During the application process, underwriters often “cold call” or email to see how customer service is handled. If calls go to voice mail, the message needs to include your company name and when the caller can expect a response. Then respond as promised. If email support is offered, use auto responders to let the consumer know the email was received and when a response can be expected.
Processing statements are reviewed and chargeback ratios are taken into consideration. If you have low chargebacks, that’s great. If chargebacks are rising, it’s helpful if you’ve included a short explanation with your application file as to the reason and what is being done to bring keep them under control.
Bank statements are examined to confirm there is enough operating capital to support the requested processing volumes. Corporate documents are verified. And the rest of the supporting documents are reviewed.
Once underwriting approves the high risk merchant account, an MID (merchant identification number) is issued. And you can begin processing.