New Merchant account

Discussion in 'Growing and Managing a Business' started by libraryboy, Feb 20, 2013.

  1. libraryboy

    libraryboy
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    Hello. I am trying to change merchant accounts to save money on credit card fees. The new company I am interested in wants to see two or three bank statements. I am not sure why, maybe to see my activity. Is this a normal request? I can't remember this occurring with earlier companies I have dealt with.

    Thanks!
     
  2. GeekGhost

    GeekGhost
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    I've never had to submit 3 bank statements for a merchant account but every case is different. Typically they want to verify account ownership.

    Question. Are you using a personal bank account or a business bank account for your ACH deposits?
     
  3. libraryboy

    libraryboy
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    I have a business account separate from my personal. Thanks
     
  4. spec

    spec
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    Hi libraryboy,

    What is the name of new processing company?
     
  5. PS9

    PS9
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    Personally I'd just look elsewhere... I doubt their rates are so good that they can't be found somewhere else.

    I had a similar issue with business checking; I went to Citi and they wanted to do an in person inspection of the business, come down and check everything out. I told them to buzz off and went to Chase which never questioned anything. I run a legit business so I got nothing to hide but I figure I need to trust my financial "partners" so they better trust me in return.

    If a merchant account provider asked me for 2 or 3 bank statements I'd reply with I require the same information from them. Chances are they aren't going to like it and won't provide the information either.
     

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