When Can a Bank Refuse Your Merchant Account Application?

Banks have stringent rules and regulations for accepting or rejecting merchant account applications, especially if we’re talking about high risk merchant account. Sometime the smallest of mistakes can get your application rejected. For novices it is common to fall prey to the following common mistake. Take a look to avoid a rejection. 

1.    Improper Documentation 

Banks demand a large number of documents to be supplied with each application in order to get every detail about the merchant before issuing an account. However, failure to supply any of the required documents can result in rejection of your application. 

2.    Better Business Bureau Complaint Record

In case any consumer reports are registered against your company at the BBB, you should do whatever it takes to rectify the problem or it might become the reason for your application rejection. 

3.    Misrepresentation

Banks go to a great length to verify whether information furnished by you is genuine. So make considerable efforts to ensure you only provide them with accurate information.