[Quickfunder]

I have a merchant processing $40K and the processor is now requesting his bank statements.

Business is pretty standard - furniture retail.

Do I need to be concerned about the processor trying to outsource and get the advance deal as well? I don't know why the processing statements are not sufficient.

[slavnyc]

Furniture is one of the riskier industries for merchant approval. I wouldn't be concerned since a totally normal stip to approve furniture for retail merchant account.

[J.Celifarco]

I have a merchant processing $40K and the processor is now requesting his bank statements.

Business is pretty standard - furniture retail.

Do I need to be concerned about the processor trying to outsource and get the advance deal as well? I don't know why the processing statements are not sufficient.

on higher risk industries processors will ask to see banks usually 1 or 2 months.. I wouldnt be concerned

[AndyYSCISOdept]

Furniture is one of the riskier industries for merchant approval. I wouldn't be concerned since a totally normal stip to approve furniture for retail merchant account.

Correct if Im wrong but typically any industry that has a high(er) risk of chargebacks due to making custom items or the like are automatically classified high risk and will require extra hoops to be jump through.

[CLucas]

If underwriting is asking for it regardless if it makes sense or not it's best to suck it up and provide the docs. Your deal will get funded faster. I have often grabbled with the question why wasted time and energy trying to play lawyer all for nothing.

[AndyYSCISOdept]

If underwriting is asking for it regardless if it makes sense or not it's best to suck it up and provide the docs. Your deal will get funded faster. I have often grabbled with the question why wasted time and energy trying to play lawyer all for nothing.

I WISH THAT MESSAGE WAS SO EASILY CONVEYED TO MY ISO'S....Every time I ask for a document regardless of what it is there is at least a 5 email chain questioning why and cant we get around it, I always say back, "If I didn't need it I wouldn't ask."

[Michael I]

do you have any ideas how often i got request for moronic stips that i got waived .

[AndyYSCISOdept]

do you have any ideas how often i got request for moronic stips that i got waived .

I msure you did, but the fact remains that if a file is submitted and complete I wouldn't have to ask for the "moronic stips"

[Michael I]

I msure you did, but the fact remains that if a file is submitted and complete I wouldn't have to ask for the "moronic stips"

right now i have someone asking me for payback months when the guy filled out the log in info page .

[FUNd]

I have a merchant processing $40K and the processor is now requesting his bank statements.

Business is pretty standard - furniture retail.

Do I need to be concerned about the processor trying to outsource and get the advance deal as well? I don't know why the processing statements are not sufficient.

This is NOT a serious question is it?

[TheShitzuofMCA]

I think for an MCA be it credit card or ach deal, the bank statements need to be reviewed and accounted for. I've never seen where a funding company won't require at least 3 months of bank statements. Its the processing statements that are optional and even that depends on the circumstance, for example if the amount of volume processed on the credit cards is large. Furniture is high risk and seasonal, further requiring a review of bank statements.

[AndyYSCISOdept]

I thought this was about setting up the processing and why theyd ask for a Bank statement? The answer to that is obvious but again, there are always surprises.

[Quickfunder]

I thought this was about setting up the processing and why theyd ask for a Bank statement? The answer to that is obvious but again, there are always surprises.

Correct, this was requested from the processor.

I understand given the industry is considered high risk and chargebacks are more frequent.

As for it being a "normal" stip... I don't trust anyone but myself so have a natural caution when it comes to submitting deals to anyone anywhere. I've caught enough of them to embarrass them and even get a few bad apples fired.