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What information is required for the merchant account application?

  • Information about your business including your website, business’s physical address (P.O. boxes will be declined), EIN number, etc.
  • “Controller” details. Your organization’s primary financial contact’s information.
  • Business Owner information for your organization for all individuals who own 25% or more of the business. This information is required by US federal law.
  • Processing statements and supporting documentation. Generally it’s required to upload:
    • photocopy of the business owner or the organization’s controller government-issued ID card, which is required by federal law
    • copies of processing statements, which are required by the payment processor in order to confirm volume, review chargeback rates, and set your risk profile
    • During the underwriting process, the payment processor may request additional information such as the following:
    • Vendor Contract/Agreements (eg. contract with venue management company, contract with security company, etc.)
    • Insurance Information (eg. general liability COI, event cancellation, etc.)
    • Have you planned an event similar to what you intend to use Regpack for? If so, how many?
    • Outdoor or Indoor activities?
    • Do you have a plan in case your event is affected by the coronavirus / COVID-19?
  • Bank information for the account you would like your payments to be deposited into. You’ll need the account number, routing number, and banking institution contact details.
    • A photocopy of a physical check or a letter from your financial institution, which is required by US federal law.
    • Note: Unconfirmed banking information can lead to delays in funding and can result in your merchant account being closed.
    • The name on the account must match your organization’s name. Personal accounts are not accepted unless you are the legal owner of the organization.

The information requested in the application is required to confirm that there is a human entity authorized to act on behalf of the business, and prevents unauthorized people from creating an account.  This is also required by the payment processor to comply with KYC (Know Your Customer) requirements of the Patriot Act, and AML (Anti-Money Laundering) laws like a financial institution. If you have any questions about the details or documentation needed for your application, email payments@regpacks.com.

Non – profit organizations are not required to enter Ownership Information. You can re-enter your company representative’s information in this section to complete the form.