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What you need to know and have prepared to start credit card processing

Jun 22nd, 2021

Payment Processing

To be able to process credit cards for your business and to become Merchant of Record (MOR), you will first need to fill out an application package for the underwriting bank. As a merchant account is a financial service involving the exchange of funds, the bank is going to request certain business-related documents and information from your company to process your application. 

Since this information can at times be detailed, it would benefit you to gather this information ahead of time to help the process run more smoothly. 

Some of the initial information and documentation that may be required are: 

  • General Business Information such as legal address, phone #, etc. 

  • List of ownership and percentages of ownership held. 

  • List of company officers/executives. 

  • Type of Business (Corporation, Sole Proprietorship, LLC, Partnership, etc.)   

  • Checking Account Information for where funds will be deposited/withdrawn. 

  • Federal Tax ID (EIN or SS #) 

  • Previous credit card processing history for those who may be changing processors. 

  • Rental Managers: 

  • Copies of rental agreement and cancellation policies. 

  • Website address (URL) 

Additionally, you may be asked for: 

  • Profit & Loss Statements. 

  • Escrow Account Information. 

You will need to make sure that authorized company executives are available to sign where appropriate during the application process. 

In most cases, it takes 7-10 business days after Ascent has received a fully executed application and its supporting documents for approval. This is subject to satisfactory completion of our risk assessment procedures. Once approved, our team will work with your software to set up your new processing account.  

Ascent is committed to finding you the correct solution at the lowest cost available with dedicated support every step of the way. We make it easy to start processing, switch providers, add gateway services, or even to partner with other service providers to bring the best payment solutions possible to Vacation Rentals and Lodging providers. Please fill out the form to the right or contact us at info@ascentpaymentsolutions.com

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