number.
A Beneficial Owner is each individual, if any, who, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, that owns 25% or more of the equity interests of the legal entity.
Section 3: Important Disclosures
- The owner/signer listed as Control Owner in Section 2 must provide a signature, printed name, and today's date to confirm they have read and agree to the member bank and merchant responsibilities.
** Don't forget to add your legal business name to the top of page 2 exactly how it was listed in section 1 on page 1 of the application. **
Section 4: Business Profile and Assumptions
- Open date (the date you opened your business)
- Annual Volume
- Average Ticket
- Highest Ticket
Tip: Highest Ticket must be higher than Average Ticket. Annual Volume must be higher than both Average and Highest Ticket.
- % Card Present
- % Card Not Present
Tip: The sum of Card Present and Card Not Present must equal 100%.
- % Card Swipe (card present)
- % MOTO (keyed by merchant, card not present)
- % Imprint (keyed by merchant, card present)
- % Internet (ecommerce, keyed by customer)
Tip: The sum of Swiped, MOTO, Imprint, and Internet must equal 100%.
- % B2B (percentage of your sales that will be business-to-business sales)
- % of International Cards anticipated
- Type of goods and/or services to be sold
- Refund Policy
Section 5: Compliance Information
- Do you store cardholder data? If so, paper or electronic.
- Have you ever experienced an Account Data Compromise? If so, have you completed remediation?
Section 6: Merchant Bank Account Information
- Routing number of primary bank account
- Type of bank account (checking or savings)
- Account number of primary bank account
All deposits must be sent to the primary bank account. If you would like the discount rate, fees, refunds, or chargebacks to come out of a different checking account, use Routing #2 and Account #2 to enter that bank account. Be sure to check the box(es) next to what that account should be used for.
** Don't forget to add your legal business name to the top of page 3 exactly how it was listed in section 1 on page 1 of the application. **
Section 7: Pricing Schedule and Section 8: Occurrence Fees
- Carefully review the pricing on Page 3. Let us know if you have any questions or see anything that needs to be corrected.
** Don't forget to add your legal business name to the top of page 4 exactly how it was listed in section 1 on page 1 of the application. **
Section 9; Unlimited Personal Guaranty and Credit Information Authorization
- The owner/signer listed as Control Owner in Section 2 must provide a signature, full printed name, today's date, home address, DOB, SSN, and phone number as guarantor of the business.
Section 11: Merchant Acknowledgements and Signature
- The owner/signer listed as Control Owner in Section 2 must provide a signature, full printed name, and today's date to agree to the terms of the Merchant Agreement.
** Don't forget to add your legal business name to the top of page 5 exactly how it was listed in section 1 on page 1 of the application. **
Section 13: Site Inspection Information
- Are goods delivered digitally, physically, or both?
- Fulfillment House Information, if applicable (Name, Address, Contact Information, PCI compliant yes/no, % of shipments fulfilled by the fulfillment house)
- Location Type (must select one)