A SHIFT4 COMPANY. Independent Sales Office Program UNDERWRITING PROCESS

Transcription

1 A SHIFT4 COMPANY Independent Sales Office Program UNDERWRITING PROCESS HT1048_

2 UNDERWRITING PROCESS Harbortouch is considered to have one of the most liberal and flexible underwriting criteria in the payment processing industry. On any given month, Harbortouch receives over 1,500 merchant applications of which more than 99% are approved same-day. A principal reason for our high approval rates and fast turnaround is the cooperation we receive from our ISO and Agent partnerships during the underwriting process. Accurate and complete applications that fall within our underwriting procedures and tiers listed below will be processed and approved promptly. Omitted information, missing paperwork or merchants that fall outside our underwriting tiers will be reviewed by management, placed on hold or ultimately declined. For more detailed information on underwriting and the approval process, please contact your Relationship Manager or National Sales Manager. COMPLETING AN APPLICATION Every merchant application should be filled out entirely. Every field contains key information that is used by underwriting, data entry, technical support and our risk management departments. Harbortouch does verification calls to every business so make sure you include a working business phone number. In addition, make sure the merchant includes their trade references as requested. The average ticket and monthly volume must be filled out accurately by the merchant. It is imperative that they fill in realistic and valid information. The average ticket, highest ticket and monthly volume are principal data used during the underwriting and ongoing risk management of a merchant account. Inaccurate information can result in suspended funding, reserve accounts or possibly even the termination of the account. The ISO may be financially responsible for any falsified or forged information on a merchant application. For further details on how to complete a merchant application in its entirety, please contact your Relationship Manager or National Sales Manager. SUBMITTING AN APPLICATION Merchant applications can be submitted to Harbortouch in several ways including , online, fax, Harbortouch Online Sales Center and ipad solution, and through the mail or overnight carrier. Sending original signature applications is not necessary. Faxed applications or PDFs are perfectly acceptable. 1

3 REQUIRED DOCUMENTATION It is important for Harbortouch underwriters to establish the legitimacy of every merchant before they are approved. Therefore it is very important that all required documentation is included with every merchant application. Please reference the Underwriting Tiers section of this document. TIER 1 RETAIL DOCUMENTATION Business license or prior or interior/exterior pictures TIER 1 MO/TO/INTERNET DOCUMENTATION TIER 2 RETAIL DOCUMENTATION Optional additional prior or bank statements can assist with the approval of Tier 2 Retail accounts TIER 2 MO/TO/INTERNET DOCUMENTATION A minimum of 2 months bank statements or 3 months of recent Optional financial statements or tax returns can assist in the underwriting of Tier 2 Mo/To/Internet accounts TIER 3 MO/TO/INTERNET DOCUMENTATION A minimum of 6 months bank statements or 6 months of recent The last two years of business/personal financial statements and/or tax returns could be requested by underwriting TIER 4 UNACCEPTABLE MERCHANTS Regardless of circumstances, Harbortouch will not approve any merchants located on the Unacceptable Merchant List 2

4 UNDERWRITING TIERS TIER APPROVAL INFO EXAMPLES MERCHANT DESCRIPTION Tier 1 Retail Auto-Approved Regardless of credit Restaurants Supermarkets Retail shops Pay-at-pump Lodging Less than $25,000/month in volume if start-up business No volume cap if supported by prior 80% swiped Less than $1,000 average ticket Tier 1 99% Approved Credit is a factor. Bank statements or prior will help in the approval process. Method of marketing must be supplied: website, brochure, catalog, advertisement, etc. Mail order Phone order E-Commerce Less than $10,000/month in volume if start-up business Less than $25,000/month in volume if supported by prior Must be selling a tangible product Must include marketing materials Less than $500 average ticket and less than $1,000 highest ticket, computers, wholesalers, non-tangible product or service industries - see Tier 2: Tier 2 Retail 99% Approved Credit is a factor. Bank statements or prior will help in the approval process. Jewelry Used cars Computers Cell phones Furniture Contractors Service Industries Home-based retail Limo Less than $10,000/month in volume if start-up business Less than $25,000/month in volume if supported by prior Less than $1,000 average ticket and less than $2,500 highest ticket Tier 2 95% Approved Credit is a factor. Application should be submitted with prior, and financial statements. Method of marketing must be supplied: website, brochure, catalog, advertisement, etc. Jewelry Used cars Service Industries Wholesalers B to B Less than $50,000/month in volume if start-up business Greater than $50,000/month in volume - see Tier 3 Less than $2,000 average ticket and less than $5,000 highest ticket Tier 3 Variable Previous processing statements, bank statements, and financial statements are required. Method of marketing is required. High volume MO/TO E-Commerce Computers Web hosting Seminars Membership Greater than $50,000/month in volume Greater than $2,000/month average ticket Greater than $5,000/month highest ticket 3

5 UNDERWRITING TIERS (continued) TIER APPROVAL INFO EXAMPLES MERCHANT DESCRIPTION Tier 4 Unacceptable Auto-Decline Acai or health related teas as well as colon cleansers and other detox products Airlines All sexual oriented/pornographic merchants including: companion/escort services, adult telephone conversations, adult book stores, dating services, online adult memberships/matchmaker services, adult paraphernalia/toys Bankruptcy attorney (we will accept if they offer other areas of legal practice, but must obtain a letter stating they will not use the account for bankruptcy portion of the business) Calling cards (stores offering other services along with calling cared are accepted) Coins/cash for gold Credit card rate reduction services Debit consolidation Designer inspired/replica/knock-off items Diet pills Drug paraphernalia including retail hookahs Ebay-type models online auction websites Electronic cigarettes Estate sales Financial coaching/planning software/strategy including investment firms Financial aid and scholarships Firearms and other weapons (knives/swords) retail or MOTO Free discounted trial period products Gambling/lotteries sports betting Government grants any business that creates paperwork for this type of business Hair growth products Horoscopes/fortune telling moto Keyed precious metal and stamp collections Lawyer referral services Lead lists Life coaching personal betterment/loan modification/mortgage services Marijuana Medical benefits packages Membership organizations Pharmacies moto Social network and dating sites Third party processing/factoring merchants Timeshare sales/advertising Travel agency Vitamins/health supplements moto Web design merchants that offer advance pay Note: Harbortouch reserves the right to amend, change, or add to the above listed underwriting tiers. Harbortouch reserves the right to decline any merchant application for any reason and within our sole discretion Shift4 Payments, LLC. All rights reserved. 4