Documents checklist
Gather these before starting any application. Missing documents are a common cause of delays and declines. Requirements vary by processor — confirm their specific list before applying.
Business documentation
Principal owner documentation
Processing history
Business model documentation
Website requirements
Your website is reviewed during underwriting. Ensure all the following are in place, clearly visible, and accurate — before submitting your application.
Website compliance checklist
Questions to ask processors
Before committing to any processing agreement, get written answers to these questions. Do not rely on verbal commitments.
Do you explicitly accept my business type and product category?
What is my processing rate (percentage and per-transaction fee)?
Is there a monthly account, platform, or gateway fee?
What is the chargeback fee per dispute?
Is a rolling reserve required? What percentage, held for how long, and under what conditions is it released?
What is the contract length? Is there an early termination fee?
Does the contract auto-renew? What notice is required to prevent renewal?
Can the processor change my rate or reserve terms unilaterally? Under what conditions?
What are the minimum and maximum monthly processing volume requirements?
What gateway does the account use? Are there separate gateway fees?
What are your PCI compliance requirements and fees?
What support is available if I have questions about disputes or holds?
Under what conditions might my account be placed on hold or terminated?
Red flags in contracts
High-risk processing contracts warrant careful review. Watch for these red flags:
Uncapped rolling reserve with no maximum
Without a cap, the reserve can grow indefinitely. There should be a defined maximum amount or percentage of volume.
No defined reserve release schedule
If the contract doesn't specify when and how reserves are released, recovering them may be difficult.
Very high early termination fee
Fees that represent many months of revenue effectively lock you in regardless of service quality. Understand the total cost before signing.
Automatic renewal without notice requirement
Multi-year contracts that auto-renew with no required advance notice can trap merchants in unfavorable terms.
Processor can change your rate without notice
Rate-change clauses that allow unilateral increases without prior written notice transfer significant pricing risk to the merchant.
Pricing communicated verbally only
If rates, reserves, and fees are not in the written contract, you have no recourse if the terms change.
Guaranteed approval claims
No legitimate processor guarantees approval. Claims of guaranteed approval should raise serious questions about the provider's legitimacy.
Very high upfront fees before underwriting
While some legitimate processors charge application or setup fees, very high upfront fees charged before underwriting is complete are a risk indicator.
Frequently asked questions
Next steps
Related pages
Methodology & sources
Sources checked
- ProcessorFit research interpretation based on public provider documentation
Verification note
Document requirements and underwriting criteria vary by processor. This checklist reflects common educational guidance — confirm specific requirements directly with each processor before applying.
Disclaimer
ProcessorFit does not guarantee approval, pricing, or eligibility with any provider. This checklist is educational and general in nature. Requirements vary by processor — confirm specifics directly. This content is not legal advice.
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