Whether you’re starting a new business, already running a successful one, or thinking about switching payment providers, setting up or updating your merchant account is a critical step. Accepting credit card payments is essential to running a modern business efficiently, and this article is here to guide you through the process. While the steps may vary slightly depending on your unique situation, we’ll cover the essentials to help you get started smoothly.

What Is the Merchant Account Boarding Process?

The boarding process is essentially the application and approval process required to set up your merchant account. This account allows your business to accept and process electronic payments like credit and debit cards. Here’s a breakdown of the typical steps involved:

1. Application Submission: Provide key details about your business, including your legal business name, contact information, Tax ID or SSN, and bank account information.
2. Business Verification: The payment processor will verify your business details. This might include checking your website, business licenses, and bank statements.
3. Risk Assessment: Underwriters assess your business to evaluate the risk of chargebacks or fraud. High-risk businesses may require additional documentation or higher fees.
4. Approval or Pending: Once all the details are reviewed, your application will either be approved, pended for further review, or denied.

Commonly Requested Documents and Why They Are Needed

Whether you’re new to accepting credit cards or switching providers, certain documents are typically required to verify your business’s legitimacy and assess its risk level. Here’s a list of the most commonly requested documents and why they’re needed:

• Voided Check or Bank Letter
• Purpose: Verifies your business bank account where funds will be deposited. Ensures accuracy in routing and account numbers.
• Business License or Registration
• Purpose: Confirms that your business is registered and operating legally.
• Recent Bank Statements
• Purpose: Demonstrates the financial stability of your business and provides insights into cash flow and transaction volumes.
• Identification (Driver’s License or Passport)
• Purpose: Verifies the identity of the business owner to prevent fraud and ensure accountability.
• Articles of Incorporation or LLC Documents
• Purpose: Confirms the legal structure of your business and identifies key stakeholders.
• Federal Firearms License (FFL) (if applicable)
• Purpose: Required for businesses selling firearms to confirm compliance with federal regulations. This ensures the merchant operates legally within a high-risk industry.
• Product or Service Information
• Purpose: Provides transparency about what your business sells, helping underwriters assess the risk of fraud or chargebacks.
• Proof of Address
• Purpose: Validates your business’s physical location to ensure legitimacy.
• Employer Identification Number (EIN)
• Purpose: Your EIN must match IRS records to avoid a Taxpayer Identification Number (TIN) mismatch, which can delay approval. You can find your EIN on your IRS Form SS-4, which is issued when you apply for an EIN. Ensure the EIN you provide corresponds precisely to your business name as registered with the IRS.

Additional Documents That May Be Requested

If you are currently accepting credit cards, processors may ask for additional information. For example, providing the last three months of your credit card processing statements can help verify your average ticket size, high-ticket amounts, and monthly volume requests. Supplying this documentation can expedite the approval process and ensure your account is set up accurately.

Best Practices for a Smooth and Fast Boarding Process

To minimize delays and ensure a smooth experience, follow these best practices:

1. Be Thorough and Accurate in Your Application

Incomplete or inaccurate information is one of the most common causes of delays. Double-check all details before submitting your application. Ensure that your business name, Tax ID, and bank account numbers are correct and match your supporting documents.

2. Provide All Required Documentation

Processors typically request documents such as:

• A voided check or bank letter
• Business license or registration
• Recent bank statements
• Identification (driver’s license or passport)
• Federal Firearms License (FFL) if you sell firearms

Having these documents ready in advance can save you time.

3. Have a Professional Online Presence

If you’re an e-commerce or service-based business, your website should clearly list your products/services, pricing, and contact information. A lack of transparency can lead to underwriters flagging your account for additional review.

4. Be Honest About Your Business Model

If your business operates in a high-risk industry (e.g., firearms, supplements, or travel), disclose this upfront. Hiding details may lead to account denial or termination later.

5. Work with a Trusted Payment Processor

Choose a payment processor with a strong reputation for transparency and support. A good processor will guide you through the boarding process and help resolve any issues that arise.

What to Expect After Account Activation

If you open an account with EPIC Merchant Systems, this is typically what happens next. Once your account is activated, we take care of programming your equipment and getting it ready for use. If you’re using the SwipeSimple solution, you’ll receive an email with your credentials within a few hours of activation. Any equipment you’ve requested will be programmed and shipped free of charge on the same day, as long as activation is completed before 3:00 PM Eastern time. If you’ve selected Clover point-of-sale equipment, we also ensure it’s programmed and ready to ship, typically the same day as your account activation. Our goal is to ensure you have everything you need to start accepting payments quickly and efficiently. If you choose another payment provider, the process may be similar or different, depending on their procedures.

Conclusion

Boarding a merchant account doesn’t have to be overwhelming. By staying prepared, being transparent about your business, and working with a trusted partner like EPIC Merchant Systems, you can get up and running smoothly. Even if there are delays, they’re usually easy to resolve with prompt communication and accurate information.