If you are a merchant looking to get approved for a merchant processing account, then here is what you should know. It is better to apply for a merchant account through a sales office such as Moneck Payment Solutions, rather than with the individual bank.
A bank's usual process approving a merchant goes like this:
- the merchant contacts the bank
- the bank sends the merchant the standard application package and once the merchant fills and signs it, the bank will move the package into underwriting. An underwriter will review the package and then move towards a decision, whether an approval or a decline.
- the bank sends the merchant the standard application package and once the merchant fills and signs it
- the bank will move the package into underwriting. An underwriter will review the package and then move towards a decision, whether an approval or a decline.
- the bank will move the package into underwriting.
- An underwriter will review the package and then move towards a decision, whether an approval or a decline.
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It sounds streamlined and obvious. However what is not obvious to the merchants is that this process has some pitfalls which the banks won't tell you:
- the standard application fees from the bank are usually just that: standard, sometimes with a hidden processing fee; however Moneck is able to negotiate with the bank(s) for the removal or lowering of certain fees for the merchants we bring, whether it's monthly or one-time fees;
- banks and more specifically underwriters have a scientific-like verbiage, which sometimes may end up with merchants having a hard time figuring out what they need to provide which translates into a lot of back-and-forth with the bank; we at Moneck know this happens and we provide a thorough explanation of what the underwriters are actually saying!
- underwriters provide poor customer service, and usually it's hard to get a hold of an underwriter and get the status of the application; however with Moneck's merchant friendly customer service you can call or email us and we will get back to you in one business day; the reason for this is because we are able to go to our partner point of contact at the bank, or look into the bank's portal (neither of which are available to merchants) and get you up to date faster than if you would contact the bank directly; we also follow-up with banks on a constant basis about your application
- we know which banks approve which type of merchants or products and we can provide you with information in advance. If for example, you would need to remove an item from sale (this happens only for high-risk merchants);
- we also apply you with the solution best positioned to approve you based on the initial data you provide us with on our personalized quick application; have you ever applied with a bank and after going through all the process and the hassle learned that they don't approve your merchant type? Usually this information is common knowledge for sales offices such as Moneck that bring merchants to the bank on a constant basis, and it gets frustrating to the merchant to know that this hassle could have been avoided, had the bank's staff informed you before the underwriting process ended or even started
- sometimes a decline can be turned around if the merchant fulfills certain conditions or if the application parameters are changed; an underwriter will not tell you this. Once again, we at Moneck have enough experience to know in which decline case we can and how we can push for an approval
if you applied with a bank and got declined, you then have to start the process all over again, however with Moneck you only have to provide the paperwork that you didn't provide before
To sum this up, applying with each bank may cost you more both directly in higher monthly and one-time fees, and indirectly in time spent without processing, chasing the wrong solution.
Have any questions? Email or call us and we will get back to you in one business day.
