Applying for a merchant can be a drawn out and costly experience. It can also halt sales until you have been approved so it is extremely important to submit a correct and full application. Below are the top 5 merchant account return reasons that you should avoid at all costs.
1. Missing Documentation
The bank will require full KYC (know your customer) documentation and your account will not be able to proceed beyond this point. This usually includes government issued ID, bank statement, utility bill (business & personal) and business registration documents.
2. Pre Payment Explanation
This is the period of time between when goods are ordered and delivered to the customer.
If your business is accepting payments before the delivery of the product to the customer then this poses a risk to the acquiring bank. The longer the pre payment period the higher the risk to the acquiring bank…
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