Frequently Asked Questions
Merchant FAQs
What are my requirements to open a merchant account?
Step 1 – Complete our quick online application request.
Step 2 – Submit the required supporting documents.
Step 3 – Review the full proposal, including rate quote. When ready, sign your agreement.
Step 4 – Await underwriting approval. Once you are approved, you’re done!
Step 5 – Start processing payments for your business!
What supporting documents are required?
Applying for a US Merchant Account requires the following documents to complete your application:
- Passport, driver’s license or government issued ID for all owners of more than 25%
- Voided check or bank letter
- If applicable, 3 months of most recent credit card processing statements from your previous or existing provider
- 3 months of most recent business bank statements. If the business is new, 3 months of most recent personal bank statements.
Do I have to be based in the USA to sign up?
No we do help international businesses get set up to process credit cards internationally and domestically on a case by case basis.
Do you charge an application fee or any other start up fees?
Typically we do not charge an application or set up fee. There are cases where these fees are charged but it’s rare and on a case by case basis. Call us to see if you have a hard case that would require some up front application or set up fee. Cases where an owner is on the MATCH List is typically where we will charge an up front fee that pays for our attorneys to get you removed from the MATCH list
How long does it take to get approved?
Depending on your business type we can get you approved within 24 hours and sometimes in the harder to place cases it can take up to 2 to 3 weeks.
Do I need a good credit score to be approved?
If you have a low credit score, your business can still be approved for a merchant account. We have the necessary banking relationships to match you with a sponsor bank that specializes in merchant accounts with low credit scores. Typically, a low credit score is not mean you won’t be approved. However, it may have an impact on other factors. Underwriters may limit your initial monthly volume until you establish a proven track record of stable processing before they increase this limit. If you have ZERO credit history, or have recently declared bankruptcy, or have a credit score that is very very low, then you may be at risk of underwriting declining your application. Please contact one of our merchant account experts to advise on your specific situation.
What types of businesses/industries do you accept?
We work with every type of business no matter the industry. Everything from restaurants and grocery stores to Cannabis and E-Commerce stores and everything in between!
Is my business/industry considered high risk?
There are multiple reasons why processors may classify a business as high risk. These may include poor or negative credit history, your business offers recurring billing or free-trials, you sell high-ticket items, or you operate in an industry that typically has a high rate of fraud or chargebacks.
How do I receive my money from payments processed?
Sales processed will be deposited directly into your account. Funds are typically available within two business days.
Partner FAQs
What happens after I fill out the sign-up form?
Once we have received your submission, you will get access to our marketing materials and we will reach out and help you come up with the best way to get the info to your network . You push the info out there and get people to our online application. Your unique link will track these inbounds and we will take it from there.
How much can I make?
Referral rates will vary depending on a variety of factors specific to each partner. Please contact our Referral Partners team to get an accurate indication of your potential rate.
When will I get paid?
Typically, you will begin receiving your referral revenue 45 days after your referred merchant accounts begin processing. Payments will then continue on a monthly basis for as long as the referred accounts remain active.
Are there any restrictions?
We work with a wide range of industries and accepted merchant categories, however, to make sure your specific industry/category is being accepted currently we recommend that you contact our Referral Partners team.
Where & how do I submit referrals?
You will be able to send your referrals to our online application via your unique link. This will track them and insure you get credit for your referrals when they start processing with Aacadia.