What do you need to get a merchant account approval?

Prepare for your financial statements to be scrutinized.

As a business owner, you need to take care of many things in order to keep your company running smoothly. One of the most important aspects of running a business is ensuring that you have a merchant account set up so that you can accept credit and debit card payments from your customers.

Processing Statements

In order to be approved for a merchant account, you will need to provide your acquiring bank with some financial statements. The most important financial statements for underwriting purposes are your processing statements, usually from the last three months. This is the first stepping stone to getting credit-card processing and a merchant account.

Balance Sheet

Next, prepare to hand over your company's balance sheet. The balance sheet will show the bank how much money your company has on hand, as well as how much debt your company is carrying.

Income Statement

Another important financial statement for underwriting purposes is your company's income statement. The income statement will show the bank how much revenue your company is generating and how much profit your company is making.

Cash Flow

The last financial statement that you will need to provide to your acquiring bank is your company's statements of cash flow. The statements of cash flow will show the bank how much money your company is bringing in and how much money your company is spending.

All of these financial statements are important for underwriting purposes because they will give the bank a better understanding of your company's financial health. The more information the bank has about your company, the easier it will be for them to make a decision about whether or not to approve your merchant account application.

Find a merchant account provider that works for your business

Are you looking for the perfect fit for your business's payments processing? You can use Merchant Account Comparison to see which payment processors are a good match for your credit card processing needs. Try it today!