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Step 1: Get one month’s processing statement from the merchant, along with any hardware or
software they are using. Email this to VIP@residualpayments.com
6 Steps to
Board a Merchant
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Step 2:
After the merchant statement is submitted, the Cost Savings Analysis (CSA) will be sent directly to the merchant. Follow up with the merchant to determine if they received the CSA.
After the merchant statement is submitted, the Cost Savings Analysis (CSA) will be sent directly to the merchant. Follow up with the merchant to determine if they received the CSA.
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Step 3:
Once the CSA was received, the broker can schedule a ‘deal closing call’ from the ‘Resource’ section of the members area.
Once the CSA was received, the broker can schedule a ‘deal closing call’ from the ‘Resource’ section of the members area.
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Step 4:
If the merchant wants to move forward after the deal closing call, the RP team will send out the application for merchant within your broker’s portal which allows them to see the status.
If the merchant wants to move forward after the deal closing call, the RP team will send out the application for merchant within your broker’s portal which allows them to see the status.
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Step 5:
The merchant may need to submit additional paperwork. They can upload this directly into the portal. Typical paperwork includes:
The merchant may need to submit additional paperwork. They can upload this directly into the portal. Typical paperwork includes:
- Copy of Drivers License
- Copy of voided check
- 2 month’s of business bank statements – (3 if it’s high risk)
- 2 months of processing statements if it’s an existing business and low risk- (3 if it’s high risk)
- Copy of Corp documents
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Step 6:
After all requested documentation is submitted, the bank will take over the process until the merchant is approved. Once the deal is approved, a terminal is either deployed or an online gateway is set up.
After all requested documentation is submitted, the bank will take over the process until the merchant is approved. Once the deal is approved, a terminal is either deployed or an online gateway is set up.