What information can a business submit who does not have three months of transaction history to support its application?
- For New Businesses with Limited Processing History: There are typically no supporting documents available. In this case, we inform the processor that the merchant is new and lacks transaction history. At that time the processor may provide a counteroffer, which we can present back to the merchant.
- A counteroffer for merchant application processing volumes occurs when the processor adjusts terms based on the merchant’s submitted transaction volumes. This can happen if the volumes or average transaction amounts don't meet risk policies or lack supporting documentation. For example, if the merchant submits higher-than-expected volumes, the processor may offer lower limits or request more documentation, while low volumes may lead to requests for more detailed projections. The counteroffer aligns the merchant’s volumes with the processor’s risk guidelines.
- For Existing Businesses Without Processing Statements: We can request alternative documentation such as bank statements or financials. In some cases, we’ve successfully asked the processor to accept these documents as a substitute for “processing statements”