HOW LONG WILL IT TAKE FOR THE ACCOUNT TO BE APPROVED?
Debit only accounts will be approved within 48 hours . Visa/MasterCard accounts will receive a response the same day if submitted by 12:00pm PST. This assumes that the merchant application is completed and no additional information is required.
An agent is paid around the 25th of the following month
WHAT ARE CONSIDERED PROSPECTIVE MERCHANTS?
Merchant Stronghold will review any merchant applications that apply. We mainly accept almost all High Risk and eCommerce Businesses. There are certain industries that we will not approve which are listed within our underwriting criteria, but we will work with some of our strategic partners to provide an alternative solution that will accept these merchant accounts.
MERCHANT IS CHANGING OWNERSHIPS, WHAT STEPS ARE NEEDED?
Have the new owner sign a new application plus obtain a voided check. Have the old owner write a letter of cancellation, and have them note that the new owner will be processing with NMC to avoid any early cancellation fees.
AGENT HAS AN ACCOUNT WITH NUMEROUS DBAS / LOCATIONS; DO WE NEED TO FILL OUT AN APPLICATION PER LOCATION?
Merchantstronghold will need an application for each location if each account requires a separate deposit. One voided check is fine if all deposits are going into the same bank. If the accounts can be deposited in one lump sum, then application is required.
MERCHANT WANTS TO USE A VIRTUAL TERMINAL, WHAT ADDITIONAL INFORMATION IS REQUIRED BESIDES APPLICATION, VOIDED CHECK AND PICTURES OF OTHER CUSTOMARY UNDERWRITING CRITERIA?
Merchant will have to also fill out a Web Addendum form. On this form it asks for an email address and also the website of the merchant.
CAN YOU PROCESS OFFSHORE MERCHANTS?
Yes, Merchant Stronghold has established several relationships with offshore entities. These applications have different requirements. To obtain additional information, contact our Sales Support team.
WHAT IS NEEDED TO APPROVE A MERCHANT ACCOUNT?
Review the underwriting criteria document. We have segmented different merchant types based on certain criteria. Each segment requires a different set of information which is outlined in our underwriting section. Some of the basic things are :
• Business Bank Statements
• Articles of Incorp of the business
• EIN IRS document
• Void Check or Bank letter
• Personal Bank Statements
• Business Tax returns, if any
• Personal tax returns, if any
• Processing Statements, if any
WHAT ARE YOUR OFFICE HOURS?
Merchant Stronghold’s agent relations team is available 8:00am – 6:00pm EST. Client Services which includes customer service and technical support is available 24/7. You can contact us via phone or email. Give us a call and we would be more than happy to help.
WILL STRONGHOLD APPROVE AN APPLICATION IF ADDITIONAL INFORMATION IS SUBMITTED?
Merchant Stronghold will attempt to approve an application if all additional is submitted. Merchant Stronghold understands the frustration in informing the merchant that additional information is required, but it is important to properly underwrite the merchant. Merchant Stronghold strives to provide the agent with all of the additional requirements the first time to expedite the approval process and limit the time necessary to approve the merchant.
HOW DOES THE MERCHANT CHANGE THEIR DESCRIPTOR / ADDRESS / BANKING DETAILS OF BUSINESS?
Agent can obtain Account Name Change From in the section of the online resource center. Have the merchant complete and sign the form. If the merchant has a virtual terminal, have them call client services to get it updated with the gateway vendors as well. In this case nmi.com , authorize.net etc.