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Merchant account application status: Pending or in Review

When you request for a merchant account, your application may be in pending or review status. This article addresses the most common reasons for this type of application status.

Detailed information

The following are some of the reasons why a Payments application may be pending or in review status:

  • Description of Products and Services
    Intuit Payment Solutions needs to know exactly what the credit card charges will be for. This response should be as detailed as possible.
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  • Address Discrepancy
    Intuit Payment Solutions needs to verify the residential address listed on your application against the data pulled from the credit reporting agency. To verify this information, we require a utility bill listing the service address. If the bill is not in your name, it will still be accepted. If you do not have a utility bill, a lease agreement will suffice. Bank/credit card statements, along with cell phone bills, will not satisfy this requirement.
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  • Non-Profit Documents
    In order for Intuit Payment Solutions to approve a credit card processing account as a non-profit we require evidence of your non-profit status on a federal level. We will accept either the first page of your federal tax return (990), or the IRS approval letter sent to your organization. If you do not plan to accept donations through the merchant account, you can personally guarantee the account. (See information on Personal Guarantee.)
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  • Personal Guarantee
    Intuit Payment Solutions requires a personal guarantor on all accounts excluding non-profit organizations or publicly traded companies that are able to provide financial documentation. We run a credit report to ensure that any possible debts of the business can be absorbed by the guarantor.
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  • Financial Documentation
    If you do not wish to provide a personal guarantor, or if your estimated monthly processing volume is high we are required to have on file: Three months of your business bank statements, and two years' business tax returns, and either two years' CPA prepared financial statements, or two years' profit and loss statements. If you have existing merchant accounts with Intuit Payment Solutions, we combine the estimated volume of your open accounts to determine whether financials will be requested.
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  • Verify Personal Information
    In order for Intuit Payment Solutions to generate a credit report for underwriting a merchant account, we need to have the following data correct: legal name, residential address, and social security number. If we are unable to obtain a credit report, we will need to verify all three pieces of data.
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  • Invalid Social Security Number
    A social security number is required on all applications. If no social security number is received, if there is a discrepancy in the number you provided, or if you provided your tax ID in lieu of the social security number, we will request verification of the correct social security number.
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  • Three Months Statements
    In certain cases we will ask for three months of your business bank statements from the account listed on your application to confirm that the estimated processing volume on your application is being processed through your business at the time of the application. If you indicated on your application that you have had a processor in the past, you may be asked for processing statements instead.
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  • Face to Face
    Due to our risk parameters there are certain types of products and services that we require be offered or performed on a face-to-face basis with your customers. By agreeing to these terms you acknowledge that the merchant account will not be used to process transactions for any non face-to-face sales or service.
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  • 90 Days
    To limit our risk, you must agree that no transactions will be processed more than 90 days in advance. If you currently bill annually or semi-annually, you will need to begin billing quarterly to process your payments through the merchant account.
KB ID# INF18868
12/7/2016 6:09:31 PM
QYPPRDQBKSWS07 9138 Pro 2017 09d95c