What Documents Are Needed to Get a Merchant Account Approved?

To get a merchant account approved, businesses must provide detailed documentation that verifies their legitimacy, financial health, and operational practices. Underwriters review this information to determine whether the merchant meets the risk and compliance standards required by card networks and acquiring banks.

Why Is Documentation Required?

Merchant account providers are responsible for ensuring that businesses using their services will not pose an undue risk. This includes avoiding excessive chargebacks, fraud, or regulatory violations. To evaluate these risks, processors require specific documentation during the application process.

RevitPay’s approval-optimization consulting services guide merchants through this process, helping to gather the necessary documents, avoid common mistakes, and reduce approval times.

What Are the Most Commonly Requested Documents?

The underwriting process varies depending on the merchant’s industry, history, and projected volume. However, most businesses are asked to submit the following:

• Government-issued identification (e.g., passport or driver’s license)
• Business license or registration documents
• Employer Identification Number (EIN) letter
• Bank account verification (e.g., voided check or bank letter)
• Recent utility bill for address verification
• Website URL and terms of service
• Refund and privacy policies

These documents confirm that the business is registered, operating legally, and transparent about its policies.

What Financial Documents Are Typically Needed?

Underwriters also require financial documents to assess the health and stability of the business. These usually include:

• Recent bank statements (last 3–6 months)
• Financial statements (profit & loss, balance sheet)
• Processing history (last 3–6 months if switching providers)
• Tax returns (business or personal, depending on structure)

If you're a new business, you may also need to submit projected revenue and a business plan.

RevitPay’s approval-optimization consulting service ensures these documents are formatted and submitted correctly to prevent unnecessary delays or denials.

How Does Industry Type Affect Documentation?

High-risk industries, such as supplements, CBD, adult entertainment, or online gambling, require stricter documentation. These businesses may need to submit:

• Product samples or test results
• Marketing materials and ad copies
• Chargeback mitigation strategies
• Business continuity plans
• Proof of inventory or supplier agreements

This is because regulators and banks closely monitor these industries due to their chargeback ratios and legal complexity.

What Happens If a Business Is Denied?

If an application is denied, it’s often due to missing or insufficient documentation, unresolved financial issues, or a misalignment between the business model and the processor’s risk appetite. The article on merchant account denial reasons and document checklist outlines the most common pitfalls.

Reasons include:

• High chargeback history
• Lack of processing history for new businesses
• Inconsistent or missing documents
• Product types that violate card network rules

Being prepared with the correct documents minimizes the risk of denial and builds trust with underwriters.

How Can You Speed Up the Approval Process?

To accelerate the approval timeline:

• Submit all documents in one complete package
• Ensure your website has clear policies and secure checkout
• Disclose all business activity honestly, including projected volume
• Use a consulting service familiar with high-risk approvals

Some merchants are approved in as little as 24–48 hours, while others, especially those in high-risk categories, may take up to two weeks if underwriting requires additional documentation.

Do International Merchants Need Different Documents?

International applicants may need to provide:

• Passport identification
• Proof of residence
• International business registration documents
• Local bank account verification

Processors may also require the business to be domiciled in the country where the processor operates or to maintain a local legal entity.

Why Use a Consultant for Approval?

Getting approved for a merchant account, especially in a high-risk industry, is about more than filling out a form. It involves presenting your business in the most favorable light, providing complete documentation, and avoiding red flags that slow down underwriting.

RevitPay’s team helps merchants overcome rejection by identifying missing documents, correcting technical issues, and matching applicants with the right acquiring banks. Their approval-optimization consulting is particularly valuable for startups, businesses with previous denials, or merchants with complex setups.

Conclusion

Providing the right documents is the first and most critical step in getting a merchant account approved. Whether you're a low-risk ecommerce shop or a high-risk supplement seller, being prepared with financial records, business licenses, and clear policies can dramatically improve your approval odds. For a full checklist of what’s required and why applications are denied, consult RevitPay’s approval-optimization consulting service and their document checklist for merchant account approvals.

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